TG Therapeutics (NASDAQ:TGTX) Shares Gap Down Following Weak Earnings

TG Therapeutics, Inc. (NASDAQ:TGTX) gapped down before the market opened on Monday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $26.90, but opened at $24.39. TG Therapeutics shares last traded at $24.10, with a volume of 1,692,264 shares.

The biopharmaceutical company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01). The business had revenue of $83.90 million during the quarter, compared to analysts’ expectations of $81.68 million. TG Therapeutics had a return on equity of 57.73% and a net margin of 27.60%. The business’s revenue for the quarter was down 49.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.73 EPS.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on TGTX. TD Cowen began coverage on shares of TG Therapeutics in a research report on Tuesday, October 29th. They issued a “buy” rating and a $50.00 price objective for the company. HC Wainwright boosted their price target on TG Therapeutics from $49.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday. The Goldman Sachs Group raised their price objective on TG Therapeutics from $20.00 to $22.00 and gave the stock a “neutral” rating in a report on Tuesday. Finally, B. Riley increased their price target on TG Therapeutics from $29.00 to $34.00 and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Two investment 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 has an average rating of “Moderate Buy” and an average price target of $37.67.

Institutional Investors Weigh In On TG Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TGTX. Swiss National Bank raised its stake in shares of TG Therapeutics by 0.5% during the 1st quarter. Swiss National Bank now owns 284,100 shares of the biopharmaceutical company’s stock worth $4,321,000 after buying an additional 1,500 shares during the period. Quantum Private Wealth LLC grew its position in shares of TG Therapeutics by 13.7% in the first quarter. Quantum Private Wealth LLC now owns 103,604 shares of the biopharmaceutical company’s stock valued at $1,576,000 after purchasing an additional 12,523 shares during the period. Sei Investments Co. purchased a new stake in shares of TG Therapeutics during the first quarter worth about $591,000. Russell Investments Group Ltd. raised its position in shares of TG Therapeutics by 133.5% during the 1st quarter. Russell Investments Group Ltd. now owns 52,339 shares of the biopharmaceutical company’s stock worth $796,000 after purchasing an additional 29,923 shares during the last quarter. Finally, ProShare Advisors LLC lifted its stake in TG Therapeutics by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 24,914 shares of the biopharmaceutical company’s stock valued at $379,000 after buying an additional 1,961 shares in the last quarter. 58.58% of the stock is owned by institutional investors and hedge funds.

TG Therapeutics Trading Up 6.2 %

The company has a fifty day moving average of $23.57 and a 200-day moving average of $20.26. The company has a current ratio of 3.58, a quick ratio of 2.83 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $4.00 billion, a price-to-earnings ratio of -258.60 and a beta of 2.19.

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.