Tango Therapeutics (NASDAQ:TNGX) Stock Price Up 4.8% – What’s Next?

Tango Therapeutics, Inc. (NASDAQ:TNGX)’s share price shot up 4.8% on Wednesday . The company traded as high as $26.00 and last traded at $25.9650. 747,494 shares were traded during mid-day trading, a decline of 78% from the average session volume of 3,442,162 shares. The stock had previously closed at $24.77.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on TNGX. Mizuho increased their price target on shares of Tango Therapeutics from $36.00 to $40.00 and gave the company an “outperform” rating in a report on Friday, July 17th. JPMorgan Chase & Co. initiated coverage on Tango Therapeutics in a research note on Wednesday, July 15th. They set an “overweight” rating and a $46.00 price objective on the stock. Canaccord Genuity Group upped their price objective 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 objective on Tango Therapeutics in a research note on Thursday, May 14th. Finally, Raymond James Financial cut Tango Therapeutics to a “hold” rating in a report on Thursday, June 25th. Thirteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $43.46.

Tango Therapeutics Stock Down 0.7%

The business has a 50 day moving average price of $27.84 and a 200 day moving average price of $23.13. The stock has a market cap of $4.26 billion, a P/E ratio of -29.74 and a beta of 1.16.

Tango Therapeutics (NASDAQ:TNGX) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.05). On average, research analysts expect that Tango Therapeutics, Inc. will post -1.38 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Adam Crystal sold 27,000 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $29.59, for a total value of $798,930.00. Following the transaction, the insider directly owned 115,743 shares in the company, valued at approximately $3,424,835.37. This represents a 18.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 6.50% of the company’s stock.

Institutional Investors Weigh In On Tango Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TNGX. Handelsbanken Fonder AB bought a new stake in shares of Tango Therapeutics during the second quarter valued at approximately $9,000,000. TRV GP IV LLC bought a new position in Tango Therapeutics in the second quarter worth approximately $120,181,383,000. Assenagon Asset Management S.A. bought a new position in Tango Therapeutics in the second quarter worth approximately $10,790,000. Tema ETFs LLC purchased a new position in Tango Therapeutics during the 2nd quarter worth $1,731,000. Finally, Candriam S.C.A. increased its holdings in Tango Therapeutics by 79.1% during the 1st quarter. Candriam S.C.A. now owns 1,269,246 shares of the company’s stock worth $26,553,000 after purchasing an additional 560,434 shares during the period. Institutional investors 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.