TG Therapeutics (NASDAQ:TGTX) Trading Down 9% on Disappointing Earnings

TG Therapeutics, Inc. (NASDAQ:TGTX)’s share price traded down 9% during trading on Monday following a dissappointing earnings announcement. The company traded as low as $47.10 and last traded at $47.3470. 861,974 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 2,199,253 shares. The stock had previously closed at $52.03.

The biopharmaceutical company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.26). TG Therapeutics had a return on equity of 88.73% and a net margin of 65.95%.During the same quarter last year, the business posted $0.17 earnings per share. TG Therapeutics’s quarterly revenue was up 70.2% compared to the same quarter last year.

Analyst Ratings Changes

Several research firms have commented on TGTX. HC Wainwright raised their price objective on TG Therapeutics from $70.00 to $77.00 and gave the company a “buy” rating in a research report on Monday, July 13th. Weiss Ratings reiterated a “hold (c+)” rating on shares of TG Therapeutics in a research note on Wednesday. Bank of America raised their target price on TG Therapeutics from $17.00 to $20.00 and gave the company an “underperform” rating in a report on Tuesday, July 7th. Jefferies Financial Group restated a “buy” rating and issued a $83.00 price target on shares of TG Therapeutics in a report on Monday, June 22nd. Finally, B. Riley Financial increased their price objective on shares of TG Therapeutics from $55.00 to $86.00 and gave the company a “buy” rating in a research report on Monday, July 27th. Five analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $58.50.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Handelsbanken Fonder AB grew its stake in TG Therapeutics by 16.0% during the 2nd quarter. Handelsbanken Fonder AB now owns 55,000 shares of the biopharmaceutical company’s stock valued at $3,022,000 after purchasing an additional 7,600 shares in the last quarter. Valeo Financial Advisors LLC purchased a new position in shares of TG Therapeutics during the 2nd quarter valued at approximately $331,000. GAMMA Investing LLC boosted its stake in shares of TG Therapeutics by 31.0% during the 2nd quarter. GAMMA Investing LLC now owns 5,140 shares of the biopharmaceutical company’s stock valued at $282,000 after buying an additional 1,216 shares during the last quarter. Harbor Investment Advisory LLC acquired a new stake in shares of TG Therapeutics during the second quarter worth approximately $96,000. Finally, First Nebraska Trust Co bought a new stake in shares of TG Therapeutics in the first quarter worth $233,000. Hedge funds and other institutional investors own 58.58% of the company’s stock.

TG Therapeutics Trading Down 9.3%

The firm has a market cap of $7.23 billion, a P/E ratio of 16.56, a price-to-earnings-growth ratio of 1.30 and a beta of 1.62. The business’s 50 day moving average is $50.48 and its 200-day moving average is $38.94. The company has a quick ratio of 5.12, a current ratio of 5.81 and a debt-to-equity ratio of 1.28.

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.