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

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.

TG Therapeutics, Inc. (NASDAQ:TGTX - Get Free Report) shares 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 EPS for the quarter, missing analysts' consensus estimates 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 18.88% and a net margin of 10.13%. The firm's revenue for the quarter was up 92.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.04 earnings per share.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group upgraded TG Therapeutics to a "hold" rating and set a $37.00 target price on the stock in a research report on Thursday, July 10th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $43.80.

Insider Activity

In other news, Director Yann Echelard sold 10,000 shares of the company's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $36.94, for a total value of $369,400.00. Following the sale, the director directly owned 228,816 shares in the company, valued at $8,452,463.04. This represents a 4.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 10.64% of the stock is owned by corporate insiders.

Institutional Trading of TG Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Soleus Capital Management L.P. lifted its position in shares of TG Therapeutics by 5.8% in the fourth 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 in the last quarter. Goldman Sachs Group Inc. lifted its position in TG Therapeutics by 21.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,919,416 shares of the biopharmaceutical company's stock worth $75,683,000 after buying an additional 345,059 shares during the period. Northern Trust Corp lifted its position in TG Therapeutics by 8.6% during the fourth quarter. Northern Trust Corp now owns 1,532,929 shares of the biopharmaceutical company's stock worth $46,141,000 after buying an additional 120,785 shares during the period. Wellington Management Group LLP lifted its position in TG Therapeutics by 1,809.9% during the first quarter. Wellington Management Group LLP now owns 1,213,039 shares of the biopharmaceutical company's stock worth $47,830,000 after buying an additional 1,149,526 shares during the period. Finally, Invesco Ltd. lifted its position in TG Therapeutics by 30.2% during the first quarter. Invesco Ltd. now owns 1,210,842 shares of the biopharmaceutical company's stock worth $47,744,000 after buying an additional 281,099 shares during the period. 58.58% of the stock is currently owned by hedge funds and other institutional investors.

TG Therapeutics Price Performance

The company has a 50-day moving average of $36.83 and a two-hundred day moving average of $36.10. The stock has a market capitalization of $4.62 billion, a PE ratio of 122.28 and a beta of 1.95. The company has a debt-to-equity ratio of 1.03, a current ratio of 4.02 and a quick ratio of 3.04.

About TG Therapeutics

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.

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