# TG Therapeutics, Inc. (TGTX)

> Source: Nexqual · https://nexqual.com/TGTX · data as of 2026-10-23 15:53 UTC · cite as "Nexqual, TG Therapeutics, Inc. (TGTX), nexqual.com/TGTX" · informational, not investment advice.

**Price:** USD 53.54 (+0.71% today) · US market open, as of October 23, 2026 at 15:53 UTC; quotes may be delayed. Prev close 53.16 · day 51.83–53.79 · 52w 26.76–59.3 · market cap $8.20B · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $800M, net income $441M (55.2% margin), free cash flow $17.4M (SEC filings).
- Valuation: P/E 18.6x (avg 139.1x at the last 3 fiscal year-ends), EV/EBITDA 61.0x, net debt $133M.
- Earnings quality: non-operating income -$34.7M vs operating income $136M over the last four quarters; P/E excluding non-operating income ≈17.2x (estimate: non-operating income taxed at the company's 0% effective rate).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $275K; 1 not under a Rule 10b5-1 plan ($275K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.25 on a 1–5 scale) (8 analysts), mean target USD 69.71 (range 21–86).
- Total return with dividends: 1Y +59.9% vs S&P 500 +14.7%; 5Y +71.5% vs S&P 500 +77.4%.
- Next earnings: 2026-11-02, EPS estimate USD 0.26, revenue estimate $245M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $6.7M | $2.8M | $234M | $329M | $616M | $800M |
| Gross profit | $5.9M | $2.5M | $220M | $291M | $516M | — |
| Operating income | -$345M | -$218M | $20.6M | $41.9M | $123M | $136M |
| Net income | -$348M | -$224M | $12.7M | $23.4M | $447M | $441M |
| EPS (diluted) | -$2.63 | -$1.65 | $0.09 | $0.15 | $2.77 | — |
| Free cash flow | -$296M | -$176M | -$31.4M | -$40.6M | -$25.0M | $17.4M |
| Gross margin | 88.2% | 90.5% | 94.0% | 88.3% | 83.7% | — |
| Operating margin | -5154.3% | -7839.0% | 8.8% | 12.7% | 20.0% | 17.1% |
| Net margin | -5204.1% | -8036.3% | 5.4% | 7.1% | 72.6% | 55.2% |
| Revenue growth | +4300.7% | -58.4% | +8290.0% | +40.8% | +87.3% | — |
| Cash + short-term investments | $350M | $174M | $218M | $311M | $200M | — |
| Total debt | $67.8M | $71.1M | $100M | $244M | $246M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 18.6x · P/E ex non-operating (est.) ≈17.2x · P/S 10.3x · EV/EBITDA 61.0x · EV/Sales 10.4x · P/FCF 471.4x · P/B 13.6x · FCF yield 0.21% · Earnings yield 5.39% · Net debt $133M · EV $8.33B
P/E at fiscal year-ends: Dec 2025 10.8x, Dec 2024 206.4x, Dec 2023 200.2x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-10 | Charney Laurence N | Director | 5,000 | $275K | 2.9% | No | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.25 on a 1–5 scale), 8 analysts; mean target USD 69.71 (low 21, high 86).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-01 | HC Wainwright & Co. | Reiterated | Buy | $78 |
| 2026-08-07 | JP Morgan | Target raised | Overweight | $65 → $72 |
| 2026-07-27 | B. Riley Securities | Target raised | Buy | $55 → $86 |
| 2026-07-13 | HC Wainwright & Co. | Target raised | Buy | $70 → $77 |
| 2026-07-07 | B of A Securities | Target raised | Underperform | $17 → $20 |
| 2026-07-06 | HC Wainwright & Co. | Reiterated | Buy | $70 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +59.9% | +71.5% |
| S&P 500 (SPY) | +14.7% | +77.4% |
| Per year | +59.9% | +11.4% |
| Volatility (annualized) | 45.0% | 82.2% |
| Max drawdown | -22.5% (Oct 2025→Mar 2026) | -88.6% (Nov 2021→Jun 2022) |

