Wedbush Forecasts Strong Price Appreciation for Tango Therapeutics (NASDAQ:TNGX) Stock

Tango Therapeutics (NASDAQ:TNGX) had its price target hoisted by equities research analysts at Wedbush from $19.00 to $33.00 in a report issued on Thursday, Marketbeat reports. The firm currently has an “outperform” rating on the stock. Wedbush’s price objective points to a potential upside of 60.51% from the stock’s current price.

TNGX has been the subject of a number of other research reports. Canaccord Genuity Group initiated coverage on Tango Therapeutics in a report on Thursday, April 2nd. They issued a “buy” rating and a $30.00 price objective for the company. Guggenheim boosted their target price on Tango Therapeutics from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, March 6th. Wall Street Zen cut Tango Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, March 21st. Jefferies Financial Group cut Tango Therapeutics from a “buy” rating to a “hold” rating and upped their price objective for the stock from $18.00 to $27.00 in a research report on Thursday. Finally, Weiss Ratings raised Tango Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday. Ten analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.27.

Tango Therapeutics Stock Down 17.3%

TNGX stock opened at $20.56 on Thursday. The company has a market cap of $2.97 billion, a P/E ratio of -24.77 and a beta of 1.22. Tango Therapeutics has a twelve month low of $1.40 and a twelve month high of $28.41. The business has a fifty day moving average of $21.58 and a 200-day moving average of $14.24.

Tango Therapeutics (NASDAQ:TNGX) last released its earnings results on Wednesday, May 13th. The company reported ($0.32) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.32). Tango Therapeutics had a negative return on equity of 41.54% and a negative net margin of 151.15%. As a group, equities research analysts anticipate that Tango Therapeutics will post -1.35 earnings per share for the current fiscal year.

Insider Transactions at Tango Therapeutics

In other Tango Therapeutics news, insider Adam Crystal sold 27,000 shares of the company’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $21.23, for a total value of $573,210.00. Following the sale, the insider owned 115,743 shares in the company, valued at $2,457,223.89. This represents a 18.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 179,056 shares of company stock valued at $3,346,181 in the last 90 days. 6.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tango Therapeutics

A number of large investors have recently made changes to their positions in TNGX. Global Retirement Partners LLC bought a new position in shares of Tango Therapeutics during the fourth quarter worth approximately $35,000. Dynamic Technology Lab Private Ltd grew its position 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 worth $35,000 after buying an additional 15,037 shares in the last quarter. Legal & General Group Plc grew its position in Tango Therapeutics by 30.7% during the second quarter. Legal & General Group Plc now owns 6,985 shares of the company’s stock worth $36,000 after buying an additional 1,640 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Tango Therapeutics by 148,800.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,467 shares of the company’s stock worth $40,000 after buying an additional 4,464 shares in the last quarter. Finally, ANTIPODES PARTNERS Ltd acquired a new stake in Tango Therapeutics during the fourth quarter worth approximately $40,000. Institutional investors own 78.99% of the company’s stock.

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.