Handelsbanken Fonder AB Acquires Shares of 287,900 Tango Therapeutics, Inc. $TNGX

Key Points

• Handelsbanken Fonder AB acquired 287,900 Tango Therapeutics shares worth approximately $9 million, giving it a 0.20% stake. Institutional investors collectively own nearly 79% of the company.
• Analyst sentiment remains generally positive, with 13 Buy ratings, two Holds and one Sell; the consensus rating is “Moderate Buy” with an average price target of $43.31.
• Tango shares opened at $25.65, while the company reported a quarterly loss of $0.37 per share—$0.05 worse than analysts expected. The clinical-stage biotech focuses on precision cancer medicines targeting genetic vulnerabilities.

Handelsbanken Fonder AB acquired a new position in Tango Therapeutics, Inc. (NASDAQ:TNGX - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 287,900 shares of the company's stock, valued at approximately $9,000,000. Handelsbanken Fonder AB owned 0.20% of Tango Therapeutics at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Tudor Investment Corp ET AL acquired a new stake in Tango Therapeutics during the 3rd quarter worth about $450,000. Mass General Brigham Inc purchased a new position in shares of Tango Therapeutics during the 4th quarter valued at about $3,138,000. Assenagon Asset Management S.A. acquired a new position in shares of Tango Therapeutics in the 2nd quarter valued at about $10,790,000. Candriam S.C.A. lifted its holdings in shares of Tango Therapeutics by 79.1% in the 1st quarter. Candriam S.C.A. now owns 1,269,246 shares of the company's stock valued at $26,553,000 after buying an additional 560,434 shares during the period. Finally, Seven Fleet Capital Management LP purchased a new stake in shares of Tango Therapeutics in the fourth quarter worth about $1,906,000. Hedge funds and other institutional investors own 78.99% of the company's stock.

Insider Transactions at Tango Therapeutics

In related news, insider Adam Crystal sold 27,000 shares of the business's 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 completion of the sale, the insider owned 115,743 shares of the company's stock, valued at approximately $3,424,835.37. The trade was a 18.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 6.50% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Weiss Ratings upgraded Tango Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday. Raymond James Financial lowered Tango Therapeutics to a "hold" rating in a research report on Thursday, June 25th. Canaccord Genuity Group raised their price objective on shares of Tango Therapeutics from $42.00 to $46.00 and gave the stock a "buy" rating in a research note on Monday, June 29th. HC Wainwright lifted their target price on shares of Tango Therapeutics from $27.00 to $66.00 and gave the company a "buy" rating in a report on Tuesday, June 9th. Finally, JPMorgan Chase & Co. initiated coverage on shares of 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 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 company. Based on data from MarketBeat.com, Tango Therapeutics currently has a consensus rating of "Moderate Buy" and an average price target of $43.31.

Tango Therapeutics Trading Up 0.3%

Shares of TNGX stock opened at $25.65 on Friday. The company has a market capitalization of $4.32 billion, a P/E ratio of -30.18 and a beta of 1.16. The business's 50 day moving average is $28.81 and its two-hundred day moving average is $22.22. Tango Therapeutics, Inc. has a 12-month low of $6.25 and a 12-month high of $34.39.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.37) EPS for the quarter, missing analysts' consensus estimates of ($0.32) by ($0.05). On average, research analysts predict that Tango Therapeutics, Inc. will post -1.31 earnings per share for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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