TG Therapeutics (NASDAQ:TGTX) Stock Price Up 8.3% – Here’s Why

TG Therapeutics, Inc. (NASDAQ:TGTX)’s share price shot up 8.3% during mid-day trading on Wednesday . The stock traded as high as $56.33 and last traded at $57.4550. 211,312 shares traded hands during trading, a decline of 90% from the average session volume of 2,163,255 shares. The stock had previously closed at $53.04.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on TGTX. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of TG Therapeutics in a report on Wednesday, July 29th. Bank of America increased their target price on shares of TG Therapeutics from $17.00 to $20.00 and gave the company an “underperform” rating in a report on Tuesday, July 7th. Zacks Research cut shares of TG Therapeutics from a “hold” rating to a “strong sell” rating in a report on Monday, September 7th. Jefferies Financial Group reiterated a “buy” rating and issued a $83.00 price objective on shares of TG Therapeutics in a research note on Monday, June 22nd. Finally, B. Riley Financial boosted their target price on TG Therapeutics from $55.00 to $86.00 and gave the stock a “buy” rating in a research note on Monday, July 27th. Five equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $63.00.

TG Therapeutics Stock Performance

The company has a market cap of $8.57 billion, a P/E ratio of 20.42, a price-to-earnings-growth ratio of 2.31 and a beta of 1.67. The company’s 50-day moving average is $53.51 and its two-hundred day moving average is $44.10. The company has a quick ratio of 3.72, a current ratio of 4.27 and a debt-to-equity ratio of 1.23.

TG Therapeutics (NASDAQ:TGTX) last announced its quarterly earnings data on Monday, August 3rd. The biopharmaceutical company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.26). The company had revenue of $240.34 million during the quarter, compared to the consensus estimate of $229.77 million. TG Therapeutics had a return on equity of 73.49% and a net margin of 55.22%.The business’s revenue was up 70.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.17 EPS. Equities analysts predict that TG Therapeutics, Inc. will post 0.92 EPS for the current year.

Insider Buying and Selling

In other news, Director Laurence Charney sold 5,000 shares of the stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $54.96, for a total transaction of $274,800.00. Following the completion of the transaction, the director owned 168,640 shares in the company, valued at approximately $9,268,454.40. This represents a 2.88% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 8.87% of the company’s stock.

Hedge Funds Weigh In On TG Therapeutics

Several large investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC lifted its stake in shares of TG Therapeutics by 51.9% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,068 shares of the biopharmaceutical company’s stock valued at $35,000 after buying an additional 365 shares in the last quarter. Hantz Financial Services Inc. raised its holdings in TG Therapeutics by 82.7% during the 4th quarter. Hantz Financial Services Inc. now owns 1,237 shares of the biopharmaceutical company’s stock valued at $37,000 after acquiring an additional 560 shares during the period. Harbor Investment Advisory LLC bought a new position in shares of TG Therapeutics in the second quarter worth $96,000. Covestor Ltd grew its position in shares of TG Therapeutics by 563.0% in the fourth quarter. Covestor Ltd now owns 1,810 shares of the biopharmaceutical company’s stock valued at $54,000 after purchasing an additional 1,537 shares in the last quarter. Finally, Pingora Partners LLC raised its stake in shares of TG Therapeutics by 31.2% during the 4th quarter. Pingora Partners LLC now owns 2,100 shares of the biopharmaceutical company’s stock valued at $63,000 after purchasing an additional 500 shares during the period. Hedge funds and other institutional investors own 58.58% of the company’s stock.

About TG Therapeutics

TG Therapeutics, Inc is a commercial-stage biopharmaceutical company focused on developing and delivering treatments for B-cell diseases and autoimmune disorders. The company’s research and development programs are centered on therapies that target B cells, which play an important role in several immune-mediated conditions.

TG Therapeutics’ principal product is BRIUMVI (ublituximab-xiiy), an anti-CD20 monoclonal antibody approved by the U.S. Food and Drug Administration for the treatment of adults with relapsing forms of multiple sclerosis, including clinically isolated syndrome, relapsing-remitting multiple sclerosis and active secondary progressive multiple sclerosis.