UPDATE: Goldman Sachs Downgrades TG Therapeutics (TGTX) to Sell

(Updated - November 15, 2021 5:00 AM EST)

Goldman Sachs analyst Graig Suvannavejh downgraded TG Therapeutics (NASDAQ: TGTX) from Neutral to Sell with a price target of $26.00 (from $33.00).

The analyst comments "We downgrade TGTX to Sell from Neutral and reduce our 12-month price target to $26 (18% downside vs.37% average upside for our coverage universe) as we revisit the company's pending launches in CLL/MS. TGTX is a commercial-stage biotechnology company focused on the development of assets addressing various B cell malignancies - including an approved product for non-Hodgkin lymphoma (NHL), and a late-stage development candidate for chronic lymphocytic leukemia (CLL) and multiple sclerosis (MS) among others. The company's portfolio is primarily comprised of candidates that employ well-established mechanisms and have similar properties to approved therapies. This strategy reduces clinical risk, and the company has delivered on multiple positive Phase 3 studies over the past several years. However, we believe that the commercial opportunities for TGTX's assets are limited by incumbent products in the indications the company is pursuing, thereby setting the stage for challenging launches in the near term. Within this context, our revenue estimates are 35% below consensus estimates for 2022-2024 revenue and 25% below the company's 2025 revenue target of $1B."

For an analyst ratings summary and ratings history on TG Therapeutics click here. For more ratings news on TG Therapeutics click here.

Shares of TG Therapeutics closed at $31.78 yesterday.

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