Tango Therapeutics (NASDAQ:TNGX) Stock Gets Downgrade from Zacks Research

Key Points

• Zacks Research downgraded Tango Therapeutics to “strong sell” from “hold.” Despite the downgrade, the broader analyst consensus remains “Moderate Buy,” with 13 Buy, two Hold, and two Sell ratings and an average price target of $44.62.
• Tango shares opened at $22.23, down 2.9%, with a market capitalization of approximately $3.75 billion. The company recently reported a quarterly loss of $0.37 per share, missing the $0.32 consensus estimate.
• Insiders recently sold shares, while institutional investors own 78.99% of the company. Tango is a clinical-stage biotechnology company developing targeted cancer therapies, including its lead TNG462 program.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research note issued to investors on Tuesday, Zacks reports.

Other research analysts have also issued research reports about the company. William Blair assumed coverage on Tango Therapeutics in a report on Friday, October 16th. They set an "outperform" rating on the stock. Canaccord Genuity Group boosted their target price on Tango Therapeutics from $42.00 to $46.00 and gave the stock a "buy" rating in a report on Monday, June 29th. Stifel Nicolaus set a $55.00 target price on Tango Therapeutics in a research report on Friday, October 23rd. Guggenheim increased their price target on Tango Therapeutics from $32.00 to $35.00 and gave the company a "buy" rating in a report on Wednesday, August 12th. Finally, Wall Street Zen lowered shares of Tango Therapeutics from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 15th. Thirteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $44.62.

Tango Therapeutics Trading Down 2.9%

Shares of NASDAQ:TNGX opened at $22.23 on Tuesday. The stock has a market capitalization of $3.75 billion, a PE ratio of -26.15 and a beta of 1.17. Tango Therapeutics has a 1 year low of $7.37 and a 1 year high of $34.39. The firm has a fifty day moving average price of $23.67 and a 200 day moving average price of $22.11.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last posted its earnings results on Tuesday, August 11th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.05). On average, sell-side analysts forecast that Tango Therapeutics will post -1.41 earnings per share for the current fiscal year.

Insider Activity at Tango Therapeutics

In related news, insider Jessica Newcomb sold 8,200 shares of the business's stock in a transaction on Tuesday, September 22nd. The shares were 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 approximately $1,431,910.62. The trade was a 12.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Adam Crystal sold 27,000 shares of the company's stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $24.47, for a total transaction of $660,690.00. Following the transaction, the insider owned 115,743 shares of the company's stock, valued at approximately $2,832,231.21. The trade was a 18.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 6.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Tango Therapeutics

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

Tango Therapeutics Company Profile

Tango Therapeutics, Inc is a clinical-stage biotechnology company focused on discovering and developing medicines for cancer. The company uses functional genomics and genetic screening to identify vulnerabilities in tumor cells, including dependencies created by tumor-suppressor gene loss, and to develop targeted therapies designed to selectively attack cancer cells.

Tango's pipeline includes small-molecule programs for genetically defined solid tumors. Its lead program, TNG462, is an MTA-cooperative PRMT5 inhibitor being developed for cancers with MTAP gene deletions.

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