Jupiter Topco LLC Invests $157.99 Million in Tango Therapeutics, Inc. $TNGX

Key Points

• Jupiter Topco LLC acquired 5.06 million Tango Therapeutics shares worth approximately $158 million, representing about a 3% stake. Institutional investors collectively own nearly 79% of TNGX.
• Analyst sentiment is largely positive: 13 analysts rate the stock Buy, with a consensus “Moderate Buy” rating and an average price target of $43.46.
• Tango Therapeutics reported quarterly EPS of -$0.37, missing the consensus estimate of -$0.32. Shares opened at $25.47, compared with a 52-week range of $6.25 to $34.39.

Jupiter Topco LLC bought a new stake in Tango Therapeutics, Inc. (NASDAQ:TNGX - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 5,056,352 shares of the company's stock, valued at approximately $157,989,000. Jupiter Topco LLC owned approximately 3.00% of Tango Therapeutics as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Handelsbanken Fonder AB acquired a new stake in shares of Tango Therapeutics during the second quarter valued at about $9,000,000. TRV GP IV LLC acquired a new position in shares of Tango Therapeutics in the second quarter worth about $120,181,383,000. Tema ETFs LLC purchased a new position in Tango Therapeutics in the second quarter valued at about $1,731,000. Candriam S.C.A. boosted its holdings in Tango Therapeutics by 79.1% in the first quarter. Candriam S.C.A. now owns 1,269,246 shares of the company's stock valued at $26,553,000 after purchasing an additional 560,434 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new stake in Tango Therapeutics during the 2nd quarter valued at approximately $10,790,000. 78.99% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Tango Therapeutics

In other Tango Therapeutics news, insider Adam Crystal sold 27,000 shares of Tango Therapeutics stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $29.59, for a total value of $798,930.00. Following the completion of the transaction, the insider directly owned 115,743 shares in the company, valued at $3,424,835.37. The trade was a 18.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 6.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

TNGX has been the topic of a number of recent analyst reports. Jefferies Financial Group raised Tango Therapeutics from a "hold" rating to a "buy" rating and upped their target price for the company from $27.00 to $60.00 in a research report on Thursday, June 25th. Mizuho lifted their price target on shares of Tango Therapeutics from $36.00 to $40.00 and gave the stock an "outperform" rating in a research note on Friday, July 17th. Weiss Ratings raised shares of Tango Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, August 11th. Wedbush raised 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. Finally, JPMorgan Chase & Co. started coverage on shares of Tango Therapeutics in a research report on Wednesday, July 15th. They issued an "overweight" rating and a $46.00 target price for the company. Thirteen analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $43.46.

Tango Therapeutics Trading Up 2.8%

Shares of TNGX opened at $25.47 on Thursday. Tango Therapeutics, Inc. has a 52 week low of $6.25 and a 52 week high of $34.39. The firm has a market cap of $4.29 billion, a price-to-earnings ratio of -29.96 and a beta of 1.16. The stock has a 50 day moving average of $27.90 and a 200-day moving average of $23.04.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.05). On average, sell-side analysts predict that Tango Therapeutics, Inc. will post -1.38 earnings per share for the current fiscal year.

Tango Therapeutics Company 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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