Tango Therapeutics, Inc. $TNGX Holdings Lowered by Jefferies Financial Group Inc.

Key Points

• Jefferies cut its Tango Therapeutics stake by 68.8% in the third quarter, selling 1,382,925 shares; it still held 627,609 shares valued at about $15.7 million.
• Tango reported quarterly earnings per share of -$0.39, missing analysts’ estimate of -$0.35. Analysts forecast a full-year loss of $1.44 per share.
• Analysts’ consensus rating is “Moderate Buy”, with an average price target of $45.54; 13 analysts rate the stock Buy, two Hold, and two Sell.

Jefferies Financial Group Inc. lowered its stake in shares of Tango Therapeutics, Inc. (NASDAQ:TNGX - Free Report) by 68.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 627,609 shares of the company's stock after selling 1,382,925 shares during the quarter. Jefferies Financial Group Inc. owned approximately 0.37% of Tango Therapeutics worth $15,659,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in TNGX. TRV GP IV LLC bought a new stake in shares of Tango Therapeutics in the 2nd quarter worth about $120,181,383,000. Tidal Investments LLC acquired a new stake in shares of Tango Therapeutics in the 2nd quarter valued at about $1,731,000. Handelsbanken Fonder AB acquired a new stake in shares of Tango Therapeutics in the 2nd quarter valued at about $9,000,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Tango Therapeutics during the second quarter worth about $19,884,000. Finally, Tema ETFs LLC bought a new position in shares of Tango Therapeutics during the second quarter worth about $1,731,000. Institutional investors own 78.99% of the company's stock.

Tango Therapeutics Stock Performance

Tango Therapeutics stock opened at $25.73 on Thursday. Tango Therapeutics, Inc. has a 1 year low of $7.49 and a 1 year high of $34.39. The firm's 50-day moving average is $23.42 and its 200-day moving average is $22.66.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last announced its quarterly earnings data on Monday, November 9th. The company reported ($0.39) earnings per share for the quarter, missing analysts' consensus estimates of ($0.35) by ($0.04). On average, equities research analysts forecast that Tango Therapeutics, Inc. will post -1.44 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently commented on TNGX. Guggenheim lifted their price target on Tango Therapeutics from $32.00 to $35.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. Weiss Ratings reissued a "sell (d-)" rating on shares of Tango Therapeutics in a report on Wednesday, November 4th. Jefferies Financial Group restated a "buy" rating and set a $65.00 price objective on shares of Tango Therapeutics in a research note on Tuesday. Stifel Nicolaus set a $55.00 target price on Tango Therapeutics in a report on Friday, October 23rd. Finally, JPMorgan Chase & Co. increased their target price on Tango Therapeutics from $46.00 to $47.00 and gave the stock an "overweight" rating in a report on Tuesday. Thirteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $45.54.

Insider Buying and Selling

In related news, insider Jessica Newcomb sold 7,031 shares of the business's stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $22.42, for a total transaction of $157,635.02. Following the completion of the transaction, the insider owned 52,090 shares in the company, valued at $1,167,857.80. The trade was a 11.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Adam Crystal sold 5,000 shares of the company's stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $22.42, for a total value of $112,100.00. Following the transaction, the insider owned 115,743 shares of the company's stock, valued at approximately $2,594,958.06. The trade was a 4.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 47,231 shares of company stock worth $1,129,029 over the last quarter. Insiders own 6.50% of the company's stock.

Tango Therapeutics News Roundup

These are some of the TNGX news items that stood out recently:

• Positive Sentiment: JPMorgan raised its price target to $47 from $46 and reiterated an “overweight” rating. The target implies substantial upside from the cited share price of $25.73. JPMorgan forecast for Tango Therapeutics
• Negative Sentiment: Wedbush cut its target to $40 from $45, though it kept an “outperform” rating. Wedbush recommendations
• Negative Sentiment: HC Wainwright lowered its target to $67 from $68 but maintained a “buy” rating. Its revised target remains well above the cited share price. HC Wainwright recommendations

Tango Therapeutics Company Profile

Tango Therapeutics is a biotechnology company focused on discovering and developing precision medicines for cancer. Based in Cambridge, Massachusetts, the company aims to develop treatments that exploit genetic differences between cancer cells and healthy cells. Its research centers on synthetic lethality, an approach that seeks to identify vulnerabilities created when cancer cells lose or alter particular genes. Tango uses this strategy to find drug targets and develop investigational therapies for tumors with specific genetic alterations.

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