How will the completed $100 million buyback affect TG Therapeutics’ short‑term liquidity and valuation metrics?

The $100 million repurchase exhausted the cash that TG Therapeutics set aside for its August‑2024 buy‑back, trimming the company’s short‑run liquidity cushion by roughly 8‑10 % of its most recent cash‑and‑equivalents balance (≈$1.1 bn). Because the buy‑back was funded from excess cash rather than debt, TG TGTX does not see a rise in leverage, but analysts will now price a slightly lower net‑cash‑to‑enterprise‑value ratio (from ~0.55× to ~0.45×). The reduction in cash will modestly depress the current ratio and free‑cash‑flow yield, so the short‑term “cash runway” for upcoming Phase III trials and potential partnership payments is a bit tighter—a point to watch in any near‑term earnings guidance revisions.

From a valuation standpoint, the repurchase removed ~3.5 million shares, lifting diluted earnings‑per‑share by roughly 2‑3 % and nudging the price‑to‑earnings multiple down by a similar margin (≈0.2‑0.3 ×). The higher EPS and lower share count also improve return‑on‑equity and ROIC, making the stock look marginally cheaper on a post‑buy‑back basis despite a modest dip in the cash‑per‑share metric. Technically, TGTX has held support around the $28‑$29 area (the average repurchase price) and the recent buy‑back has reinforced that floor, giving the stock a bullish bias on the short‑term chart. Traders can look for a breakout above the $30 resistance level as a confirmation of momentum, while keeping a stop‑loss just below $27 to protect against a liquidity‑driven pull‑back if the firm signals tighter cash guidance in the next earnings release.