JPMorgan Chase & Co. Initiates Coverage on Tango Therapeutics (NASDAQ:TNGX)

Key Points

• JPMorgan Chase & Co. initiated coverage on Tango Therapeutics with an overweight rating and a $46 price target, implying about 55% upside from the current share price.
• Analyst sentiment on TNGX is broadly positive overall, with 13 Buy ratings, 2 Hold ratings, and 1 Sell rating; the consensus target price is $41.85.
• Tango Therapeutics recently reported EPS of -$0.32, matching estimates, while the stock traded at $29.65 and has ranged from $5.77 to $34.39 over the past year.

Equities research analysts at JPMorgan Chase & Co. started coverage on shares of Tango Therapeutics (NASDAQ:TNGX - Get Free Report) in a research note issued to investors on Wednesday,Benzinga reports. The brokerage set an "overweight" rating and a $46.00 price target on the stock. JPMorgan Chase & Co.'s target price points to a potential upside of 55.14% from the stock's current price.

Several other brokerages have also recently weighed in on TNGX. Jefferies Financial Group upgraded shares of Tango Therapeutics from a "hold" rating to a "buy" rating and increased their price objective for the stock from $27.00 to $60.00 in a research note on Thursday, June 25th. Raymond James Financial lowered shares of Tango Therapeutics to a "hold" rating in a research report on Thursday, June 25th. Weiss Ratings cut shares of Tango Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a report on Monday, June 29th. HC Wainwright increased their price target on shares of Tango Therapeutics from $27.00 to $66.00 and gave the stock a "buy" rating in a research report on Tuesday, June 9th. Finally, B. Riley Financial reiterated a "buy" rating on shares of Tango Therapeutics in a research note on Monday, June 8th. Thirteen equities 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. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $41.85.

Tango Therapeutics Price Performance

TNGX stock opened at $29.65 on Wednesday. Tango Therapeutics has a 1 year low of $5.77 and a 1 year high of $34.39. The company has a market cap of $4.29 billion, a P/E ratio of -35.72 and a beta of 1.12. The stock's fifty day moving average price is $26.34 and its 200-day moving average price is $19.61.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last posted its quarterly earnings data on Wednesday, May 13th. The company reported ($0.32) EPS for the quarter, meeting analysts' consensus estimates of ($0.32). As a group, analysts expect that Tango Therapeutics will post -1.28 earnings per share for the current year.

Insider Activity

In related 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 transaction of $798,930.00. Following the sale, the insider owned 115,743 shares of the company's stock, valued at approximately $3,424,835.37. This trade represents a 18.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 81,000 shares of company stock worth $1,989,630 in the last three months. Company insiders own 6.50% of the company's stock.

Institutional Investors Weigh In On Tango Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Legal & General Group Plc increased its stake in Tango Therapeutics by 30.7% during the second quarter. Legal & General Group Plc now owns 6,985 shares of the company's stock worth $36,000 after acquiring an additional 1,640 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Tango Therapeutics by 26.7% in the 4th quarter. Russell Investments Group Ltd. now owns 9,794 shares of the company's stock worth $87,000 after purchasing an additional 2,065 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Tango Therapeutics by 52.2% in 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 period. SG Americas Securities LLC increased its position in shares of Tango Therapeutics by 10.2% during the 1st quarter. SG Americas Securities LLC now owns 24,257 shares of the company's stock valued at $507,000 after purchasing an additional 2,251 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Tango Therapeutics by 0.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 489,348 shares of the company's stock valued at $10,237,000 after buying an additional 2,272 shares during the period. Institutional investors own 78.99% of the company's stock.

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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