TG Therapeutics heads into its June 11 earnings call in a notably different posture than it entered May — short sellers are quietly covering, options traders have swung decisively bullish, and the stock is up more than 8% over the past month at $39.73.
The most striking shift is in options positioning. The put/call ratio has collapsed to 0.38, nearly one-and-a-half standard deviations below its 20-day average of 0.51. That is the most bullish options skew of the past year — the 52-week low PCR is 0.25, and the current reading is closing in on it fast. The contrast with April is stark: through most of April and into early May, the PCR ran above 0.57. Something changed around May 15, and call demand has dominated ever since. That shift aligns almost exactly with the Q1 earnings print on May 6, when TGTX jumped 19% in a single session and held most of the gain over the following week.
Short interest tells a supporting story. At roughly 17.7% of the free float — down from above 21% just three months ago — the bear camp is visibly smaller but still meaningful. Over the past month alone, estimated short shares have fallen by nearly 10%. The pace of covering accelerated sharply after the May 6 print: shorts stood near 28.5 million shares at the start of May and have since dropped to approximately 25.8 million. The borrow market is relaxed. Cost to borrow is just 0.43%, barely off its recent lows, and availability has loosened noticeably — now running at around 290%, up from lows below 235% in early May. There is no squeeze pressure here; the covering appears orderly and conviction-driven rather than forced.
The Street broadly agrees the story is improving, though the consensus is split on how much runway remains. JP Morgan carries an Overweight with a $46 target. Goldman Sachs is more cautious — a Neutral rating with a $39 target set in January, which now sits fractionally below the current price. HC Wainwright reiterated a Buy this morning with a $70 target, the most aggressive on the board and well above the $48 consensus mean. The bull case centres on BRIUMVI's momentum in the IV multiple sclerosis market, where it now holds roughly 30% of new prescriptions and has grown volume around 6% over the past three months. The bear case is simpler: near-term revenue growth guidance is decelerating, and Kesimpta's trajectory — $2.2 billion in US revenue five years post-launch — sets a high bar that BRIUMVI will need to clear to justify premium multiples. The PE has contracted about 3.6 points over the past month to roughly 19x, and EV/EBITDA has eased as well, suggesting the multiple compression is doing some of the valuation work for new buyers.
Institutional holders have been adding. BlackRock lifted its position by roughly 404,000 shares to 22.3 million, making it by far the largest holder at 15.7% of shares. State Street added 216,000 shares. Soleus Capital — a specialist healthcare fund — built a new position of 890,000 shares in Q1, bringing its total to just over 4 million. Congress Asset Management added 1.16 million shares in the quarter, the largest percentage increase among the top holders. CEO Michael Weiss holds 4.9 million shares directly and has not changed his position recently. Insider selling visible in the data is dated — all the disclosed transactions in the record are from late 2025 or earlier, and the insider data is flagged as stale — so no fresh insider signal is available.
The May earnings history carries real weight going into June 11. The May 6 print produced a 19% one-day move and an 18% five-day move. The Q4 2025 release in early February moved the stock nearly 7% on the day and 27% over the following five sessions. Those are violent reactions, and the options market's current bullish skew reflects market participants positioning for another positive surprise rather than hedging against a miss. The ORTEX short score of 73 — high but easing slightly over the past week — captures the residual bear interest sitting against a stock that has clearly broken out of its late-2025 range. What to watch is whether the BRIUMVI prescription data in the Q2 update on June 11 confirms the growth trajectory that drove the May beat, and whether the JPMorgan and Goldman targets — both well below $48 consensus — start to move.
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