Tango Therapeutics (NASDAQ:TNGX) Given New $40.00 Price Target at Wedbush

Tango Therapeutics (NASDAQ:TNGX) had its target price decreased by equities research analysts at Wedbush from $45.00 to $40.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Wedbush‘s price objective suggests a potential upside of 68.32% from the company’s previous close.

Several other analysts have also weighed in on TNGX. William Blair started coverage on shares of Tango Therapeutics in a report on Friday, October 16th. They set an “outperform” rating for the company. Zacks Research cut Tango Therapeutics from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 27th. Stifel Nicolaus set a $55.00 target price on Tango Therapeutics in a research note on Friday, October 23rd. JPMorgan Chase & Co. assumed coverage on Tango Therapeutics in a research report on Wednesday, July 15th. They issued an “overweight” rating and a $46.00 target price on the stock. Finally, Guggenheim upped their price objective on shares of Tango Therapeutics from $32.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Thirteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $45.08.

Tango Therapeutics Price Performance

Tango Therapeutics stock traded up $1.02 during midday trading on Tuesday, reaching $23.76. The stock had a trading volume of 772,256 shares, compared to its average volume of 3,475,219. The firm’s fifty day simple moving average is $23.32 and its two-hundred day simple moving average is $22.53. Tango Therapeutics has a twelve month low of $7.49 and a twelve month high of $34.39. The firm has a market cap of $4.01 billion, a price-to-earnings ratio of -27.88 and a beta of 1.26.

Tango Therapeutics (NASDAQ:TNGX) last released its quarterly earnings data on Monday, November 9th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.04). As a group, sell-side analysts predict that Tango Therapeutics will post -1.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Jessica Newcomb sold 8,200 shares of the company’s stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $24.22, for a total value of $198,604.00. Following the transaction, the insider owned 59,121 shares of the company’s stock, valued at approximately $1,431,910.62. This represents a 12.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Adam Crystal sold 27,000 shares of the stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $24.47, for a total value of $660,690.00. Following the completion of the sale, the insider owned 115,743 shares in the company, valued at $2,832,231.21. This trade represents a 18.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 47,231 shares of company stock valued at $1,129,029 over the last 90 days. Company insiders own 6.50% of the company’s stock.

Institutional Trading of Tango Therapeutics

Large investors have recently modified their holdings of the business. Nykredit A S bought a new stake in Tango Therapeutics during the second quarter valued at approximately $26,000. Allworth Financial LP bought a new stake in Tango Therapeutics during the second quarter worth about $35,000. Sterling Capital Management LLC boosted its holdings in shares of Tango Therapeutics by 838.8% in the 3rd quarter. Sterling Capital Management LLC now owns 4,647 shares of the company’s stock worth $116,000 after purchasing an additional 4,152 shares in the last quarter. Global Retirement Partners LLC purchased a new position in shares of Tango Therapeutics in the 2nd quarter worth about $122,000. Finally, State of Wyoming bought a new position in shares of Tango Therapeutics during the 1st quarter valued at about $128,000. Institutional investors own 78.99% of the company’s stock.

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.