Tango Therapeutics (NASDAQ:TNGX) Trading Up 8.4% – Here’s What Happened

Tango Therapeutics, Inc. (NASDAQ:TNGX) shares were up 8.4% on Wednesday . The stock traded as high as $10.39 and last traded at $10.4860. Approximately 957,914 shares changed hands during mid-day trading, a decline of 35% from the average daily volume of 1,468,466 shares. The stock had previously closed at $9.67.

Analyst Ratings Changes

A number of research firms have commented on TNGX. Guggenheim boosted their price target on shares of Tango Therapeutics from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, October 24th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Tango Therapeutics in a report on Wednesday, October 8th. Stifel Nicolaus initiated coverage on Tango Therapeutics in a report on Wednesday, December 3rd. They issued a “buy” rating and a $15.00 target price on the stock. Wall Street Zen raised Tango Therapeutics from a “hold” rating to a “buy” rating in a research note on Saturday, December 13th. Finally, B. Riley raised their target price on Tango Therapeutics from $8.00 to $14.00 and gave the company a “buy” rating in a research note on Tuesday, November 18th. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $13.00.

Tango Therapeutics Stock Performance

The firm’s 50-day moving average is $8.91 and its two-hundred day moving average is $7.63. The stock has a market cap of $1.39 billion, a P/E ratio of -11.12 and a beta of 1.75.

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

Insider Buying and Selling

In other Tango Therapeutics news, major shareholder Rock Ventures Iv L.P. Third sold 477,401 shares of the business’s stock in a transaction dated Thursday, October 23rd. The stock was sold at an average price of $10.15, for a total transaction of $4,845,620.15. Following the completion of the sale, the insider directly 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 7.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tango Therapeutics

Several institutional investors have recently modified their holdings of TNGX. Tudor Investment Corp ET AL acquired a new position in Tango Therapeutics in the third quarter valued at approximately $450,000. Harvest Investment Services LLC acquired a new stake in Tango Therapeutics during the 3rd quarter worth $267,000. Vivo Capital LLC raised its position in shares of Tango Therapeutics by 29.4% during the 3rd quarter. Vivo Capital LLC now owns 776,699 shares of the company’s stock valued at $6,524,000 after acquiring an additional 176,699 shares during the last quarter. Verition Fund Management LLC acquired a new position in shares of Tango Therapeutics in the 3rd quarter valued at $208,000. Finally, Paradigm Biocapital Advisors LP bought a new position in shares of Tango Therapeutics in the 3rd quarter worth $25,924,000. Institutional investors and hedge funds own 78.99% of the company’s stock.

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.