Tango Therapeutics (NASDAQ:TNGX) Trading Up 7.6% – Time to Buy?

Tango Therapeutics, Inc. (NASDAQ:TNGX)’s share price traded up 7.6% on Monday . The stock traded as high as $9.76 and last traded at $10.0570. 149,669 shares changed hands during trading, a decline of 93% from the average session volume of 2,126,459 shares. The stock had previously closed at $9.35.

Analyst Ratings Changes

TNGX has been the topic of a number of recent research reports. Guggenheim raised their target price on Tango Therapeutics from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, October 24th. Stifel Nicolaus started coverage on shares of Tango Therapeutics in a report on Wednesday, December 3rd. They issued a “buy” rating and a $15.00 target price for the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Tango Therapeutics in a report on Wednesday, October 8th. Cantor Fitzgerald reissued an “overweight” rating on shares of Tango Therapeutics in a report on Monday, October 27th. Finally, B. Riley increased their target price on Tango Therapeutics from $8.00 to $14.00 and gave the stock a “buy” rating in a research report on Tuesday, November 18th. Six equities research 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.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $13.00.

Tango Therapeutics Trading Up 1.7%

The firm’s 50-day moving average price is $8.75 and its 200-day moving average price is $7.16. The stock has a market capitalization of $1.23 billion, a PE ratio of -9.78 and a beta of 1.72.

Tango Therapeutics (NASDAQ:TNGX) last issued its quarterly earnings data on Tuesday, November 4th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.12. The company had revenue of $53.81 million for the quarter, compared to analysts’ expectations of $41.35 million. Tango Therapeutics had a negative return on equity of 60.80% and a negative net margin of 151.15%. On average, equities research analysts predict that Tango Therapeutics, Inc. will post -1.19 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Rock Ventures Iv L.P. Third sold 500,000 shares of the stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $8.02, for a total value of $4,010,000.00. Following the sale, the insider directly owned 13,863,975 shares of the company’s stock, valued at $111,189,079.50. This represents a 3.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 7.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tango Therapeutics

Large investors have recently added to or reduced their stakes in the stock. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Tango Therapeutics in the 2nd quarter worth approximately $30,235,000. Paradigm Biocapital Advisors LP purchased a new position in shares of Tango Therapeutics in the 3rd quarter valued at $25,924,000. Farallon Capital Management LLC lifted its stake in shares of Tango Therapeutics by 17.5% during the 3rd quarter. Farallon Capital Management LLC now owns 10,757,000 shares of the company’s stock worth $90,359,000 after purchasing an additional 1,600,000 shares during the last quarter. Commodore Capital LP bought a new stake in Tango Therapeutics during the second quarter valued at about $7,680,000. Finally, Deep Track Capital LP purchased a new position in Tango Therapeutics in the third quarter valued at about $12,218,000. 78.99% of the stock is owned by hedge funds and other institutional investors.

About Tango Therapeutics

Tango Therapeutics, Inc, a biotechnology company, discovers and develops drugs for the treatment of cancer. Its lead program is TNG908, a synthetic lethal small molecule inhibitor of protein arginine methyltransferase 5 that is being developed as a treatment for cancers with methylthioadenosine phosphorylase deletions.