Canaccord Genuity Group Begins Coverage on Tango Therapeutics (NASDAQ:TNGX)

Equities researchers at Canaccord Genuity Group initiated coverage on shares of Tango Therapeutics (NASDAQ:TNGX) in a research report issued to clients and investors on Thursday, Marketbeat reports. The firm set a “buy” rating and a $30.00 price target on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 41.38% from the stock’s current price.

TNGX has been the subject of several other research reports. HC Wainwright upped their price target on shares of Tango Therapeutics from $13.00 to $27.00 and gave the company a “buy” rating in a research report on Friday, March 6th. Wedbush raised their price objective on shares of Tango Therapeutics from $15.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, March 6th. Jefferies Financial Group reaffirmed a “buy” rating and set a $18.00 target price on shares of Tango Therapeutics in a report on Thursday, March 5th. Mizuho increased their price target on shares of Tango Therapeutics from $19.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 11th. Finally, Stifel Nicolaus lifted their price target on shares of Tango Therapeutics from $15.00 to $24.00 and gave the stock a “buy” rating in a research note on Monday, March 9th. Ten analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $20.67.

Tango Therapeutics Trading Up 1.4%

NASDAQ:TNGX opened at $21.22 on Thursday. The company has a market cap of $3.03 billion, a PE ratio of -24.39 and a beta of 1.30. The company has a 50 day simple moving average of $14.76 and a two-hundred day simple moving average of $10.97. Tango Therapeutics has a 12 month low of $1.03 and a 12 month high of $21.82.

Tango Therapeutics (NASDAQ:TNGX) last issued its quarterly earnings data on Thursday, March 5th. The company reported ($0.29) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.02. Tango Therapeutics had a negative return on equity of 50.30% and a negative net margin of 151.15%. Research analysts forecast that Tango Therapeutics will post -1.19 earnings per share for the current year.

Insider Activity

In related news, insider Adam Crystal sold 54,345 shares of the business’s stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $12.77, for a total transaction of $693,985.65. Following the completion of the transaction, the insider directly owned 132,873 shares in the company, valued at approximately $1,696,788.21. The trade was a 29.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Barbara Weber sold 30,519 shares of the stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $12.26, for a total transaction of $374,162.94. Following the completion of the sale, the director directly owned 1,629,254 shares of the company’s stock, valued at $19,974,654.04. This represents a 1.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 145,884 shares of company stock valued at $1,965,942 in the last ninety days. Corporate insiders own 7.50% of the company’s stock.

Institutional Trading of Tango Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. Global Retirement Partners LLC purchased a new position in shares of Tango Therapeutics during the 4th quarter valued at $35,000. Dynamic Technology Lab Private Ltd boosted its holdings in Tango Therapeutics by 139.7% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 25,801 shares of the company’s stock worth $35,000 after buying an additional 15,037 shares during the period. Legal & General Group Plc increased its stake in Tango Therapeutics by 30.7% in the 2nd quarter. Legal & General Group Plc now owns 6,985 shares of the company’s stock worth $36,000 after buying an additional 1,640 shares in the last quarter. Ameritas Investment Partners Inc. raised its holdings in Tango Therapeutics by 78.8% during the second quarter. Ameritas Investment Partners Inc. now owns 7,830 shares of the company’s stock valued at $40,000 after acquiring an additional 3,452 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Tango Therapeutics by 148,800.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,467 shares of the company’s stock valued at $40,000 after acquiring an additional 4,464 shares during the period. 78.99% of the stock is owned by hedge funds and other institutional investors.

Tango Therapeutics Company Profile

Tango Therapeutics is a clinical-stage biotechnology company dedicated to developing precision medicines that exploit genetic vulnerabilities in cancer cells. Leveraging a proprietary synthetic lethality platform, the company identifies and targets tumor-specific dependencies in DNA damage response and related pathways. By focusing on tumor cell collateral sensitivities, Tango aims to bring differentiated small-molecule therapies to patients with genetic alterations that confer increased susceptibility to targeted inhibition.

The company’s lead pipeline comprises several early-stage programs, including inhibitors designed to selectively disable DNA repair proteins in tumor cells while sparing normal tissues.