Tango Therapeutics (NASDAQ:TNGX) Stock Price Up 9.5% - Still a Buy?

Key Points

• Tango Therapeutics shares rose 9.5% to about $24.86, although trading volume was 82% below its average.
• Analyst sentiment remains broadly positive, with 13 Buy ratings, two Holds and one Sell, producing a “Moderate Buy” consensus and an average price target of $43.46.
• The company reported a quarterly loss of $0.37 per share, missing estimates by $0.05; analysts expect a full-year loss of $1.38 per share, underscoring its ongoing clinical-stage risks.

Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report) shares shot up 9.5% on Wednesday . The stock traded as high as $25.10 and last traded at $24.8550. 617,769 shares changed hands during trading, a decline of 82% from the average daily volume of 3,363,187 shares. The stock had previously closed at $22.70.

Analyst Upgrades and Downgrades

TNGX has been the topic of several research analyst reports. Guggenheim boosted their price target on shares of Tango Therapeutics from $32.00 to $35.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. UBS Group set a $55.00 target price on Tango Therapeutics in a research report on Thursday, May 14th. Wall Street Zen lowered Tango Therapeutics from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 15th. Leerink Partners raised their price target on Tango Therapeutics from $55.00 to $69.00 and gave the company an "outperform" rating in a report on Monday, June 8th. Finally, HC Wainwright lifted 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. Thirteen analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $43.46.

Tango Therapeutics Stock Performance

The stock has a market cap of $4.05 billion, a PE ratio of -28.28 and a beta of 1.12. The stock has a fifty day moving average price of $26.68 and a 200 day moving average price of $23.69.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.05). As a group, equities analysts anticipate that Tango Therapeutics, Inc. will post -1.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Tango Therapeutics

In other news, insider Adam Crystal sold 27,000 shares of the 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 sale, the insider owned 115,743 shares of the company's stock, valued at approximately $3,424,835.37. This represents a 18.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 6.50% of the company's stock.

Hedge Funds Weigh In On Tango Therapeutics

Large investors have recently made changes to their positions in the company. Nykredit A S purchased a new stake in Tango Therapeutics in the 2nd quarter worth about $26,000. Allworth Financial LP purchased a new position in shares of Tango Therapeutics during the second quarter valued at approximately $35,000. Global Retirement Partners LLC purchased a new position in shares of Tango Therapeutics during the fourth quarter valued at approximately $35,000. Dynamic Technology Lab Private Ltd grew its stake in shares of Tango Therapeutics by 139.7% during the first quarter. Dynamic Technology Lab Private Ltd now owns 25,801 shares of the company's stock valued at $35,000 after buying an additional 15,037 shares during the last quarter. Finally, Legal & General Group Plc grew its stake in shares of Tango Therapeutics by 30.7% during the second quarter. Legal & General Group Plc now owns 6,985 shares of the company's stock valued at $36,000 after buying an additional 1,640 shares during the last quarter. 78.99% of the stock is owned by hedge funds and other institutional investors.

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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