Bank of America Corp DE Acquires Shares of 1,309,788 TG Therapeutics, Inc. $TGTX

Key Points

• Bank of America initiated a position in TG Therapeutics, buying 1.31 million shares worth approximately $72 million, while institutional investors collectively owned 58.58% of the company.
• Analyst sentiment was mixed: the stock carried an average “Hold” rating and a $63 average price target, with targets ranging from $20 to $83.
• TG Therapeutics reported strong revenue growth of 70.2% year over year to $240.34 million, but missed quarterly EPS expectations; shares opened at $56.87, near their 52-week high of $59.30.

Bank of America Corp DE bought a new position in TG Therapeutics, Inc. (NASDAQ:TGTX - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 1,309,788 shares of the biopharmaceutical company's stock, valued at approximately $71,960,000. Bank of America Corp DE owned 0.86% of TG Therapeutics at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in TGTX. BlackRock Inc. acquired a new position in TG Therapeutics in the 2nd quarter worth approximately $1,211,429,000. Bank of New York Mellon Corp acquired a new stake in shares of TG Therapeutics in the second quarter worth $49,472,000. BNP Paribas Financial Markets boosted its position in shares of TG Therapeutics by 856.6% in the fourth quarter. BNP Paribas Financial Markets now owns 683,653 shares of the biopharmaceutical company's stock worth $20,380,000 after buying an additional 612,189 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of TG Therapeutics by 129.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,084,855 shares of the biopharmaceutical company's stock valued at $36,029,000 after buying an additional 612,068 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its position in TG Therapeutics by 218.0% during the first quarter. Assenagon Asset Management S.A. now owns 510,054 shares of the biopharmaceutical company's stock valued at $16,944,000 after buying an additional 349,664 shares during the period. 58.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on TGTX shares. Zacks Research downgraded TG Therapeutics from a "hold" rating to a "strong sell" rating in a research note on Monday, September 7th. Bank of America increased their price target on shares of TG Therapeutics from $17.00 to $20.00 and gave the stock an "underperform" rating in a research report on Tuesday, July 7th. JPMorgan Chase & Co. boosted their price objective on shares of TG Therapeutics from $65.00 to $72.00 and gave the company an "overweight" rating in a research report on Friday, August 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, HC Wainwright reissued a "buy" rating and set a $78.00 target price on shares of TG Therapeutics in a research note on Tuesday, September 1st. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $63.00.

Insider Transactions at TG Therapeutics

In related news, Director Laurence Charney sold 5,000 shares of the company's stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $54.96, for a total value of $274,800.00. Following the completion of the sale, the director directly owned 168,640 shares in the company, valued at approximately $9,268,454.40. This represents a 2.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 8.87% of the company's stock.

TG Therapeutics Trading Up 0.7%

Shares of NASDAQ TGTX opened at $56.87 on Friday. The stock has a market cap of $8.71 billion, a price-to-earnings ratio of 20.76, a PEG ratio of 2.44 and a beta of 1.67. The business has a 50 day simple moving average of $53.43 and a 200 day simple moving average of $44.55. TG Therapeutics, Inc. has a 52 week low of $26.76 and a 52 week high of $59.30. The company has a debt-to-equity ratio of 1.23, a quick ratio of 3.72 and a current ratio of 4.27.

TG Therapeutics (NASDAQ:TGTX - Get Free Report) last posted its earnings results on Monday, August 3rd. The biopharmaceutical company reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.31 by ($0.26). TG Therapeutics had a net margin of 55.22% and a return on equity of 73.49%. The business had revenue of $240.34 million during the quarter, compared to analyst estimates of $229.77 million. During the same quarter last year, the firm earned $0.17 earnings per share. TG Therapeutics's revenue was up 70.2% compared to the same quarter last year. On average, research analysts predict that TG Therapeutics, Inc. will post 0.92 earnings per share for the current fiscal year.

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.

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