TG Therapeutics (NASDAQ:TGTX) Shares Gap Up – Here’s What Happened

TG Therapeutics, Inc. (NASDAQ:TGTX)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $27.67, but opened at $29.55. TG Therapeutics shares last traded at $28.99, with a volume of 1,568,539 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. HC Wainwright reissued a “buy” rating and set a $55.00 price target on shares of TG Therapeutics in a report on Wednesday. TD Cowen initiated coverage on TG Therapeutics in a research note on Tuesday, October 29th. They issued a “buy” rating and a $50.00 price target for the company. The Goldman Sachs Group raised their price objective on TG Therapeutics from $20.00 to $22.00 and gave the company a “neutral” rating in a report on Tuesday, November 5th. JPMorgan Chase & Co. upped their target price on TG Therapeutics from $30.00 to $43.00 and gave the stock an “overweight” rating in a research note on Monday, November 25th. Finally, StockNews.com raised shares of TG Therapeutics from a “sell” rating to a “hold” rating in a report on Tuesday, January 7th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $40.67.

TG Therapeutics Stock Performance

The business has a fifty day simple moving average of $31.69 and a two-hundred day simple moving average of $25.63. The company has a quick ratio of 3.91, a current ratio of 4.59 and a debt-to-equity ratio of 1.27.

TG Therapeutics (NASDAQ:TGTX) last posted its quarterly earnings results on Monday, November 4th. The biopharmaceutical company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.01). TG Therapeutics had a negative return on equity of 8.32% and a negative net margin of 5.42%. The business had revenue of $83.90 million during the quarter, compared to analysts’ expectations of $81.68 million. During the same period in the prior year, the business posted $0.73 earnings per share. The business’s quarterly revenue was down 49.4% on a year-over-year basis. Sell-side analysts expect that TG Therapeutics, Inc. will post 0.07 EPS for the current year.

Insider Activity at TG Therapeutics

In related news, CFO Sean A. Power sold 11,337 shares of the company’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $30.29, for a total value of $343,397.73. Following the completion of the sale, the chief financial officer now owns 670,632 shares of the company’s stock, valued at approximately $20,313,443.28. This represents a 1.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Sagar Lonial sold 5,000 shares of TG Therapeutics stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $30.44, for a total transaction of $152,200.00. Following the transaction, the director now directly owns 100,195 shares in the company, valued at $3,049,935.80. This trade represents a 4.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,358 shares of company stock valued at $781,497. 10.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On TG Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State Street Corp increased its position in shares of TG Therapeutics by 35.8% during the 3rd quarter. State Street Corp now owns 9,094,158 shares of the biopharmaceutical company’s stock worth $212,712,000 after purchasing an additional 2,398,015 shares during the last quarter. Marshall Wace LLP purchased a new position in TG Therapeutics during the second quarter worth about $36,501,000. Hood River Capital Management LLC increased its position in shares of TG Therapeutics by 6.7% during the second quarter. Hood River Capital Management LLC now owns 1,572,929 shares of the biopharmaceutical company’s stock valued at $27,982,000 after acquiring an additional 98,892 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of TG Therapeutics by 0.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,184,609 shares of the biopharmaceutical company’s stock valued at $27,708,000 after acquiring an additional 7,939 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in shares of TG Therapeutics by 1,549.4% in the 3rd quarter. Principal Financial Group Inc. now owns 772,188 shares of the biopharmaceutical company’s stock worth $18,061,000 after acquiring an additional 725,371 shares during the last quarter. Institutional investors and hedge funds own 58.58% of the company’s stock.

TG Therapeutics Company Profile

TG Therapeutics, Inc, a commercial stage biopharmaceutical company, focuses on the acquisition, development, and commercialization of novel treatments for B-cell mediated diseases in the United States and internationally. It provides BRIUMVI, an anti-CD20 monoclonal antibody for the treatment of adult patients with relapsing forms of multiple sclerosis (RMS), including clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease in adults.