Tango Therapeutics (NASDAQ:TNGX) Shares Up 7.5% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

A number of research analysts have commented on TNGX shares. JPMorgan Chase & Co. began coverage on Tango Therapeutics in a report on Wednesday, July 15th. They issued an “overweight” rating and a $46.00 price objective on the stock. 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. Wall Street Zen downgraded shares of Tango Therapeutics from a “sell” rating to a “strong sell” rating in a report on Saturday, August 15th. HC Wainwright increased their target price on shares of Tango Therapeutics from $66.00 to $68.00 and gave the stock a “buy” rating in a research report on Tuesday, August 18th. Finally, Mizuho lifted their price target on shares of Tango Therapeutics from $36.00 to $40.00 and gave the company an “outperform” rating in a research report on Friday, July 17th. Fourteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $43.46.

Tango Therapeutics Trading Up 7.6%

The firm’s 50-day moving average price is $23.87 and its 200 day moving average price is $25.15. The company has a market capitalization of $4.00 billion, a price-to-earnings ratio of -27.75 and a beta of 1.17.

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

Insider Activity

In other news, insider Jessica Newcomb sold 8,200 shares of the stock in a transaction dated 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 transaction, the insider owned 59,121 shares of the company’s stock, valued at approximately $1,431,910.62. This represents a 12.18% 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 the SEC website. Also, insider Adam Crystal sold 27,000 shares of Tango Therapeutics stock in a transaction that occurred on Thursday, October 1st. The shares were 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 trade represents a 18.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 6.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Tango Therapeutics

A number of hedge funds have recently made changes to their positions in the stock. Nykredit A S bought a new position in Tango Therapeutics during the 2nd quarter worth approximately $26,000. Allworth Financial LP bought a new stake in shares of Tango Therapeutics in the 2nd quarter valued at $35,000. Global Retirement Partners LLC bought a new stake in shares of Tango Therapeutics in the 2nd quarter valued at $122,000. State of Wyoming acquired a new stake in shares of Tango Therapeutics during the first quarter worth $128,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of Tango Therapeutics during the second quarter worth $205,000. 78.99% of the stock is currently owned by institutional investors.

Tango Therapeutics Company Profile

Tango Therapeutics, Inc is a clinical-stage biotechnology company focused on discovering and developing medicines that target cancer vulnerabilities and activate the immune system against tumors. The company uses functional genomics, including CRISPR-based screening, to identify genetic dependencies that may be selectively targeted in cancer cells while limiting effects on healthy tissue.

Tango’s research and development programs include small-molecule therapies and immuno-oncology candidates designed to address genetically defined cancers.