TG Therapeutics (NASDAQ:TGTX) Shares Gap Down on Disappointing Earnings

Key Points

• TG Therapeutics shares opened significantly lower at $32.14 after missing earnings estimates, posting an EPS of $0.17 versus the expected $0.32.
• Despite the earnings miss, Goldman Sachs upgraded the stock to a "hold" rating with a target price of $37.00, indicating potential for recovery.
• Insider trading activity includes a director selling 10,000 shares, reflecting a slight reduction in ownership, which could signal insider sentiment on the stock's performance.

Shares of TG Therapeutics, Inc. (NASDAQ:TGTX - Get Free Report) gapped down before the market opened on Monday following a dissappointing earnings announcement. The stock had previously closed at $35.02, but opened at $32.14. TG Therapeutics shares last traded at $29.24, with a volume of 2,088,694 shares.

The biopharmaceutical company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.15). The firm had revenue of $141.15 million for the quarter, compared to analysts' expectations of $147.76 million. TG Therapeutics had a return on equity of 27.83% and a net margin of 13.31%. The firm's revenue was up 92.1% on a year-over-year basis. During the same period last year, the company earned $0.04 earnings per share.

Analyst Ratings Changes

Separately, The Goldman Sachs Group raised TG Therapeutics to a "hold" rating and set a $37.00 price objective on the stock in a report on Thursday, July 10th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $46.25.

Insiders Place Their Bets

In related news, Director Yann Echelard sold 10,000 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $36.94, for a total transaction of $369,400.00. Following the sale, the director owned 228,816 shares in the company, valued at approximately $8,452,463.04. This represents a 4.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 10.64% of the company's stock.

Institutional Trading of TG Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of TGTX. Geode Capital Management LLC grew its position in TG Therapeutics by 6.3% in the 2nd quarter. Geode Capital Management LLC now owns 3,490,457 shares of the biopharmaceutical company's stock valued at $126,033,000 after acquiring an additional 207,890 shares during the last quarter. Soleus Capital Management L.P. grew its position in TG Therapeutics by 5.8% in the 4th quarter. Soleus Capital Management L.P. now owns 2,681,242 shares of the biopharmaceutical company's stock valued at $80,705,000 after acquiring an additional 146,702 shares during the last quarter. Goldman Sachs Group Inc. grew its position in TG Therapeutics by 21.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,919,416 shares of the biopharmaceutical company's stock valued at $75,683,000 after acquiring an additional 345,059 shares during the last quarter. Northern Trust Corp grew its position in TG Therapeutics by 8.6% in the 4th quarter. Northern Trust Corp now owns 1,532,929 shares of the biopharmaceutical company's stock valued at $46,141,000 after acquiring an additional 120,785 shares during the last quarter. Finally, Wellington Management Group LLP grew its position in TG Therapeutics by 1,809.9% in the 1st quarter. Wellington Management Group LLP now owns 1,213,039 shares of the biopharmaceutical company's stock valued at $47,830,000 after acquiring an additional 1,149,526 shares during the last quarter. Hedge funds and other institutional investors own 58.58% of the company's stock.

TG Therapeutics Stock Down 4.2%

The company has a 50-day simple moving average of $36.10 and a 200 day simple moving average of $35.95. The company has a market cap of $4.24 billion, a P/E ratio of 72.19 and a beta of 1.95. The company has a current ratio of 4.02, a quick ratio of 3.04 and a debt-to-equity ratio of 1.03.

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.