Biotech Stock Surging as Analyst Predicts Strong Sales

B. Riley Financial upped TGTX's price target to $39

Digital Content Manager
Apr 11, 2023 at 3:20 PM
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TG Therapeutics Inc (NASDAQ:TGTX) stock is on a tear, last seen up 17.7% to trade at $22.38, after yesterday adding 22.8% to for its best single-day percentage gain since December. The positive price action came after Cantor Fitzgerald noted March sales of newly approved multiple sclerosis drug Briumvi could see a "solid jump," and added it expects the company to meet or exceed first-quarter revenue expectations of $3.8 million.

B. Riley Financial followed up with its own bull note today, hiking TGTX's price target to $39 from $23. Analysts are bullish, with seven of the nine in question sporting a "buy" or better rating.

The equity earlier surged to a one-year high of $22.91. The shares blasted through the $20 region, which turned down their latest rally, with newfound support from the 20-day moving average. Year-over-year, TG Therapeutics stock boasts an impressive 148.8% lead.

Today's surge is not lost on options traders. So far, 15,000 calls and 5,222 puts have exchanged hands, which is six times the intraday average volume. The most popular contract is the January 2024 5-strike put, followed by the 20-strike call in that series.

This appetite for calls has been prevalent during the past 10 weeks. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), TGTX carries a 50-day call/put volume ratio of 9.60 that sits higher than 97% of readings from the past year.

Options are affordably priced at the moment, making now an opportune time to weigh in the stock's next moves. This is per its Schaeffer's Volatility Index (SVI) of 83% that ranks higher than just 5% of annual readings. 

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