Tango Therapeutics, Inc. (NASDAQ:TNGX) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Tango Therapeutics, Inc. (NASDAQ:TNGX) has received a consensus recommendation of “Moderate Buy” from the six brokerages that are currently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating and five have given a buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $10.50.

A number of equities research analysts recently issued reports on the company. Guggenheim upped their target price on Tango Therapeutics from $8.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, August 6th. Weiss Ratings restated a “sell (e+)” rating on shares of Tango Therapeutics in a research report on Saturday, September 27th. Finally, Piper Sandler started coverage on Tango Therapeutics in a research note on Monday, August 18th. They set an “overweight” rating and a $11.00 price objective on the stock.

Tango Therapeutics Trading Down 2.3%

Shares of NASDAQ TNGX opened at $7.58 on Tuesday. The company’s 50-day moving average price is $7.05 and its 200 day moving average price is $4.54. Tango Therapeutics has a 52 week low of $1.03 and a 52 week high of $8.80. The stock has a market cap of $843.35 million, a price-to-earnings ratio of -5.70 and a beta of 1.67.

Tango Therapeutics (NASDAQ:TNGX) last announced its quarterly earnings results on Tuesday, August 5th. The company reported ($0.35) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.35). Tango Therapeutics had a negative net margin of 599.11% and a negative return on equity of 79.72%. The company had revenue of $3.18 million for the quarter, compared to the consensus estimate of $6.41 million. As a group, research analysts expect that Tango Therapeutics will post -1.19 earnings per share for the current year.

Insider Activity

In other news, major shareholder Rock Ventures Iv L.P. Third sold 500,000 shares of the company’s stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $8.02, for a total value of $4,010,000.00. Following the completion of the sale, the insider owned 13,863,975 shares of the company’s stock, valued at $111,189,079.50. This represents a 3.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 2,995,100 shares of company stock valued at $21,504,700 over the last ninety days. 7.50% of the stock is owned by corporate insiders.

Institutional Trading of Tango Therapeutics

Several institutional investors have recently added to or reduced their stakes in TNGX. Acadian Asset Management LLC lifted its position in shares of Tango Therapeutics by 96.6% in the 1st quarter. Acadian Asset Management LLC now owns 973,309 shares of the company’s stock worth $1,327,000 after buying an additional 478,203 shares during the last quarter. Squarepoint Ops LLC bought a new position in Tango Therapeutics in the 4th quarter valued at about $40,000. Bank of America Corp DE raised its holdings in Tango Therapeutics by 55.2% during the fourth quarter. Bank of America Corp DE now owns 272,233 shares of the company’s stock worth $841,000 after purchasing an additional 96,864 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Tango Therapeutics by 2,376.2% in the first quarter. Russell Investments Group Ltd. now owns 51,183 shares of the company’s stock valued at $73,000 after buying an additional 49,116 shares during the period. Finally, Two Sigma Advisers LP bought a new position in shares of Tango Therapeutics during the 4th quarter valued at about $81,000. 78.99% of the stock is owned by institutional investors and hedge funds.

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.