UPDATE: H.C. Wainwright Initiates Coverage On TG Therapeutics On Significant Long-Term Upside

In a report published Monday, H.C. Wainwright analyst Reni Benjamin initiated coverage on

with a Buy rating and $17.00 price target. In the report, H.C. Wainwright noted, “We are initiating coverage of TG Therapeutics with a Buy rating and a target price of $17, based on a discounted revenues and earnings per share valuation methodology. TG Therapeutics' core franchise is comprised of a glycoengineered anti-CD20 monoclonal antibody and a novel PI3Kδ inhibitor targeting B-cell lymphomas. The company has multiple Phase 1 and 2 clinical studies ongoing with the potential to report updated data over the next 12 months. In addition, with a SPA in place, the company is poised to begin a registration study in combination with ibrutinib in 4Q14. With two de-risked lead assets ready to target multi-billion dollar therapeutic areas, news flow to generate shareholder value, and a cash position of $43 MM (pro forma), expected to fund operations until 2H15, we believe TG Therapeutics represents an undervalued player with significant upside for the long-term investor.” TG Therapeutics closed on Friday at $10.89.