Tango Therapeutics (NASDAQ:TNGX) Stock Price Up 8.3% – Here’s Why

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX) were up 8.3% during mid-day trading on Wednesday . The company traded as high as $11.05 and last traded at $11.3060. Approximately 831,147 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 3,095,982 shares. The stock had previously closed at $10.44.

Wall Street Analysts Forecast Growth

TNGX has been the subject of several recent research reports. B. Riley upped their price target on shares of Tango Therapeutics from $8.00 to $14.00 and gave the stock a “buy” rating in a research report on Tuesday, November 18th. Wall Street Zen upgraded shares of Tango Therapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, December 13th. Guggenheim upped their target price on shares of Tango Therapeutics from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Friday, October 24th. Piper Sandler raised their price target on shares of Tango Therapeutics from $11.00 to $14.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Wolfe Research began coverage on Tango Therapeutics in a report on Tuesday, November 18th. They set a “peer perform” rating on the stock. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $13.60.

Tango Therapeutics Stock Performance

The stock has a market cap of $1.75 billion, a price-to-earnings ratio of -13.99 and a beta of 1.75. The company’s 50 day simple moving average is $9.50 and its 200 day simple moving average is $7.96.

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

Insider Activity

In other news, major shareholder Rock Ventures Iv L.P. Third sold 477,401 shares of the business’s stock in a transaction on Thursday, October 23rd. The stock was sold at an average price of $10.15, for a total value of $4,845,620.15. Following the sale, the insider owned 13,386,574 shares of the company’s stock, valued at approximately $135,873,726.10. The trade was a 3.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 7.50% of the company’s stock.

Institutional Investors Weigh In On Tango Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the business. CWM LLC boosted its position in shares of Tango Therapeutics by 182.2% during the 2nd quarter. CWM LLC now owns 4,905 shares of the company’s stock valued at $25,000 after purchasing an additional 3,167 shares in the last quarter. Dynamic Technology Lab Private Ltd lifted its stake in Tango Therapeutics by 139.7% during the first 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. Legal & General Group Plc lifted its stake in Tango Therapeutics by 30.7% during the second quarter. Legal & General Group Plc now owns 6,985 shares of the company’s stock valued at $36,000 after purchasing an additional 1,640 shares during the last quarter. Ameritas Investment Partners Inc. boosted its holdings in Tango Therapeutics by 78.8% during the second quarter. Ameritas Investment Partners Inc. now owns 7,830 shares of the company’s stock worth $40,000 after buying an additional 3,452 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its position in Tango Therapeutics by 44.3% in the second quarter. Tower Research Capital LLC TRC now owns 9,473 shares of the company’s stock worth $49,000 after buying an additional 2,907 shares during the last quarter. 78.99% of the stock is currently owned by institutional investors.

About Tango Therapeutics

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.