Tango Therapeutics (NASDAQ:TNGX) Shares Up 7.5% – Still a Buy?

Tango Therapeutics, Inc. (NASDAQ:TNGX) shares traded up 7.5% on Monday. The stock traded as high as $23.25 and last traded at $23.69. Approximately 909,975 shares were traded during trading, a decline of 73% from the average daily volume of 3,409,064 shares. The stock had previously closed at $22.04.

Analyst Upgrades and Downgrades

TNGX has been the topic of several research analyst reports. Raymond James Financial cut shares of Tango Therapeutics to a “hold” rating in a research note on Thursday, June 25th. Guggenheim increased 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 upgraded Tango Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 11th. Canaccord Genuity Group raised their price objective on Tango Therapeutics from $42.00 to $46.00 and gave the company a “buy” rating in a research report on Monday, June 29th. Finally, HC Wainwright lifted their target price on Tango Therapeutics from $66.00 to $68.00 and gave the stock a “buy” rating in a report on Tuesday, August 18th. Fourteen equities research 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.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $43.46.

Tango Therapeutics Stock Performance

The company’s 50-day simple moving average is $23.76 and its 200 day simple moving average is $25.20.

Tango Therapeutics (NASDAQ:TNGX) last posted its earnings results on Tuesday, August 11th. The company reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.05). On average, equities research analysts forecast that Tango Therapeutics, Inc. will post -1.41 EPS for the current fiscal year.

Insider Buying and Selling

In other Tango Therapeutics news, insider Adam Crystal sold 27,000 shares of the company’s stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $24.47, for a total transaction of $660,690.00. Following the sale, the insider directly owned 115,743 shares in the company, valued at $2,832,231.21. This represents a 18.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Jessica Newcomb sold 8,200 shares of the firm’s stock in a transaction that occurred on Tuesday, September 22nd. The shares were sold at an average price of $24.22, for a total value of $198,604.00. Following the completion of the sale, the insider directly owned 59,121 shares of the company’s stock, valued at $1,431,910.62. The trade was a 12.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 6.50% of the company’s stock.

Institutional Trading of Tango Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of TNGX. Allworth Financial LP raised its position in Tango Therapeutics by 100.9% in the 2nd quarter. Allworth Financial LP now owns 1,131 shares of the company’s stock worth $35,000 after purchasing an additional 568 shares during the period. Nykredit A S bought a new stake in Tango Therapeutics in the second quarter worth about $26,000. SG Americas Securities LLC boosted its position in shares of Tango Therapeutics by 10.2% during the first quarter. SG Americas Securities LLC now owns 24,257 shares of the company’s stock valued at $507,000 after buying an additional 2,251 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Tango Therapeutics by 0.5% during the first quarter. Dimensional Fund Advisors LP now owns 489,348 shares of the company’s stock valued at $10,237,000 after buying an additional 2,272 shares during the period. Finally, Global Retirement Partners LLC purchased a new position in shares of Tango Therapeutics during the second quarter valued at approximately $122,000. Hedge funds and other institutional investors own 78.99% of the company’s stock.

About Tango Therapeutics

Tango Therapeutics, Inc is a clinical-stage biotechnology company focused on discovering and developing medicines for cancer. The company uses functional genomics and genetic screening to identify vulnerabilities in tumor cells, including dependencies created by tumor-suppressor gene loss, and to develop targeted therapies designed to selectively attack cancer cells.

Tango’s pipeline includes small-molecule programs for genetically defined solid tumors. Its lead program, TNG462, is an MTA-cooperative PRMT5 inhibitor being developed for cancers with MTAP gene deletions.