## Peers (Biotechnology)
AXSM (Axsome Therapeutics, Inc.) USD 146.79 -5.95% · ARWR (Arrowhead Pharmaceuticals, Inc.) USD 57.95 -0.70% · ABVX (Abivax SA) USD 88.05 -2.42% · SYRE (Spyre Therapeutics, Inc.) USD 90.43 -2.06% · CYTK (Cytokinetics, Incorporated) USD 61.56 -1.24% · IBRX (ImmunityBio, Inc.) USD 8.26 -0.58%

## More
Full page: https://nexqual.com/TGTX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TGTX's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1001316/000143774926006133/tgtx20251231_10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Samsung Biologics | "We have established a contract manufacturing relationship with Samsung Biologics for our primary clinical and commercial supply of BRIUMVI, and a secondary contract manufacturing relationship with FUJIFILM Diosynth Biote…" |
| Partner | PRECISION BIOSCIENCES INC (DTIL) | "Pursuant to our license agreement with Precision, we have an exclusive license to develop and commercialize Precision's azer-cel for the treatment of autoimmune and other non-oncology diseases and conditions as well as a…" |
| Partner | Hercules Capital, Inc. (HTGC) | "The $2.7 million increase was primarily attributable to higher interest expense incurred under the Initial Term Loan with Blue Owl during the year ended December 31, 2025, as compared to interest expense incurred under t…" |
| Partner | Fortress Biotech, Inc. (FBIO) | "In February 2026, FBIO entered into a sublease agreement with a third party for the entirety of the New York City office space subject to the Office Agreement." |
| Partner | BLUE OWL CAPITAL INC. (OWL) | "On August 2, 2024 (the New Closing Date), we entered into a term loan facility of $250 million (the Initial Term Loan) with Blue Owl Capital Corporation, as administrative agent (the Administrative Agent), HealthCare Roy…" |

Other companies that name TGTX in their own reports (relationship from TGTX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | PRECISION BIOSCIENCES INC (DTIL) | 10-K 2026-03-12 | "On January 7, 2024, we entered into a license agreement (the "TG License Agreement") with TG Cell Therapy, Inc. ("TG Subsidiary") and its parent company TG Therapeutics, Inc. ("TG Parent" and, togethe…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $235.8M | 98.1% | +69.8% |
| License | $4.5M | 1.9% | +97.0% |
| License Revenue | $4.5M | 1.9% | +97.0% |
| Total revenue | $240.3M | 100% | — |
The lines above cover 101.9% of total revenue.

## Customer concentration

Period ended 2026-06-30: 40%, 29%, 19%, 12% of revenue from unnamed direct customers (10-Q, filed 2026-08-05).

## Company outlook (8-K filed 2026-08-03)

- "(NASDAQ: TGTX) (the Company or TG Therapeutics) today announced its financial results for the second quarter of 2026, along with recent company developments and provided an update on 2026 financial guidance."
- "BRIUMVI delivered another outstanding commercial quarter, exceeding our expectations once again and putting us on track to exit 2026 at an approximately $1 billion annualized U.S."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.26 | $0.43 | -40.7% | $245.4M | 4 |
| Next quarter (ends 2026-12-31) | $0.41 | $0.53 | -23.5% | $269.5M | 3 |
| Current fiscal year (ends 2026-12-31) | $0.95 | $1.61 | -41.1% | $960.3M | 4 |
| Next fiscal year (ends 2027-12-31) | $2.71 | $3.28 | -17.5% | $1.32B | 5 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-02): ±15.6%; last 8 reports averaged ±11.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 63.2% | ±15.6% |
| 2026-12-18 | 56 | 60.7% | ±19.7% |
| 2027-01-15 | 84 | 63.3% | ±25.1% |
| 2027-02-19 | 119 | 61.4% | ±28.7% |
| 2027-05-21 | 210 | 60.2% | ±36.9% |
| 2027-09-17 | 329 | 57.0% | ±43.4% |