Bank of America Corp DE Purchases 610,195 Shares of TG Therapeutics, Inc. $TGTX

Key Points

• Bank of America increased its TG Therapeutics stake by 71.7% in the first quarter, purchasing 610,195 additional shares and bringing its holdings to 1.46 million shares valued at approximately $48.5 million.
• Institutional interest remains strong, with several major investors also adding shares; institutional investors and hedge funds collectively own 58.58% of TGTX.
• TG Therapeutics reported quarterly revenue of $240.34 million, up 70.2% year over year and above estimates, but earnings per share of $0.05 missed consensus by $0.26. Analysts’ average rating is “Hold,” with an average price target of $63.

Bank of America Corp DE lifted its position in TG Therapeutics, Inc. (NASDAQ:TGTX - Free Report) by 71.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,461,302 shares of the biopharmaceutical company's stock after buying an additional 610,195 shares during the period. Bank of America Corp DE owned about 0.95% of TG Therapeutics worth $48,544,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in TGTX. Man Group plc grew its stake in TG Therapeutics by 621.5% in the third quarter. Man Group plc now owns 1,008,462 shares of the biopharmaceutical company's stock valued at $36,431,000 after acquiring an additional 868,697 shares during the period. BNP Paribas Financial Markets raised its position in shares of TG Therapeutics by 856.6% during the fourth quarter. BNP Paribas Financial Markets now owns 683,653 shares of the biopharmaceutical company's stock worth $20,380,000 after purchasing an additional 612,189 shares during the period. Dimensional Fund Advisors LP raised its position 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 worth $36,029,000 after purchasing an additional 612,068 shares during the period. Goldman Sachs Group Inc. raised its position in shares of TG Therapeutics by 35.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,051,132 shares of the biopharmaceutical company's stock worth $61,144,000 after purchasing an additional 531,759 shares during the period. Finally, Invesco Ltd. lifted its holdings in shares of TG Therapeutics by 47.1% during the 4th quarter. Invesco Ltd. now owns 1,609,815 shares of the biopharmaceutical company's stock valued at $47,989,000 after purchasing an additional 515,481 shares in the last quarter. Institutional investors and hedge funds own 58.58% of the company's stock.

TG Therapeutics Stock Down 0.8%

NASDAQ:TGTX opened at $49.50 on Thursday. The stock has a 50-day simple moving average of $52.15 and a 200 day simple moving average of $39.99. TG Therapeutics, Inc. has a 52-week low of $26.76 and a 52-week high of $59.30. The company has a market cap of $7.58 billion, a PE ratio of 18.07, a PEG ratio of 2.14 and a beta of 1.62. 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 released its earnings results on Monday, August 3rd. The biopharmaceutical company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.26). TG Therapeutics had a net margin of 55.22% and a return on equity of 73.49%. The firm had revenue of $240.34 million during the quarter, compared to the consensus estimate of $229.77 million. During the same quarter in the previous year, the firm posted $0.17 EPS. The company's revenue was up 70.2% on a year-over-year basis. On average, sell-side analysts expect that TG Therapeutics, Inc. will post 0.92 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on TGTX shares. Bank of America boosted their price objective on TG Therapeutics from $17.00 to $20.00 and gave the company an "underperform" rating in a research report on Tuesday, July 7th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of TG Therapeutics in a research note on Wednesday, July 29th. Zacks Research upgraded shares of TG Therapeutics from a "strong sell" rating to a "hold" rating in a report on Monday, June 1st. JPMorgan Chase & Co. increased their price objective on shares of TG Therapeutics from $65.00 to $72.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Finally, B. Riley Financial raised their price objective on shares of TG Therapeutics from $55.00 to $86.00 and gave the stock a "buy" rating in a report on Monday, July 27th. Five analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $63.00.

TG Therapeutics Company Profile

TG Therapeutics, Inc is a clinical‐stage biopharmaceutical company headquartered in New York City that specializes in developing targeted therapies for hematological malignancies and autoimmune diseases. The company's research strategy focuses on the modulation of B-cell biology through novel antibody and small‐molecule agents. Since its founding in 2003, TG Therapeutics has built a diversified portfolio aimed at addressing unmet medical needs in oncology and immunology.

In December 2022, TG Therapeutics achieved its first commercial milestone when ublituximab-xiiy (marketed as Briumvi® in collaboration with Biogen) received U.S.

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