Tango Therapeutics (NASDAQ:TNGX) Trading Up 7.4% – Here’s What Happened

Tango Therapeutics, Inc. (NASDAQ:TNGX) shares traded up 7.4% during trading on Thursday . The company traded as high as $9.04 and last traded at $8.8950. 735,224 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 2,096,023 shares. The stock had previously closed at $8.28.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Guggenheim boosted their price objective on shares of Tango Therapeutics from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday, October 24th. Wolfe Research initiated coverage on Tango Therapeutics in a research report on Tuesday. They set a “peer perform” rating on the stock. B. Riley raised their price objective on Tango Therapeutics from $8.00 to $14.00 and gave the company a “buy” rating in a research report on Tuesday. Weiss Ratings reissued a “sell (e+)” rating on shares of Tango Therapeutics in a report on Wednesday, October 8th. Finally, Piper Sandler initiated coverage on Tango Therapeutics in a report on Monday, August 18th. They set an “overweight” rating and a $11.00 price target for the company. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Tango Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $12.50.

Tango Therapeutics Stock Performance

The company has a fifty day moving average of $7.92 and a two-hundred day moving average of $6.04. The firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of -9.37 and a beta of 1.66.

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

Insider Transactions at Tango Therapeutics

In other news, major shareholder Rock Ventures Iv L.P. Third sold 477,401 shares of the firm’s stock in a transaction that occurred on Thursday, October 23rd. The shares were sold at an average price of $10.15, for a total transaction of $4,845,620.15. Following the transaction, the insider directly owned 13,386,574 shares of the company’s stock, valued at approximately $135,873,726.10. This trade represents a 3.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last ninety days, insiders have sold 2,372,501 shares of company stock valued at $18,639,320. Insiders own 7.50% of the company’s stock.

Institutional Investors Weigh In On Tango Therapeutics

Several institutional investors have recently made changes to their positions in the stock. CWM LLC increased its stake in Tango Therapeutics by 182.2% during the 2nd quarter. CWM LLC now owns 4,905 shares of the company’s stock worth $25,000 after acquiring an additional 3,167 shares during the period. Dynamic Technology Lab Private Ltd grew its holdings in shares of Tango Therapeutics by 139.7% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 25,801 shares of the company’s stock worth $35,000 after purchasing an additional 15,037 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Tango Therapeutics by 30.7% during the 2nd quarter. Legal & General Group Plc now owns 6,985 shares of the company’s stock worth $36,000 after purchasing an additional 1,640 shares in the last quarter. Ameritas Investment Partners Inc. increased its position in shares of Tango Therapeutics by 78.8% in the second quarter. Ameritas Investment Partners Inc. now owns 7,830 shares of the company’s stock worth $40,000 after purchasing an additional 3,452 shares during the period. Finally, Tower Research Capital LLC TRC raised its stake 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 valued at $49,000 after purchasing an additional 2,907 shares in the last quarter. 78.99% of the stock is currently owned by institutional investors.

Tango Therapeutics Company Profile

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.