Edward White, an analyst from H.C. Wainwright, maintained the Buy rating on TG Therapeutics (TGTX – Research Report). The associated price target is $41.00.
Edward White’s Buy rating for TG Therapeutics is informed by a few key factors. The company reported impressive Q3 2023 revenues of $165.8M, which significantly surpassed White’s estimate of $21.1M. This was largely due to an unexpected license revenue of $140.0M from an upfront payment received from Neuraxpharm. Furthermore, TG Therapeutics performed better than expected in terms of GAAP EPS and Non-GAAP EPS, reporting $0.73 and $0.79 respectively, against White’s estimate of ($0.27) and ($0.19) respectively.
In addition to the robust financial performance, White also considered the company’s strong sales performance. TG Therapeutics reported Q3 2023 Briumvi sales of $25.1M, exceeding both White’s and the consensus estimate. Briumvi, TG’s novel glycoengineered anti-CD20 monoclonal antibody approved for the treatment of relapsing forms of multiple sclerosis, has shown promising uptake since its commercial launch in January 2023. The company’s management anticipates that their existing cash position, along with projected Briumvi sales, will sufficiently fund their planned operations into cash flow positivity. This combination of strong financial performance and promising sales trajectory informs Edward White’s Buy rating for the company.
In another report released yesterday, J.P. Morgan also maintained a Buy rating on the stock with a $23.00 price target.
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TG Therapeutics (TGTX) Company Description:
TG Therapeutics, Inc. is a biopharmaceutical company, which engages in the acquisition, development, and commercialization of novel treatments for B-cell malignancies and autoimmune diseases. Its product pipeline includes TG-1101, Ublituximab, and Umbralisib. The company was founded by Michael Sean Weiss and Laurence H. Shaw on May 18, 1993 and is headquartered in New York, NY.
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