Bank of New York Mellon Corp Takes $49.47 Million Position in TG Therapeutics, Inc. $TGTX

Key Points

• Bank of New York Mellon acquired 900,482 TG Therapeutics shares worth approximately $49.47 million, representing about 0.59% of the company. Institutional investors collectively own 58.58% of TGTX.
• Analyst sentiment is mixed but leans positive, with five Buy, three Hold, and one Sell rating. The average price target is $63, although targets range from $20 to $86.
• TG Therapeutics reported 70.2% year-over-year revenue growth to $240.34 million, exceeding estimates, but quarterly EPS of $0.05 fell short of the $0.31 consensus forecast.

Bank of New York Mellon Corp acquired a new stake in shares of TG Therapeutics, Inc. (NASDAQ:TGTX - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 900,482 shares of the biopharmaceutical company's stock, valued at approximately $49,472,000. Bank of New York Mellon Corp owned about 0.59% of TG Therapeutics as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. EverSource Wealth Advisors LLC lifted its holdings in shares of TG Therapeutics by 51.9% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,068 shares of the biopharmaceutical company's stock valued at $35,000 after acquiring an additional 365 shares during the last quarter. Maryland State Retirement & Pension System grew its stake in TG Therapeutics by 2.0% in the fourth quarter. Maryland State Retirement & Pension System now owns 19,899 shares of the biopharmaceutical company's stock worth $593,000 after purchasing an additional 393 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in TG Therapeutics by 1.4% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,406 shares of the biopharmaceutical company's stock worth $1,135,000 after purchasing an additional 441 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in TG Therapeutics by 16.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,147 shares of the biopharmaceutical company's stock worth $94,000 after purchasing an additional 454 shares during the period. Finally, HB Wealth Management LLC boosted its stake in shares of TG Therapeutics by 6.7% during the first quarter. HB Wealth Management LLC now owns 7,514 shares of the biopharmaceutical company's stock valued at $250,000 after purchasing an additional 475 shares in the last quarter. 58.58% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Weiss Ratings restated a "hold (c+)" rating on shares of TG Therapeutics in a report on Wednesday, July 29th. Zacks Research raised shares of TG Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Monday, June 1st. B. Riley Financial increased their price target on TG Therapeutics from $55.00 to $86.00 and gave the stock a "buy" rating in a research report on Monday, July 27th. Bank of America lifted their target price on shares of TG Therapeutics from $17.00 to $20.00 and gave the company an "underperform" rating in a research report on Tuesday, July 7th. Finally, HC Wainwright reissued a "buy" rating and set a $78.00 price objective on shares of TG Therapeutics in a research note on Tuesday, August 4th. Five investment 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. Based on data from MarketBeat, TG Therapeutics has an average rating of "Hold" and an average target price of $63.00.

TG Therapeutics Stock Up 1.3%

Shares of NASDAQ TGTX opened at $55.72 on Friday. The stock has a market cap of $8.53 billion, a P/E ratio of 20.34, a PEG ratio of 2.36 and a beta of 1.62. The business's fifty day simple moving average is $53.36 and its 200-day simple moving average is $41.74. TG Therapeutics, Inc. has a 12-month low of $26.76 and a 12-month high of $59.30. The company has a current ratio of 4.27, a quick ratio of 3.72 and a debt-to-equity ratio of 1.23.

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

About TG Therapeutics

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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