Tango Therapeutics (NASDAQ:TNGX) Trading Up 9.5% – What’s Next?

Tango Therapeutics, Inc. (NASDAQ:TNGX) shares rose 9.5% during mid-day trading on Wednesday . The stock traded as high as $25.10 and last traded at $24.8550. Approximately 617,769 shares changed hands during trading, a decline of 82% from the average daily volume of 3,363,187 shares. The stock had previously closed at $22.70.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on TNGX. Guggenheim lifted their price objective on shares of Tango Therapeutics from $32.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Weiss Ratings raised shares of Tango Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 11th. Leerink Partners raised their target price on Tango Therapeutics from $55.00 to $69.00 and gave the stock an “outperform” rating in a research report on Monday, June 8th. B. Riley Financial reissued a “buy” rating on shares of Tango Therapeutics in a report on Monday, June 8th. Finally, JPMorgan Chase & Co. started coverage on shares of Tango Therapeutics in a research report on Wednesday, July 15th. They set an “overweight” rating and a $46.00 price objective for the company. Thirteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $43.46.

Tango Therapeutics Price Performance

The firm has a market cap of $3.94 billion, a price-to-earnings ratio of -27.49 and a beta of 1.12. The stock has a 50-day moving average price of $26.47 and a 200 day moving average price of $23.85.

Tango Therapeutics (NASDAQ:TNGX) last announced its earnings results on Tuesday, August 11th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.05). As a group, equities research analysts predict that Tango Therapeutics, Inc. will post -1.4 earnings per share for the current year.

Insider Buying and Selling at Tango Therapeutics

In other news, insider Adam Crystal sold 27,000 shares of the stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $29.59, for a total value of $798,930.00. Following the completion of the sale, the insider directly owned 115,743 shares of the company’s stock, valued at approximately $3,424,835.37. This represents a 18.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 6.50% of the company’s stock.

Hedge Funds Weigh In On Tango Therapeutics

Institutional investors have recently modified their holdings of the business. Handelsbanken Fonder AB acquired a new position in Tango Therapeutics in the second quarter valued at $9,000,000. TRV GP IV LLC purchased a new stake in shares of Tango Therapeutics in the second quarter valued at about $120,181,383,000. Assenagon Asset Management S.A. acquired a new stake in shares of Tango Therapeutics during the second quarter worth about $10,790,000. TRV GP VI LLC acquired a new stake in shares of Tango Therapeutics during the second quarter worth about $6,069,879. Finally, Tema ETFs LLC purchased a new position in shares of Tango Therapeutics during the second quarter worth about $1,731,000. 78.99% of the stock is owned by institutional investors and hedge funds.

About Tango Therapeutics

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.