Alyeska Investment Group L.P. Increases Holdings in Tango Therapeutics, Inc. $TNGX

Key Points

• Alyeska Investment Group increased its Tango Therapeutics stake by 3,918.5% in the second quarter, acquiring 673,911 additional shares and ending the period with 691,109 shares valued at $21.6 million. Institutional investors collectively own 78.99% of TNGX.
• Analysts remain broadly positive, with 13 Buy ratings, two Holds and one Sell; the consensus rating is “Moderate Buy” and the average price target is $43.46. Several firms recently raised their targets, including Leerink Partners to $69.
• TNGX opened at $22.84 after declining 2.1%, while Tango reported quarterly EPS of negative $0.37, missing the consensus estimate of negative $0.32. Insider Adam Crystal also sold 27,000 shares for approximately $798,930.

Alyeska Investment Group L.P. raised its holdings in shares of Tango Therapeutics, Inc. (NASDAQ:TNGX - Free Report) by 3,918.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 691,109 shares of the company's stock after purchasing an additional 673,911 shares during the period. Alyeska Investment Group L.P. owned 0.41% of Tango Therapeutics worth $21,604,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. BlackRock Inc. bought a new stake in Tango Therapeutics in the second quarter valued at $388,826,000. Adage Capital Partners GP L.L.C. raised its holdings in Tango Therapeutics by 322.5% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 10,607,924 shares of the company's stock worth $93,986,000 after purchasing an additional 8,096,924 shares in the last quarter. TRV GP IV LLC purchased a new stake in shares of Tango Therapeutics in the 2nd quarter worth about $120,181,383,000. Jupiter Topco LLC purchased a new stake in shares of Tango Therapeutics in the 2nd quarter worth about $157,989,000. Finally, Caligan Partners LP bought a new stake in shares of Tango Therapeutics during the 4th quarter valued at about $33,047,000. Hedge funds and other institutional investors own 78.99% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on TNGX shares. Leerink Partners boosted their price target on shares of Tango Therapeutics from $55.00 to $69.00 and gave the company an "outperform" rating in a research report on Monday, June 8th. HC Wainwright lifted their price objective on Tango Therapeutics from $66.00 to $68.00 and gave the company a "buy" rating in a research report on Tuesday, August 18th. B. Riley Financial reiterated a "buy" rating on shares of Tango Therapeutics in a report on Monday, June 8th. Canaccord Genuity Group increased their target price on Tango Therapeutics from $42.00 to $46.00 and gave the stock a "buy" rating in a research report on Monday, June 29th. 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 assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $43.46.

Tango Therapeutics Stock Down 2.1%

TNGX stock opened at $22.84 on Tuesday. The business has a 50 day moving average of $27.64 and a 200 day moving average of $23.28. The firm has a market cap of $3.85 billion, a PE ratio of -26.87 and a beta of 1.16. Tango Therapeutics, Inc. has a twelve month low of $6.25 and a twelve month high of $34.39.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last released its earnings results on Tuesday, August 11th. The company reported ($0.37) EPS for the quarter, missing the consensus estimate 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 related 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 owned 115,743 shares in the company, valued at $3,424,835.37. The trade was a 18.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 6.50% of the stock is currently owned by corporate insiders.

Tango Therapeutics Profile

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.

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