Tango Therapeutics (NASDAQ:TNGX) Trading 6% Higher - Here's Why

Key Points

• Tango Therapeutics shares rose 6% to approximately $23.68 in midday trading, although volume was 96% below the stock’s average daily level.
• Analyst sentiment remains positive, with 13 buy ratings, two holds and one sell; the stock has a “Moderate Buy” consensus and an average price target of $43.46.
• The company reported a quarterly loss of $0.37 per share, missing the $0.32 consensus estimate, while institutional investors own approximately 78.99% of the stock.

Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report)'s share price traded up 6% on Tuesday . The stock traded as high as $23.60 and last traded at $23.68. 140,076 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 3,347,536 shares. The stock had previously closed at $22.33.

Wall Street Analysts Forecast Growth

TNGX has been the subject of several recent research reports. Mizuho raised their price target on Tango Therapeutics from $36.00 to $40.00 and gave the stock an "outperform" rating in a research report on Friday, July 17th. Guggenheim upped their price target on shares of Tango Therapeutics from $32.00 to $35.00 and gave the stock a "buy" rating in a research report on Wednesday, August 12th. HC Wainwright raised their price objective on Tango Therapeutics from $66.00 to $68.00 and gave the stock a "buy" rating in a report on Tuesday, August 18th. Leerink Partners lifted their target price on shares of Tango Therapeutics from $55.00 to $69.00 and gave the company an "outperform" rating in a report on Monday, June 8th. Finally, Raymond James Financial lowered Tango Therapeutics to a "hold" rating in a research report on Thursday, June 25th. Thirteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Tango Therapeutics has an average rating of "Moderate Buy" and an average target price of $43.46.

Tango Therapeutics Trading Up 8.5%

The company has a market capitalization of $4.08 billion, a price-to-earnings ratio of -28.49 and a beta of 1.12. The stock has a 50-day simple moving average of $25.53 and a 200-day simple moving average of $24.41.

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 analysts' consensus estimates of ($0.32) by ($0.05). On average, research analysts forecast that Tango Therapeutics, Inc. will post -1.41 EPS for the current year.

Insider Buying and Selling at Tango Therapeutics

In other news, insider Adam Crystal sold 27,000 shares of the business's stock in a transaction dated 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 6.50% of the company's stock.

Institutional Trading of Tango Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Tidal Investments LLC acquired a new position in shares of Tango Therapeutics in the 2nd quarter worth approximately $1,731,000. Allworth Financial LP raised its position in shares of Tango Therapeutics by 100.9% during the 2nd quarter. Allworth Financial LP now owns 1,131 shares of the company's stock valued at $35,000 after acquiring an additional 568 shares in the last quarter. Arizona State Retirement System lifted its stake in Tango Therapeutics by 110.9% during the second quarter. Arizona State Retirement System now owns 25,785 shares of the company's stock worth $806,000 after purchasing an additional 13,561 shares during the last quarter. Nykredit A S bought a new position in Tango Therapeutics during the second quarter worth $26,000. Finally, Allianz Asset Management GmbH acquired a new position in Tango Therapeutics in the second quarter worth $656,000. 78.99% of the stock is owned by institutional investors.

About Tango Therapeutics

Tango Therapeutics, Inc is a biotechnology company focused on discovering and developing medicines that target cancer vulnerabilities. The company uses genetic screening, functional genomics and drug-discovery technologies to identify cancer-specific dependencies that may be addressed with targeted therapies.

Tango's research activities center on precision oncology and immuno-oncology, including programs designed to selectively eliminate tumor cells or improve the ability of the immune system to recognize and attack cancer.

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.