Bank of America Forecasts Strong Price Appreciation for TG Therapeutics (NASDAQ:TGTX) Stock

TG Therapeutics (NASDAQ:TGTX) had its price target boosted by research analysts at Bank of America from $17.00 to $20.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “underperform” rating on the biopharmaceutical company’s stock. Bank of America‘s target price suggests a potential downside of 64.22% from the company’s current price.

Several other research analysts have also issued reports on the company. Weiss Ratings raised TG Therapeutics from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 1st. Zacks Research upgraded TG Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, June 1st. Jefferies Financial Group restated a “buy” rating and set a $83.00 price objective on shares of TG Therapeutics in a report on Monday, June 22nd. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $70.00 price objective on shares of TG Therapeutics in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $52.17.

TG Therapeutics Stock Up 0.8%

Shares of TGTX stock traded up $0.43 during mid-day trading on Tuesday, hitting $55.90. 216,290 shares of the stock traded hands, compared to its average volume of 2,222,170. TG Therapeutics has a 52-week low of $25.28 and a 52-week high of $57.38. The stock has a market cap of $8.56 billion, a P/E ratio of 19.60, a P/E/G ratio of 2.18 and a beta of 1.60. The company has a debt-to-equity ratio of 1.28, a current ratio of 5.81 and a quick ratio of 5.12. The stock’s fifty day moving average is $44.35 and its two-hundred day moving average is $35.58.

TG Therapeutics (NASDAQ:TGTX) last announced its earnings results on Wednesday, May 6th. The biopharmaceutical company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.11). The firm had revenue of $204.92 million during the quarter, compared to analyst estimates of $200.33 million. TG Therapeutics had a net margin of 65.95% and a return on equity of 88.73%. TG Therapeutics’s revenue was up 69.5% on a year-over-year basis. During the same quarter last year, the business earned $0.03 earnings per share. Equities analysts predict that TG Therapeutics will post 1.51 EPS for the current year.

Institutional Investors Weigh In On TG Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in TGTX. Vanguard Group Inc. increased its holdings in shares of TG Therapeutics by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 15,841,002 shares of the biopharmaceutical company’s stock valued at $472,220,000 after purchasing an additional 319,703 shares in the last quarter. State Street Corp grew its position in TG Therapeutics by 4.7% during the fourth quarter. State Street Corp now owns 8,479,999 shares of the biopharmaceutical company’s stock valued at $252,789,000 after buying an additional 379,380 shares during the period. Goldman Sachs Group Inc. grew its position in 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 valued at $61,144,000 after buying an additional 531,759 shares during the period. Congress Asset Management Co. purchased a new position in TG Therapeutics in the fourth quarter valued at $57,307,000. Finally, Pictet Asset Management Holding SA increased its holdings in TG Therapeutics by 19.6% in the first quarter. Pictet Asset Management Holding SA now owns 1,747,373 shares of the biopharmaceutical company’s stock valued at $58,048,000 after buying an additional 286,325 shares in the last quarter. Institutional investors and hedge funds own 58.58% of the company’s stock.

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.