Tango Therapeutics (NASDAQ:TNGX) Stock Price Up 9.5% – Still a Buy?

Tango Therapeutics, Inc. (NASDAQ:TNGX) shares traded up 9.5% during mid-day trading on Wednesday . The company traded as high as $25.10 and last traded at $24.8550. 617,769 shares changed hands during trading, a decline of 82% from the average session volume of 3,363,187 shares. The stock had previously closed at $22.70.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. JPMorgan Chase & Co. started coverage on Tango Therapeutics in a research note on Wednesday, July 15th. They issued an “overweight” rating and a $46.00 target price on the stock. Piper Sandler lowered shares of Tango Therapeutics from an “overweight” rating to a “neutral” rating and boosted their target price for the company from $16.00 to $24.00 in a research note on Thursday, May 14th. B. Riley Financial restated a “buy” rating on shares of Tango Therapeutics in a report on Monday, June 8th. Canaccord Genuity Group raised their price target on shares of Tango Therapeutics from $42.00 to $46.00 and gave the stock a “buy” rating in a research note on Monday, June 29th. Finally, HC Wainwright lifted their price objective on shares of Tango Therapeutics from $66.00 to $68.00 and gave the company a “buy” rating in a report on Tuesday, August 18th. Thirteen 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. According to MarketBeat.com, Tango Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $43.46.

Tango Therapeutics Trading Up 5.7%

The firm has a market cap of $4.05 billion, a P/E ratio of -28.28 and a beta of 1.12. The business has a 50-day moving average price of $26.68 and a 200-day moving average price of $23.69.

Tango Therapeutics (NASDAQ:TNGX) last released its quarterly earnings data on Tuesday, August 11th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.05). On average, equities analysts anticipate that Tango Therapeutics, Inc. will post -1.38 earnings per share for the current fiscal year.

Insider Activity at Tango Therapeutics

In other news, insider Adam Crystal sold 27,000 shares of the business’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $29.59, for a total value of $798,930.00. Following the completion of the sale, the insider owned 115,743 shares in the company, valued at approximately $3,424,835.37. The trade was a 18.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 6.50% of the company’s stock.

Hedge Funds Weigh In On Tango Therapeutics

Several institutional investors have recently bought and sold shares of TNGX. Allworth Financial LP raised its stake in Tango Therapeutics by 100.9% in the second quarter. Allworth Financial LP now owns 1,131 shares of the company’s stock worth $35,000 after buying an additional 568 shares in the last quarter. Arizona State Retirement System boosted its position in Tango Therapeutics by 110.9% during the 2nd quarter. Arizona State Retirement System now owns 25,785 shares of the company’s stock valued at $806,000 after acquiring an additional 13,561 shares in the last quarter. Nykredit A S bought a new stake in Tango Therapeutics during the 2nd quarter valued at $26,000. Allianz Asset Management GmbH bought a new stake in Tango Therapeutics during the 2nd quarter valued at $656,000. Finally, Corient Private Wealth LP purchased a new position in shares of Tango Therapeutics in the 2nd quarter valued at $1,218,000. 78.99% of the stock is owned by hedge funds and other 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.