Tango Therapeutics (NASDAQ:TNGX) Reaches New 52-Week High – Here’s Why

Tango Therapeutics, Inc. (NASDAQ:TNGX)’s share price reached a new 52-week high on Monday . The stock traded as high as $32.85 and last traded at $32.69, with a volume of 1031777 shares traded. The stock had previously closed at $30.94.

Analyst Ratings Changes

TNGX has been the topic of several recent research reports. Weiss Ratings upgraded Tango Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday. Jefferies Financial Group downgraded Tango Therapeutics from a “buy” rating to a “hold” rating and increased their target price for the company from $18.00 to $27.00 in a research note on Thursday, May 14th. Wall Street Zen downgraded Tango Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, March 21st. Leerink Partners increased their target price on Tango Therapeutics from $55.00 to $69.00 and gave the company an “outperform” rating in a research note on Monday, June 8th. Finally, Wolfe Research set a $35.00 target price on Tango Therapeutics and gave the company an “outperform” rating in a research note on Monday, June 8th. Eleven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $38.42.

Tango Therapeutics Stock Performance

The firm has a fifty day moving average price of $24.13 and a two-hundred day moving average price of $16.87. The stock has a market capitalization of $4.67 billion, a P/E ratio of -38.90 and a beta of 1.19.

Tango Therapeutics (NASDAQ:TNGX) last released its quarterly earnings results on Wednesday, May 13th. The company reported ($0.32) earnings per share for the quarter, meeting the consensus estimate of ($0.32). Tango Therapeutics had a negative return on equity of 41.54% and a negative net margin of 151.15%. On average, research analysts anticipate that Tango Therapeutics, Inc. will post -1.28 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Adam Crystal sold 38,460 shares of the firm’s stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $25.00, for a total value of $961,500.00. Following the transaction, the insider directly owned 112,622 shares of the company’s stock, valued at approximately $2,815,550. This trade represents a 25.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders sold 131,460 shares of company stock valued at $2,965,920. 6.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in TNGX. Tudor Investment Corp ET AL purchased a new position in Tango Therapeutics in the third quarter worth about $450,000. Farallon Capital Management LLC grew its position in Tango Therapeutics by 17.5% in the third quarter. Farallon Capital Management LLC now owns 10,757,000 shares of the company’s stock worth $90,359,000 after acquiring an additional 1,600,000 shares in the last quarter. Mass General Brigham Inc purchased a new position in Tango Therapeutics in the fourth quarter worth about $3,138,000. Rafferty Asset Management LLC purchased a new position in Tango Therapeutics in the third quarter worth about $1,221,000. Finally, Avoro Capital Advisors LLC purchased a new position in Tango Therapeutics in the third quarter worth about $4,578,000. Hedge funds and other institutional investors own 78.99% of the company’s stock.

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.