BlackRock Inc. Invests $388.83 Million in Tango Therapeutics, Inc. $TNGX

Key Points

• BlackRock acquired 12.44 million shares of Tango Therapeutics in the second quarter, worth approximately $388.8 million and representing an 8.6% stake. Institutional investors collectively own 78.99% of the company.
• Analyst sentiment remains favorable, with 13 Buy ratings, two Holds and one Sell; the consensus rating is Moderate Buy with a $43.46 price target. Several firms recently raised their targets, including HC Wainwright to $68.
• Tango shares opened at $24.77, while the company recently reported a quarterly loss of $0.37 per share, missing estimates of a $0.32 loss. An insider also sold 27,000 shares for approximately $798,930.

BlackRock Inc. purchased a new stake in shares of Tango Therapeutics, Inc. (NASDAQ:TNGX - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 12,438,444 shares of the company's stock, valued at approximately $388,826,000. BlackRock Inc. owned about 8.60% of Tango Therapeutics at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Global Retirement Partners LLC acquired a new position in Tango Therapeutics in the second quarter worth approximately $122,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Tango Therapeutics by 148,800.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,467 shares of the company's stock worth $40,000 after acquiring an additional 4,464 shares in the last quarter. ANTIPODES PARTNERS Ltd bought a new stake in Tango Therapeutics in the fourth quarter worth approximately $40,000. State of Wyoming acquired a new position in shares of Tango Therapeutics during the 1st quarter worth $128,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Tango Therapeutics by 52.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,544 shares of the company's stock worth $58,000 after purchasing an additional 2,243 shares during the last quarter. Institutional investors own 78.99% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. B. Riley Financial restated a "buy" rating on shares of Tango Therapeutics in a report on Monday, June 8th. Wedbush upped their price objective on shares of Tango Therapeutics from $19.00 to $33.00 and gave the stock an "outperform" rating in a report on Thursday, May 14th. HC Wainwright increased their target price on shares of Tango Therapeutics from $66.00 to $68.00 and gave the stock a "buy" rating in a research report on Tuesday, August 18th. Mizuho raised their target price on Tango Therapeutics from $36.00 to $40.00 and gave the company an "outperform" rating in a report on Friday, July 17th. Finally, JPMorgan Chase & Co. assumed coverage on Tango Therapeutics in a research report on Wednesday, July 15th. They issued an "overweight" rating and a $46.00 price target for the company. Thirteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $43.46.

Insider Buying and Selling

In related news, insider Adam Crystal sold 27,000 shares of Tango Therapeutics stock in a transaction on 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. This trade represents a 18.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 6.50% of the stock is owned by company insiders.

Tango Therapeutics Stock Up 1.1%

Shares of TNGX stock opened at $24.77 on Wednesday. Tango Therapeutics, Inc. has a 12 month low of $6.25 and a 12 month high of $34.39. The company has a market cap of $4.18 billion, a PE ratio of -29.14 and a beta of 1.16. The business's 50 day moving average is $28.03 and its two-hundred day moving average is $22.95.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($0.37) earnings per share for the quarter, missing analysts' consensus estimates of ($0.32) by ($0.05). As a group, equities analysts expect that Tango Therapeutics, Inc. will post -1.38 EPS for the current fiscal year.

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.

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