Tango Therapeutics (NASDAQ:TNGX) Sees Unusually-High Trading Volume – Should You Buy?

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX) saw an uptick in trading volume on Monday . 3,031,874 shares were traded during mid-day trading, an increase of 43% from the previous session’s volume of 2,121,921 shares.The stock last traded at $10.7130 and had previously closed at $10.03.

Analyst Ratings Changes

A number of research firms recently weighed in on TNGX. Wall Street Zen raised Tango Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Guggenheim boosted their price objective on Tango Therapeutics from $10.00 to $12.00 and gave the company a “buy” rating in a report on Friday, October 24th. Piper Sandler began coverage on Tango Therapeutics in a report on Monday, August 18th. They issued an “overweight” rating and a $11.00 target price on the stock. Cantor Fitzgerald reissued an “overweight” rating on shares of Tango Therapeutics in a research report on Monday, October 27th. Finally, B. Riley boosted their price target on shares of Tango Therapeutics from $8.00 to $14.00 and gave the company a “buy” rating in a research note on Tuesday, November 18th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $12.50.

Tango Therapeutics Price Performance

The company has a market cap of $1.39 billion, a P/E ratio of -11.11 and a beta of 1.66. The stock has a fifty day moving average price of $8.03 and a two-hundred day moving average price of $6.19.

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

Insider Buying and Selling at Tango Therapeutics

In related news, major shareholder Rock Ventures Iv L.P. Third sold 642,906 shares of the business’s stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $7.00, for a total transaction of $4,500,342.00. Following the transaction, the insider directly owned 14,813,975 shares in the company, valued at approximately $103,697,825. The trade was a 4.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 2,070,307 shares of company stock worth $16,523,962 over the last 90 days. 7.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tango Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of TNGX. Acadian Asset Management LLC lifted its holdings in Tango Therapeutics by 96.6% during the first quarter. Acadian Asset Management LLC now owns 973,309 shares of the company’s stock worth $1,327,000 after acquiring an additional 478,203 shares during the period. Russell Investments Group Ltd. grew its stake in Tango Therapeutics by 2,376.2% in the 1st quarter. Russell Investments Group Ltd. now owns 51,183 shares of the company’s stock valued at $73,000 after purchasing an additional 49,116 shares during the period. Jacobs Levy Equity Management Inc. increased its position in shares of Tango Therapeutics by 42.6% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 737,955 shares of the company’s stock valued at $1,011,000 after purchasing an additional 220,529 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Tango Therapeutics by 9.9% during the 1st quarter. Bank of New York Mellon Corp now owns 113,233 shares of the company’s stock valued at $155,000 after purchasing an additional 10,213 shares during the last quarter. Finally, Candriam S.C.A. bought a new stake in shares of Tango Therapeutics during the 2nd quarter worth $3,629,000. Hedge funds and other institutional investors own 78.99% of the company’s stock.

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.