Tango Therapeutics (NASDAQ:TNGX) Given New $67.00 Price Target at HC Wainwright

Key Points

• HC Wainwright lowered its price target on Tango Therapeutics to $67 from $68 but maintained a Buy rating; the new target implies 194.64% upside from the prior close.
• Analyst opinion is mixed but leans positive: 13 analysts rate the stock Buy, two Hold, and two Sell, with a consensus “Moderate Buy” rating and $44.54 consensus target.
• Tango reported a quarterly loss of $0.39 per share, missing the $0.35 loss estimate by $0.04. Shares opened at $22.74 on Tuesday.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) had its price target dropped by analysts at HC Wainwright from $68.00 to $67.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. HC Wainwright's price objective would suggest a potential upside of 194.64% from the company's previous close.

Several other research analysts have also issued reports on TNGX. William Blair began coverage on shares of Tango Therapeutics in a research note on Friday, October 16th. They set an "outperform" rating on the stock. Mizuho lifted their price target on shares of Tango Therapeutics from $36.00 to $40.00 and gave the company an "outperform" rating in a research note on Friday, July 17th. Zacks Research lowered shares of Tango Therapeutics from a "hold" rating to a "strong sell" rating in a report on Tuesday, October 27th. Guggenheim increased their price objective on shares of Tango Therapeutics from $32.00 to $35.00 and gave the stock a "buy" rating in a research report on Wednesday, August 12th. Finally, JPMorgan Chase & Co. assumed coverage on Tango Therapeutics in a research note on Wednesday, July 15th. They issued an "overweight" rating and a $46.00 target price for the company. Thirteen equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $44.54.

Tango Therapeutics Price Performance

NASDAQ TNGX opened at $22.74 on Tuesday. The business has a 50 day simple moving average of $23.32 and a 200 day simple moving average of $22.53. Tango Therapeutics has a one year low of $7.49 and a one year high of $34.39. The stock has a market capitalization of $3.83 billion, a P/E ratio of -26.75 and a beta of 1.26.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last issued its quarterly earnings results on Monday, November 9th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($0.04). Equities analysts expect that Tango Therapeutics will post -1.41 earnings per share for the current year.

Insider Activity at Tango Therapeutics

In related news, insider Jessica Newcomb sold 8,200 shares of Tango Therapeutics stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $24.22, for a total transaction of $198,604.00. Following the transaction, the insider owned 59,121 shares of the company's stock, valued at $1,431,910.62. The trade was a 12.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Adam Crystal sold 27,000 shares of the company's 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 sale, the insider owned 115,743 shares of the company's stock, valued at $2,832,231.21. This trade represents a 18.92% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 47,231 shares of company stock worth $1,129,029. 6.50% of the stock is owned by insiders.

Institutional Trading of Tango Therapeutics

Several institutional investors have recently made changes to their positions in the company. Bessemer Group Inc. boosted its holdings in Tango Therapeutics by 11.2% during the third quarter. Bessemer Group Inc. now owns 393,824 shares of the company's stock worth $9,826,000 after purchasing an additional 39,618 shares during the last quarter. ACT Capital Partners L.P. bought a new stake in Tango Therapeutics in the 3rd quarter worth about $150,000. Fisher Asset Management LLC increased its stake in Tango Therapeutics by 84.8% in the 3rd quarter. Fisher Asset Management LLC now owns 1,068,505 shares of the company's stock valued at $26,659,000 after buying an additional 490,347 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in Tango Therapeutics by 4.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 13,734 shares of the company's stock valued at $336,000 after buying an additional 534 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Tango Therapeutics during the 3rd quarter worth approximately $215,000. 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.

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