TG Therapeutics enters the second half of 2026 with a striking contradiction at its core — short sellers are rebuilding positions into a stock that has just posted a 45% monthly gain, yet the borrow market remains remarkably relaxed.
Short interest at 20.2% of the free float is genuinely elevated, and it has grown. Shorts added around 1.6 million shares over the past month, lifting the position from roughly 25.9 million shares in late May to 29.6 million by June 30 — a 14% increase in absolute terms over 30 days, with a further 5.7% jump in the last week alone. FINRA's fortnightly data corroborates the picture, showing 30.2 million shares short as of mid-June with days-to-cover above 12. That is a crowded short book by any measure, especially against a stock that has been running hard.
Yet the borrow market tells a less aggressive story. Despite the volume of shorts outstanding, availability is exceptionally loose — three-and-a-half shares remain available to borrow for every one currently lent out, running well above the 52-week floor of around 190%. Cost to borrow ticked up 31% on the week to 0.44%, but that is still near floor levels in absolute terms. Short sellers are not fighting over scarce shares to borrow. The ORTEX short score of 72.1 is elevated but has been drifting slightly lower all week, easing from 73.5 on June 22. Options positioning confirms the relaxed tone: the put/call ratio at 0.44 is actually running slightly above its 20-day average of 0.42, but the z-score of 0.9 means it is barely a whisper above normal. There is no panic hedging evident in the options market.
The Street remains broadly constructive on BRIUMVI, though the consensus is not unanimous. HC Wainwright reiterated its Buy with a $70 target in late May, raising it from $60 following Q1 results that included a $500M cash raise and upgraded FY 2026 revenue guidance. JPMorgan holds an Overweight but trimmed its target to $46 back in February — well below the current price of $54.94, which itself now sits above the consensus mean target of $51.71. Goldman Sachs remains at Neutral with a $39 target, last updated in January, which is now deeply below where the stock trades. The bull case rests on BRIUMVI's commercial momentum in relapsing MS and the balance sheet strength to fund expansion into broader autoimmune indications. The bear case centres on competition from Ocrevus and uncertainty about whether the new IV dosing regimen offers payers and physicians a compelling reason to switch. Valuation has moved: the P/E multiple has expanded roughly 6 points over the past month to 24.6x, and price-to-book has added nearly 4 points to 16.8x, reflecting how much of the stock's re-rating has already been absorbed. EPS momentum factor scores are strong at 83 (30-day) and 92 (90-day), but the forward EPS growth score and EPS surprise rank remain weak, suggesting the momentum is price-driven rather than estimate-driven.
Earnings are due on August 5. The most recent print, on May 6, produced a 19% one-day gain and an 18% five-day gain — a decisive upside reaction that directly preceded the stock's breakout into its current trading range. A subsequent analyst day on June 11 added another 6% on the day and 14% over the following week. With the stock now trading above most Street targets and shorts sitting at 20% of float after steadily adding through the rally, the August print becomes a direct test of whether BRIUMVI's commercial trajectory can sustain the multiples the market has already assigned — and whether a disappointment would give the rebuilt short book its catalyst.
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