TG Therapeutics reported Q1 2026 results today with a notable split: revenue of $204.9 million beat the $196.8 million consensus estimate, while adjusted EPS of $0.18 missed the $0.30 estimate by a wide margin. The company raised full-year 2026 sales guidance to $925 million, ahead of the $906 million analyst estimate. That combination — a top-line beat paired with a bottom-line miss and a guidance lift — sets up a genuine tug-of-war between revenue-growth bulls and profitability skeptics.
The most striking feature of the positioning data is the scale of the short interest, and how little it has moved. Short interest is running at roughly 20.2% of free float — a level it has held almost without interruption for the past six weeks. The reading peaked around 20.5% in mid-April and has edged down only marginally since, sitting near 20.2% after today's results. At 28.5 million shares short, this is a heavily contested stock, yet shorts are not pressing harder heading into the print nor covering in size coming out of it. The ORTEX short score of 76.4, near the top of the historical range, reflects this elevated and sticky positioning. Borrow conditions remain essentially neutral: cost-to-borrow is just 0.44% annualised, and availability in the lending market has been stable and loose, suggesting no meaningful squeeze pressure and ample room for new short positions to be established if sentiment turns.
Options tell a more relaxed story. The put/call ratio of 0.57 is slightly below its 20-day average of 0.59 — just 0.7 standard deviations through the mean, and well below the 52-week high of 0.88. There is no unusual demand for downside protection. The range here is instructive: the year's low PCR of 0.25 marks the most bullish the options market has been, and today's reading is closer to that end than the 0.88 defensive extreme. Options traders are not bracing for a sharp move either way.
The analyst community is meaningfully more bullish than the current stock price implies. HC Wainwright raised its price target today from $60 to $70, maintaining a Buy, in direct response to the Q1 results and guidance raise. That takes the consensus mean target to $46.29 against a $36.10 close — roughly 28% implied upside — though the distribution is wide. JP Morgan had trimmed its target to $46 in February, while Goldman Sachs maintained a Neutral at $39, suggesting the Street's optimists and fence-sitters are spread across a fairly wide valuation range. The bull case centres on BRIUMVI's continued prescription share gains in the IV multiple sclerosis treatment market, now accounting for approximately 30% of new scripts in that segment. The bear case acknowledges that while BRIUMVI's trajectory is solid, the revenue growth rate is decelerating relative to faster-moving competition, and the Q1 EPS miss raises questions about the pace of cost leverage. The EV/EBITDA multiple of 17.3x has drifted slightly lower over the past month, consistent with a market that is re-rating the growth premium somewhat.
Institutional ownership has been gradually building. BlackRock added roughly 548,000 shares in Q1 2026 to hold 14.8% of the company, while Vanguard added 320,000 shares, bringing its stake to 10.7%. Congress Asset Management nearly doubled its holding, adding 1.16 million shares. The insider activity data is stale — the most recent disclosed trade is from late November 2025 — so no fresh read is available there. What is notable is that CEO Michael Weiss holds 3.3% of shares outstanding directly, aligning his interests closely with equity performance.
With guidance now set at $925 million for the full year, the next checkpoint is Q2 BRIUMVI US net revenue, for which management has guided to approximately $220 million. The June 11 next earnings date is the formal occasion, but prescription data and any BRIUMVI-related newsflow between now and then will be the live scorecard shorts and longs are watching.
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