Wedbush Has Lowered Expectations for Tango Therapeutics (NASDAQ:TNGX) Stock Price

Key Points

• Wedbush cut Tango Therapeutics’ price target from $45 to $40 but maintained an Outperform rating; the new target implies 68.32% upside from the prior close.
• Analyst views are mixed, though the consensus rating is Moderate Buy: 13 analysts rate TNGX Buy, two Hold and two Sell, with an average target of $45.08.
• Tango reported a quarterly loss of $0.39 per share, missing analyst expectations of a $0.35 loss per share.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) had its price objective reduced by research analysts at Wedbush from $45.00 to $40.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has an "outperform" rating on the stock. Wedbush's target price suggests a potential upside of 68.32% from the stock's previous close.

A number of other research firms also recently commented on TNGX. Guggenheim lifted their target price 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. Weiss Ratings restated a "sell (d-)" rating on shares of Tango Therapeutics in a research note on Wednesday, November 4th. Stifel Nicolaus set a $55.00 price objective on Tango Therapeutics in a report on Friday, October 23rd. Mizuho upped their price objective on Tango Therapeutics from $36.00 to $40.00 and gave the company an "outperform" rating in a research report on Friday, July 17th. Finally, Zacks Research downgraded Tango Therapeutics from a "hold" rating to a "strong sell" rating in a report on Tuesday, October 27th. 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 stock. According to data from MarketBeat, Tango Therapeutics presently has an average rating of "Moderate Buy" and an average price target of $45.08.

Tango Therapeutics Stock Performance

TNGX traded up $1.02 during midday trading on Tuesday, hitting $23.76. The stock had a trading volume of 772,256 shares, compared to its average volume of 3,475,219. Tango Therapeutics has a 1 year low of $7.49 and a 1 year high of $34.39. The business has a fifty day moving average of $23.32 and a 200 day moving average of $22.53. The company has a market cap of $4.01 billion, a P/E ratio of -27.88 and a beta of 1.26.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last announced 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). On average, equities research analysts anticipate that Tango Therapeutics will post -1.41 earnings per share for the current year.

Insider Transactions at Tango Therapeutics

In related news, insider Adam Crystal sold 5,000 shares of the firm'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 transaction, the insider directly owned 115,743 shares of the company's stock, valued at approximately $2,594,958.06. This trade represents a 4.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jessica Newcomb sold 7,031 shares of the company's stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $22.42, for a total transaction of $157,635.02. Following the sale, the insider owned 52,090 shares in the company, valued at $1,167,857.80. This represents a 11.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 47,231 shares of company stock worth $1,129,029 over the last quarter. 6.50% of the stock is owned by company insiders.

Institutional Trading of Tango Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TNGX. BlackRock Inc. acquired a new stake in shares of Tango Therapeutics in the second quarter worth approximately $388,826,000. TRV GP IV LLC acquired a new stake in Tango Therapeutics during the second quarter worth approximately $120,181,383,000. Jupiter Topco LLC purchased a new stake in Tango Therapeutics in the 2nd quarter valued at $157,989,000. Seven Fleet Capital Management LP boosted its holdings in shares of Tango Therapeutics by 302.2% in 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 in the last quarter. Finally, Jefferies Financial Group Inc. purchased a new stake in Tango Therapeutics during the second quarter worth about $62,849,000. Institutional investors and hedge funds 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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