Tango Therapeutics (NASDAQ:TNGX) Stock Price Up 7.1% – Time to Buy?

Tango Therapeutics, Inc. (NASDAQ:TNGX)’s stock price rose 7.1% during trading on Monday . The stock traded as high as $22.70 and last traded at $22.4630. Approximately 406,741 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 3,275,212 shares. The stock had previously closed at $20.98.

Analysts Set New Price Targets

TNGX has been the subject of several analyst reports. Mizuho increased their price objective on shares of Tango Therapeutics from $19.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, March 11th. B. Riley Financial reiterated a “buy” rating on shares of Tango Therapeutics in a research note on Friday, March 27th. Canaccord Genuity Group started coverage on shares of Tango Therapeutics in a research note on Thursday, April 2nd. They set a “buy” rating and a $30.00 price target for the company. Wall Street Zen lowered shares of Tango Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, March 21st. Finally, Stifel Nicolaus raised their price target on shares of Tango Therapeutics from $24.00 to $40.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. Eleven analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Tango Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.44.

Tango Therapeutics Stock Performance

The company’s 50 day moving average price is $19.50 and its 200-day moving average price is $13.34. The company has a market cap of $3.28 billion, a PE ratio of -26.10 and a beta of 1.22.

Tango Therapeutics (NASDAQ:TNGX) last issued its quarterly earnings results on Thursday, March 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.02. Tango Therapeutics had a negative net margin of 151.15% and a negative return on equity of 50.30%. Equities research analysts expect that Tango Therapeutics, Inc. will post -1.35 EPS for the current year.

Insider Activity at Tango Therapeutics

In other news, Director Barbara Weber sold 30,519 shares of the firm’s stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $12.26, for a total value of $374,162.94. Following the completion of the transaction, the director directly owned 1,629,254 shares of the company’s stock, valued at $19,974,654.04. This trade represents a 1.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Adam Crystal sold 54,345 shares of the firm’s stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $12.77, for a total value of $693,985.65. Following the completion of the transaction, the insider directly owned 132,873 shares of the company’s stock, valued at $1,696,788.21. The trade was a 29.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 211,344 shares of company stock worth $3,499,842. Corporate insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On Tango Therapeutics

A number of large investors have recently made changes to their positions in the stock. Farallon Capital Management LLC boosted its holdings in shares of Tango Therapeutics by 21.4% in the fourth quarter. Farallon Capital Management LLC now owns 13,061,411 shares of the company’s stock worth $115,724,000 after acquiring an additional 2,304,411 shares during the period. Adage Capital Partners GP L.L.C. boosted its holdings in shares of Tango Therapeutics by 322.5% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 10,607,924 shares of the company’s stock worth $93,986,000 after acquiring an additional 8,096,924 shares during the period. Siren L.L.C. boosted its holdings in shares of Tango Therapeutics by 38.8% in the fourth quarter. Siren L.L.C. now owns 8,165,374 shares of the company’s stock worth $72,345,000 after acquiring an additional 2,282,186 shares during the period. Vanguard Group Inc. boosted its holdings in Tango Therapeutics by 33.6% in the 4th quarter. Vanguard Group Inc. now owns 6,750,977 shares of the company’s stock valued at $59,814,000 after purchasing an additional 1,698,974 shares during the period. Finally, State Street Corp boosted its holdings in Tango Therapeutics by 84.8% in the 4th quarter. State Street Corp now owns 6,218,567 shares of the company’s stock valued at $55,097,000 after purchasing an additional 2,853,362 shares during the period. 78.99% of the stock is owned by 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.