Canaccord Genuity Group Forecasts Strong Price Appreciation for Tango Therapeutics (NASDAQ:TNGX) Stock

Tango Therapeutics (NASDAQ:TNGX) had its target price lifted by stock analysts at Canaccord Genuity Group from $42.00 to $46.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 44.47% from the company’s current price.

A number of other research analysts have also commented on the company. UBS Group set a $55.00 price objective on Tango Therapeutics in a report on Thursday, May 14th. Jefferies Financial Group upgraded shares of Tango Therapeutics from a “hold” rating to a “buy” rating and lifted their price target for the company from $27.00 to $60.00 in a research report on Thursday. Citigroup reissued a “buy” rating on shares of Tango Therapeutics in a report on Monday, April 27th. Stifel Nicolaus raised their target price on Tango Therapeutics from $24.00 to $40.00 and gave the company a “buy” rating in a report on Monday, April 27th. Finally, Wedbush boosted their target price on shares of Tango Therapeutics from $19.00 to $33.00 and gave the stock an “outperform” rating in a research note on Thursday, May 14th. Twelve equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.50.

Tango Therapeutics Price Performance

NASDAQ:TNGX opened at $31.84 on Monday. The company has a market cap of $4.61 billion, a P/E ratio of -38.07 and a beta of 1.19. The firm’s fifty day moving average price is $25.18 and its two-hundred day moving average price is $17.81. Tango Therapeutics has a one year low of $4.80 and a one year high of $34.39.

Tango Therapeutics (NASDAQ:TNGX) last posted its earnings results on Wednesday, May 13th. The company reported ($0.32) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.32). Tango Therapeutics had a negative net margin of 151.15% and a negative return on equity of 41.54%. As a group, equities research analysts expect that Tango Therapeutics will post -1.28 earnings per share for the current year.

Insiders Place Their Bets

In other 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 transaction of $961,500.00. Following the completion of the sale, the insider directly owned 112,622 shares of the company’s stock, valued at $2,815,550. This trade represents a 25.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders sold a total of 119,460 shares of company stock valued at $2,724,600 over the last 90 days. 6.50% of the stock is currently owned by insiders.

Institutional Trading of Tango Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in TNGX. Invesco Ltd. boosted its holdings in Tango Therapeutics by 138.8% during the 1st quarter. Invesco Ltd. now owns 70,517 shares of the company’s stock valued at $97,000 after acquiring an additional 40,983 shares during the period. AQR Capital Management LLC purchased a new position in Tango Therapeutics in the first quarter worth about $195,000. Dynamic Technology Lab Private Ltd boosted its stake in Tango Therapeutics by 139.7% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 25,801 shares of the company’s stock valued at $35,000 after purchasing an additional 15,037 shares during the last quarter. Woodline Partners LP grew its stake in shares of Tango Therapeutics by 28.3% in the first quarter. Woodline Partners LP now owns 506,188 shares of the company’s stock worth $693,000 after acquiring an additional 111,791 shares during the period. Finally, Jane Street Group LLC lifted its stake in shares of Tango Therapeutics by 270.6% in the 1st quarter. Jane Street Group LLC now owns 352,897 shares of the company’s stock worth $483,000 after purchasing an additional 257,668 shares during the period. 78.99% of the stock is currently 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.