Tango Therapeutics (NASDAQ:TNGX) Stock Price Up 6.1% – Time to Buy?

Tango Therapeutics, Inc. (NASDAQ:TNGX) shares rose 6.1% during mid-day trading on Friday . The stock traded as high as $29.25 and last traded at $29.3360. 316,615 shares traded hands during trading, a decline of 91% from the average daily volume of 3,701,445 shares. The stock had previously closed at $27.64.

Analyst Ratings Changes

TNGX has been the subject of a number of research reports. Canaccord Genuity Group increased their target price on Tango Therapeutics from $42.00 to $46.00 and gave the company a “buy” rating in a research report on Monday, June 29th. UBS Group set a $55.00 price target on shares of Tango Therapeutics in a research note on Thursday, May 14th. Wolfe Research set a $35.00 price objective on shares of Tango Therapeutics and gave the company an “outperform” rating in a research report on Monday, June 8th. Leerink Partners lifted their price objective on shares of Tango Therapeutics from $55.00 to $69.00 and gave the stock an “outperform” rating in a research note on Monday, June 8th. Finally, Jefferies Financial Group upgraded shares of Tango Therapeutics from a “hold” rating to a “buy” rating and boosted their target price for the stock from $27.00 to $60.00 in a report on Thursday, June 25th. Thirteen investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.15.

Tango Therapeutics Trading Up 5.5%

The firm has a market capitalization of $4.22 billion, a P/E ratio of -35.14 and a beta of 1.12. The firm has a 50 day moving average price of $26.55 and a 200-day moving average price of $19.89.

Tango Therapeutics (NASDAQ:TNGX) last released its earnings results on Wednesday, May 13th. The company reported ($0.32) earnings per share for the quarter, meeting the consensus estimate of ($0.32). Research analysts anticipate that Tango Therapeutics, Inc. will post -1.28 earnings per share for the current year.

Insider Buying and Selling at Tango Therapeutics

In other news, insider Adam Crystal sold 27,000 shares of the stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $29.59, for a total value of $798,930.00. Following the sale, the insider owned 115,743 shares of the company’s stock, valued at approximately $3,424,835.37. This represents a 18.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 81,000 shares of company stock valued at $1,989,630 over the last quarter. Corporate insiders own 6.50% of the company’s stock.

Hedge Funds Weigh In On Tango Therapeutics

Hedge funds have recently added to or reduced their stakes in the company. Tema ETFs LLC purchased a new stake in Tango Therapeutics in the 2nd quarter worth about $1,731,000. Handelsbanken Fonder AB bought a new position in shares of Tango Therapeutics during the second quarter valued at approximately $9,000,000. Assenagon Asset Management S.A. purchased a new stake in shares of Tango Therapeutics in the second quarter worth approximately $10,790,000. DV Trading LLC purchased a new stake in shares of Tango Therapeutics in the first quarter worth approximately $6,290,000. Finally, Perceptive Advisors LLC lifted its stake in shares of Tango Therapeutics by 57.5% during the 1st quarter. Perceptive Advisors LLC now owns 808,153 shares of the company’s stock worth $16,907,000 after acquiring an additional 295,118 shares during the last quarter. 78.99% of the stock is currently owned by institutional investors.

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.