The stock market seems bound and determined to leave investors with bad memories of 2022, with major market benchmarks once again failing to deliver even a tiny bounce as the end of the year approaches. Losses for the Dow Jones Industrial Average (^DJI 0.49%), Nasdaq Composite (^IXIC 0.95%), and S&P 500 (^GSPC 0.77%) all topped 1% as investors continue worrying about whether the macroeconomic picture in 2023 will remain just as cloudy as it is today.

Index

Percentage Change

Point Change

Dow Jones Industrials

(1.10%)

(366)

S&P 500

(1.20%)

(46)

Nasdaq Composite

(1.35%)

(140)

Data source: Yahoo! Finance.

From a fundamental business perspective, many companies are able to achieve great things even if their stock prices don't immediately reflect their true potential. That was the case with pharmaceutical giant Pfizer (PFE -2.00%), which announced a key milestone in its efforts to produce a vaccine to prevent a harsh disease affecting adolescents and young adults.

For investors looking for more immediate recognition of their achievements, though, TG Therapeutics (TGTX 0.12%) saw its stock move higher after getting good news from the U.S. Food and Drug Administration. Read on to learn about both accomplishments from these biopharmaceutical stocks.

Pfizer moves forward with its meningococcal disease vaccine

Pfizer stock was little changed on Wednesday. Yet investors were still happy to hear that the pharma giant took another small step toward what it hopes will be a huge success.

Pfizer said that the FDA has accepted the drug company's application for its MenABCWY investigational pentavalent meningococcal vaccine candidate. Pfizer is optimistic that by combining the components of two different vaccines into a single product, it will be better able to protect those 11 to 23 years old from invasive meningococcal disease, which can cause sudden death or life-altering disabilities.

Currently, those seeking protection have to get two doses of one vaccine covering the MenACWY serogroups, along with a separate MenB-specific vaccine that requires another two doses. Because of the need for multiple recommendations from health providers, fewer than one-third of the 55 million adolescents in the U.S. ever get a dose of the MenB vaccine.

Pfizer has conducted a phase 3 clinical trial demonstrating positive results from the vaccine candidate, and with the FDA having accepted the application, a final decision on approval should come around October 2023. If it's approved, Pfizer can expect a more meaningful move in its stock price.

TG gets an A-OK from the FDA

Shares of TG Therapeutics had a more positive reaction, rising 8% on Wednesday. The biotech company made a rare midday announcement of a favorable decision from the FDA that made shareholders quite happy.

TG revealed that the FDA has approved its Briumvi treatment for relapsing forms of multiple sclerosis. With the approval, Briumvi's indications will include adult patients suffering from clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease.

Patients will benefit from Briumvi because it allows for a relatively quick infusion schedule. After an initial infusion taking four hours to administer for the first dose, subsequent infusions can be done in just one hour. Moreover, each dose lasts 24 weeks, allowing continuing treatment with just two infusions per year.

TG expects to launch Briumvi commercially in the first quarter of 2023. That'll be good news for patients, and it should make TG shareholders happy as well.