JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Tango Therapeutics (NASDAQ:TNGX) Stock

Tango Therapeutics (NASDAQ:TNGX) had its target price upped by JPMorgan Chase & Co. from $46.00 to $47.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 100.29% from the company’s current price.

A number of other research firms have also recently commented on TNGX. HC Wainwright cut their target price on shares of Tango Therapeutics from $68.00 to $67.00 and set a “buy” rating for the company in a research note on Tuesday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Tango Therapeutics in a report on Wednesday, November 4th. William Blair assumed coverage on Tango Therapeutics in a report on Friday, October 16th. They set an “outperform” rating for the company. Jefferies Financial Group restated a “buy” rating and issued a $65.00 target price on shares of Tango Therapeutics in a research report on Tuesday. Finally, Stifel Nicolaus set a $55.00 price target on Tango Therapeutics in a research note on Friday, October 23rd. Thirteen analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Tango Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.54.

Tango Therapeutics Price Performance

TNGX traded up $0.73 on Tuesday, reaching $23.47. 1,627,293 shares of the stock were exchanged, compared to its average volume of 3,479,728. Tango Therapeutics has a fifty-two week low of $7.49 and a fifty-two week high of $34.39. The company’s 50-day moving average price is $23.32 and its 200 day moving average price is $22.53. The firm has a market capitalization of $3.96 billion, a PE ratio of -27.74 and a beta of 1.26.

Tango Therapeutics (NASDAQ:TNGX) last posted its earnings results on Monday, November 9th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.35) by ($0.04). As a group, equities analysts forecast that Tango Therapeutics will post -1.41 earnings per share for the current fiscal year.

Insider Transactions at Tango Therapeutics

In related news, insider Jessica Newcomb sold 7,031 shares of Tango Therapeutics stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $22.42, for a total value of $157,635.02. Following the completion of the sale, the insider owned 52,090 shares in the company, valued at approximately $1,167,857.80. This trade represents a 11.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Adam Crystal sold 5,000 shares of the business’s stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $22.42, for a total value of $112,100.00. Following the completion of the sale, the insider owned 115,743 shares in the company, valued at $2,594,958.06. This represents a 4.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 47,231 shares of company stock valued at $1,129,029. Company insiders own 6.50% of the company’s stock.

Institutional Trading of Tango Therapeutics

A number of institutional investors have recently bought and sold shares of TNGX. BlackRock Inc. purchased a new position in Tango Therapeutics in the second quarter valued at about $388,826,000. TRV GP IV LLC purchased a new position in shares of Tango Therapeutics during the second quarter valued at approximately $120,181,383,000. Jupiter Topco LLC acquired a new stake in shares of Tango Therapeutics during the second quarter worth $157,989,000. Seven Fleet Capital Management LP grew its holdings in Tango Therapeutics by 302.2% in the 2nd quarter. Seven Fleet Capital Management LP now owns 3,228,144 shares of the company’s stock valued at $95,661,000 after buying an additional 2,425,484 shares during the period. Finally, Jefferies Financial Group Inc. acquired a new position in Tango Therapeutics during the second quarter worth approximately $62,849,000. 78.99% of the stock is owned by hedge funds and other institutional investors.

About Tango Therapeutics

Tango Therapeutics is a biotechnology company focused on discovering and developing precision medicines for cancer. Based in Cambridge, Massachusetts, the company aims to develop treatments that exploit genetic differences between cancer cells and healthy cells.

Its research centers on synthetic lethality, an approach that seeks to identify vulnerabilities created when cancer cells lose or alter particular genes. Tango uses this strategy to find drug targets and develop investigational therapies for tumors with specific genetic alterations.

Founded in 2017, Tango was established to apply advances in cancer genetics and functional genomics to drug discovery.