TG Therapeutics, Inc. (NASDAQ:TGTX) has received a consensus recommendation of “Moderate Buy” from six analysts covering the company, according to a report by Marketbeat Ratings. Among these analysts, two have assigned a hold rating, three have recommended buying the stock, and one has issued a strong buy recommendation. The average target price for the stock over the next twelve months stands at approximately $50.75.
Several recent assessments from research analysts have influenced this outlook. On October 6, 2023, HC Wainwright initiated coverage of TG Therapeutics, establishing a price target of $60.00 with a “buy” rating. In a report issued on December 29, 2023, Weiss Ratings reaffirmed a “hold (c+)” rating for the company. Additionally, on November 3, 2023, JPMorgan Chase & Co. raised its target price for TG Therapeutics from $46.00 to $49.00, while assigning an “overweight” rating. Wall Street Zen also upgraded TG Therapeutics from a “hold” to a “buy” rating on December 14, 2023. Lastly, The Goldman Sachs Group adjusted its price objective from $37.00 to $39.00, maintaining a “neutral” rating in a report dated January 15, 2024.
Recent Financial Performance
TG Therapeutics recently reported its quarterly earnings on November 3, 2023. The biopharmaceutical company announced earnings per share (EPS) of $2.43, significantly exceeding analysts’ expectations of $0.24 by $2.19. The company generated revenue of $161.71 million for the quarter, outperforming the consensus estimate of $152.12 million. Compared to the same quarter last year, TG Therapeutics experienced a remarkable revenue growth of 92.7%. In the previous year’s corresponding quarter, the company reported an EPS of $0.02. Analysts forecast that TG Therapeutics will achieve an EPS of $0.08 for the current fiscal year.
Insider Transactions and Institutional Holdings
In recent insider trading activity, Director Yann Echelard sold 5,000 shares of TG Therapeutics stock on November 24, 2023, at an average price of $32.57, totaling $162,850. Following this transaction, Echelard’s total ownership decreased to 223,816 shares, valued at approximately $7,289,687.12. This sale represents a 2.19% decline in his ownership stake. Currently, corporate insiders hold 10.64% of TG Therapeutics’ stock.
Several institutional investors have also recently adjusted their holdings in TG Therapeutics. Royal Bank of Canada increased its stake by 16.4% during the first quarter, now owning 75,692 shares valued at about $2,985,000. NewEdge Advisors LLC raised its position by 9.6%, acquiring an additional 665 shares to reach a total of 7,593 shares worth $299,000. Goldman Sachs Group Inc. expanded its holdings by 21.9%, now owning 1,919,416 shares valued at $75,683,000. UBS Asset Management Americas LLC increased its stake by 5.4%, while the State of Alaska Department of Revenue raised its holdings by 9.2% in the second quarter. Overall, hedge funds and institutional investors collectively own 58.58% of TG Therapeutics’ stock.
Company Overview
TG Therapeutics, headquartered in New York City, is a clinical-stage biopharmaceutical company focused on developing targeted therapies for hematological malignancies and autoimmune diseases. Since its founding in 2003, the company has aimed to address unmet medical needs through innovative treatments that modulate B-cell biology using novel antibody and small-molecule agents. A significant milestone for TG Therapeutics occurred in December 2022 when its drug ublituximab-xiiy, marketed as Briumvi® in collaboration with Biogen, received approval in the United States.
As TG Therapeutics continues to navigate its growth trajectory, analysts’ recommendations and financial performance will remain key indicators for investors and stakeholders in the coming months.
