In a report released today, Reni Benjamin from Raymond James maintained a Buy rating on TG Therapeutics (NASDAQ: TGTX). The company’s shares opened today at $13.85.
Benjamin noted:
“We are maintaining our Strong Buy rating for TG Therapeutics. Yesterday, TG Therapeutics entered into a joint venture and license option agreement with Novimmune to develop and commercialize TG-1801, a novel first-in-class anti-CD47/anti-CD19 bispecific antibody. Key takeaways include: 1) TG Therapeutics will pay an upfront payment of $3 million in stock to Novimmune; 2) Novimmune may receive an additional $185 million in payments; 3) TG-1801 has potential in the clinic given the recent positive clinical trial data targeting the competition is increasing as multiple players are developing inhibitors of CD47.”
According to TipRanks.com, Benjamin is a 4-star analyst with an average return of 9.1% and a 46.7% success rate. Benjamin covers the Healthcare sector, focusing on stocks such as Adaptimmune Therapeutics, Audentes Therapeutics, and Leap Therapeutics Inc.
Currently, the analyst consensus on TG Therapeutics is Strong Buy and the average price target is $31.50, representing a 127.4% upside.
In a report issued on June 18, H.C. Wainwright also maintained a Buy rating on the stock with a $38 price target.
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Based on TG Therapeutics’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $41.53 million. In comparison, last year the company had a GAAP net loss of $27.73 million.
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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. It also involves developing TG-1101 and TGR-1202 therapies targeting hematological malignancies.
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