Congress Asset Management Co. Acquires 97,708 Shares of Tango Therapeutics, Inc. $TNGX

Key Points

• Congress Asset Management increased its Tango Therapeutics stake by 25.7%, purchasing 97,708 additional shares to hold 478,454 shares, or 0.28% of the company. Institutional investors collectively own 78.99% of TNGX.
• Analyst sentiment is generally positive: 13 analysts rate the stock Buy, two rate it Hold, and one rates it Sell. The consensus is “Moderate Buy” with an average price target of $43.46.
• TNGX opened at $21.90, below its 50-day and 200-day moving averages, while the company reported a quarterly loss of $0.37 per share versus estimates of $0.32. Two insiders also sold shares, reducing their holdings.

Congress Asset Management Co. raised its holdings in Tango Therapeutics, Inc. (NASDAQ:TNGX - Free Report) by 25.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 478,454 shares of the company's stock after buying an additional 97,708 shares during the quarter. Congress Asset Management Co. owned 0.28% of Tango Therapeutics worth $11,937,000 as of its most recent SEC filing.

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

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. HC Wainwright increased their price objective on Tango Therapeutics from $66.00 to $68.00 and gave the stock a "buy" rating in a research note on Tuesday, August 18th. Wall Street Zen downgraded shares of Tango Therapeutics from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 15th. Weiss Ratings upgraded shares of Tango Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, August 11th. Jefferies Financial Group raised shares of Tango Therapeutics from a "hold" rating to a "buy" rating and lifted their price target for the company from $27.00 to $60.00 in a report on Thursday, June 25th. Finally, Mizuho raised their price objective on shares of Tango Therapeutics from $36.00 to $40.00 and gave the stock an "outperform" rating in a report on Friday, July 17th. Thirteen research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $43.46.

Tango Therapeutics Price Performance

TNGX stock opened at $21.90 on Wednesday. The company has a 50 day moving average price of $24.68 and a 200 day moving average price of $24.98. Tango Therapeutics, Inc. has a fifty-two week low of $6.69 and a fifty-two week high of $34.39. The stock has a market capitalization of $3.69 billion, a PE ratio of -25.76 and a beta of 1.17.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($0.37) EPS 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 -1.41 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Jessica Newcomb sold 8,200 shares of Tango Therapeutics stock in a transaction that occurred 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 completion of the sale, the insider owned 59,121 shares in the company, valued at $1,431,910.62. The trade was a 12.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Adam Crystal sold 27,000 shares of the business's stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $24.47, for a total transaction of $660,690.00. Following the sale, the insider directly owned 115,743 shares of the company's stock, valued at approximately $2,832,231.21. This trade represents a 18.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 6.50% of the stock is currently owned by company insiders.

About Tango Therapeutics

Tango Therapeutics, Inc is a clinical-stage biotechnology company focused on discovering and developing medicines that target cancer vulnerabilities and activate the immune system against tumors. The company uses functional genomics, including CRISPR-based screening, to identify genetic dependencies that may be selectively targeted in cancer cells while limiting effects on healthy tissue.

Tango's research and development programs include small-molecule therapies and immuno-oncology candidates designed to address genetically defined cancers.

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