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TG Therapeutics Inc. (NASDAQ:TGTX) shares advanced Wednesday after the biopharmaceutical company announced the completion of a $100 million share repurchase program and unveiled plans for an additional $100 million buyback authorization.
Trading volume reached 1.78 million shares, compared with an average of 2.06 million, according to Benzinga Pro.
The company said it repurchased roughly 3.5 million shares under the initial program, paying an average price of $28.55 per share.
Also Read: Briumvi’s Strong Sales Can’t Stop TG Therapeutics Stock Slide
Building on that move, the Board of Directors approved a new authorization that will allow the repurchase of another $100 million in common stock.
The announcement comes as the company continues to emphasize the commercial opportunity of Briumvi, its multiple sclerosis therapy, which management has positioned as a key growth driver.
Michael S. Weiss, Chairman and CEO of TG Therapeutics, stated, “In the month of August, we were able to repurchase approximately $78 million of TG stock at what we believe were highly attractive prices.”
“In addition, our Board of Directors has authorized a new $100 million repurchase program, underscoring our continued commitment to delivering value to shareholders and reflecting our conviction that current market prices do not adequately reflect the multibillion-dollar potential of Briumvi or the long-term growth prospects of TG Therapeutics,” he added.
Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for the share price trajectory.
Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at TG Therapeutics, an investor could make an assessment about a stock’s long-term prospects using a moving average and trend line.
If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line.
For TG Therapeutics, the 200-day moving average sits at $34.39, according to Benzinga Pro, which is above the current price of $31.29. For more information on charts and trend lines, see the description here.
Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.
Price Action: TGTX stock is trading higher by 6.32% to $31.61 at last check Wednesday.
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Photo by Piotr Swat via Shutterstock
Posted In: TGTX
