Tg Therapeutics' Q1 Performance Prompts Price Target Increase and Strong Buy Rating

Ladenburg Thalmann's Matthew Kaplan raised their price target on Tg Therapeutics (NASDAQ: TGTX) by 2.6% from $39 to $40 on 2024/05/02. The analyst maintained their Strong Buy rating on the stock.

Kaplan's decision to hike the price target comes in response to Tg Therapeutics' Q1 2024 earnings report, which was released on May 1st. The company reported impressive sales of its BRIUMVI product during the quarter, prompting Kaplan to adjust their price target upward.

In addition to the positive sales figures, Tg Therapeutics ended Q1 with a healthy cash balance of $209.8 million. Ladenburg Thalmann analyst Matthew Kaplan noted that this level of cash is more than sufficient for the company to achieve profitability.

It's not just Ladenburg Thalmann that has a positive outlook on Tg Therapeutics. HC Wainwright & Co.'s Edward White also issued an update on the stock on May 2nd. White raised the price target by 8.9%, from $45 to $49, while maintaining a Buy rating on the stock.

These analyst ratings reflect the overall sentiment among top-rated analysts. Currently, 66.7% of these analysts rate TGTX as a Strong Buy or Buy, while 33.3% see it as a Hold. No analysts recommend or strongly recommend selling the stock.

Looking ahead, the consensus forecast among analysts is that TGTX will deliver earnings per share (EPS) of $0.22 for the upcoming year. If these predictions hold true, TGTX's next yearly EPS will be up by an impressive 139.1% on a year-over-year basis.

However, it's worth noting that TGTX's stock price has not performed well recently. Since its last quarterly report on December 31st, 2023, the stock price has declined by 3.9%. On a year-over-year basis, the stock is down a significant 47.3%. During this period, TGTX has been trailing behind the broader market, with the S&P 500 down 22.9%.

Analyzing analyst ratings and financial performance is crucial for investors looking to make informed decisions. Matthew Kaplan, the Ladenburg Thalmann analyst responsible for the recent price target hike, is ranked in the top 40% of Wall Street analysts by WallStreetZen. With an average return of 0.6% and a 50% win rate, Kaplan's expertise lies in the Healthcare sector.

Tg Therapeutics, Inc. is a commercial stage biopharmaceutical company that focuses on developing and commercializing novel treatments for B-cell malignancies and autoimmune diseases. Its product candidates include Ublituximab, Umbralisib, Cosibelimab, TG-1701, and TG-1801. The company also has various licensed preclinical programs and collaboration agreements with several pharmaceutical companies.

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