TG Therapeutics enters its June 11 earnings call with a notable reversal underway — the short-covering trend that defined May has stalled, bears are rebuilding positions, and the stock has given back nearly 8% on the week to $36.64.
The shift in short interest is the week's clearest data point. Short interest has climbed almost 8% over the past five sessions to 19.1% of the free float — a meaningful reversal from the covering trend documented just days ago, when SI had dropped to roughly 17.7%. The previous note flagged short sellers quietly retreating; that retreat has ended. Roughly 2.1 million additional shares are now estimated short compared to last week's trough. Yet the lending market itself is not signalling distress. Availability remains generous at 287% of short interest — well above its 52-week floor of 190% — and the cost to borrow is barely 0.41%, one of the lowest readings of the past year. Bears are adding positions, but the borrow market is accommodating rather than strained.
Options positioning has also shifted, though more modestly than short interest. The put/call ratio has edged up to 0.40 — slightly higher than last week's 0.38 — but remains well below its 20-day average of 0.46 and about 0.7 standard deviations beneath it. That keeps options sentiment net bullish relative to recent history. The contrast with April is still stark: the PCR ran above 0.57 through most of April before collapsing around the May 6 earnings beat. Call demand still dominates, even as some hedging has crept back in ahead of the June 11 print. The 52-week PCR range runs from 0.25 to 0.88 — at 0.40, the current reading is near the bullish end of that range.
The Street remains broadly constructive, though the picture is mixed at the margin. HC Wainwright reiterated its Buy rating and $70 target as recently as May 27, having raised that target from $60 following the Q1 beat. JP Morgan holds Overweight with a $46 target — more cautious on valuation but still positive on direction. Goldman Sachs sits at Neutral with a $39 target, essentially at current levels, implying the stock has run to where they see fair value. The mean analyst target of $48 implies roughly 31% upside from here, though that figure spans a wide range of views. Bulls point to BRIUMVI's real-world MS data, the subcutaneous formulation pipeline, and early CAR-T work with azer-cel. Bears flag competition in the anti-CD20 market, regulatory execution risk on next-generation formulations, and valuation — the PE has compressed about 4 points over the past 30 days to roughly 17x, and EV/EBITDA has eased to around 15x. The ORTEX short score of 73.9 ranks in the 7th percentile of the universe — a persistently elevated short-seller conviction reading that has barely moved over the past two weeks.
Among peers, the week's weakness in TGTX has company. URGN fell nearly 10% on the week and NUVL dropped 13%. AVTX led decliners with a 13% slide. The notable exception was VCYT, which gained 8% — suggesting dispersion rather than a clean sector-wide rotation. TGTX's 8% weekly decline sits squarely in the middle of the peer pack, making it less a stock-specific event and more a biotech tape story ahead of a busy catalyst week.
What changes after June 11 is less whether BRIUMVI is growing and more whether the subcutaneous formulation timeline and early azer-cel data can justify re-expanding the bear camp — or give the covering trade a reason to resume.
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