TG Therapeutics (NASDAQ:TGTX) Shares Gap Down After Earnings Miss

TG Therapeutics, Inc. (NASDAQ:TGTX)’s stock price 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 changing hands.

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

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. The Goldman Sachs Group increased their target price on shares of TG Therapeutics from $20.00 to $22.00 and gave the stock a “neutral” rating in a research report on Tuesday. HC Wainwright upped their price target on shares of TG Therapeutics from $49.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday. TD Cowen started coverage on TG Therapeutics in a research report on Tuesday, October 29th. They issued a “buy” rating and a $50.00 price objective on the stock. Finally, B. Riley increased their target price on TG Therapeutics from $29.00 to $34.00 and gave the company a “buy” rating in a research note on Wednesday, August 7th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, TG Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $37.67.

Hedge Funds Weigh In On TG Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the business. Oppenheimer & Co. Inc. bought a new position in TG Therapeutics during the 3rd quarter valued at $759,000. Victory Capital Management Inc. raised its stake in shares of TG Therapeutics by 24.7% in the 3rd quarter. Victory Capital Management Inc. now owns 32,679 shares of the biopharmaceutical company’s stock valued at $764,000 after purchasing an additional 6,467 shares in the last quarter. Entropy Technologies LP bought a new position in shares of TG Therapeutics during the third quarter worth about $730,000. Los Angeles Capital Management LLC grew its stake in TG Therapeutics by 33.7% in the third quarter. Los Angeles Capital Management LLC now owns 123,401 shares of the biopharmaceutical company’s stock worth $2,886,000 after purchasing an additional 31,124 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in TG Therapeutics by 1,549.4% during the third quarter. Principal Financial Group Inc. now owns 772,188 shares of the biopharmaceutical company’s stock valued at $18,061,000 after buying an additional 725,371 shares in the last quarter. 58.58% of the stock is currently owned by hedge funds and other institutional investors.

TG Therapeutics Trading Up 6.2 %

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 cap of $4.00 billion, a price-to-earnings ratio of -258.60 and a beta of 2.19. The firm has a 50-day moving average price of $23.57 and a 200 day moving average price of $20.26.

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.