The new share repurchase authorization follows the company’s completion of its previously authorized $100 million share repurchase program, initially announced in August 2024.
TG Therapeutics, Inc. (TGTX) on Wednesday stated that its board of directors has authorized a new share repurchase program to acquire up to an additional $100 million of the company’s common stock.
The new share repurchase authorization follows the company’s completion of its previously authorized $100 million share repurchase program, initially announced in August 2024. Under the previous program, TG Therapeutics repurchased a total of approximately 3.5 million shares of its common stock at an average price of $28.55 per share. CEO Michael S. Weiss said that the company repurchased $78 million of the stock in August alone at “highly attractive prices.”
TGTX stock gained nearly 2% in Wednesday’s pre-market.
On Stocktwits, retail sentiment around TGTX stock stayed within ‘bearish’ territory over the past 24 hours, while message volume rose from ‘extremely low’ to ‘low’ levels.
The company said on Wednesday that repurchases under the new program may be made on a time-to-time basis through open market purchases, privately negotiated transactions, or other means.
Weiss said that the new repurchase program reflects the company’s conviction that “current market prices do not adequately reflect the multibillion-dollar potential of Briumvi or the long-term growth prospects of TG Therapeutics.”
Briumvi is a medication used to treat relapsing forms of multiple sclerosis (MS) in adults. Multiple Sclerosis is a chronic, often disabling, autoimmune disease that affects the brain and spinal cord, disrupting communication between the brain and other parts of the body. The disease symptoms include difficulty walking, blurred vision, and altered sensations in limbs or face.
In the second quarter, Briumvi’s net product revenue totaled $138.8 million, representing 91% growth over the same period last year and accounting for over 98% of the company’s total revenue.
TGTX stock is down 1% this year but up approximately 31% over the past 12 months.
Read also: Tectonic Stock Soars Pre-market After Tuesday’s Sell-Off: Oppenheimer Is Hopeful About Company’s Lead Candidate
For updates and corrections, email newsroom[at]stocktwits[dot]com.<