Tango Therapeutics (NASDAQ:TNGX) Trading Up 4.8% - Here's Why

Key Points

• Tango Therapeutics shares rose 4.8% to approximately $25.97, although trading volume was 78% below the average session level.
• Analyst sentiment remains favorable, with 13 Buy ratings, two Holds, and one Sell; the consensus rating is “Moderate Buy” with a price target of $43.46.
• The company reported a quarterly loss of $0.37 per share, missing the $0.32-per-share consensus estimate, while institutional investors own nearly 79% of outstanding shares.

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report) traded up 4.8% during trading on Wednesday . The company traded as high as $26.00 and last traded at $25.9650. Approximately 747,494 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 3,442,162 shares. The stock had previously closed at $24.77.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Canaccord Genuity Group upped their price target on Tango Therapeutics from $42.00 to $46.00 and gave the company a "buy" rating in a research report on Monday, June 29th. Weiss Ratings upgraded Tango Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, August 11th. Raymond James Financial downgraded Tango Therapeutics to a "hold" rating in a research note on Thursday, June 25th. Piper Sandler cut shares of Tango Therapeutics from an "overweight" rating to a "neutral" rating and boosted their price target for the company from $16.00 to $24.00 in a research report on Thursday, May 14th. Finally, B. Riley Financial restated a "buy" rating on shares of Tango Therapeutics in a research report on Monday, June 8th. Thirteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $43.46.

Tango Therapeutics Trading Up 6.8%

The business has a fifty day moving average price of $28.03 and a two-hundred day moving average price of $22.95. The firm has a market capitalization of $4.46 billion, a PE ratio of -31.11 and a beta of 1.16.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last issued its quarterly earnings data 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, equities analysts forecast that Tango Therapeutics, Inc. will post -1.38 earnings per share for the current fiscal year.

Insider Activity at Tango Therapeutics

In related news, insider Adam Crystal sold 27,000 shares of the stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $29.59, for a total transaction of $798,930.00. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 6.50% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in TNGX. Invesco Ltd. grew its stake in shares of Tango Therapeutics by 138.8% in the first quarter. Invesco Ltd. now owns 70,517 shares of the company's stock valued at $97,000 after buying an additional 40,983 shares in the last quarter. AQR Capital Management LLC purchased a new position in Tango Therapeutics during the 1st quarter valued at about $195,000. Dynamic Technology Lab Private Ltd boosted its holdings in Tango Therapeutics by 139.7% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 25,801 shares of the company's stock valued at $35,000 after acquiring an additional 15,037 shares during the period. Woodline Partners LP grew its position in Tango Therapeutics by 28.3% in the 1st quarter. Woodline Partners LP now owns 506,188 shares of the company's stock valued at $693,000 after acquiring an additional 111,791 shares in the last quarter. Finally, Jane Street Group LLC increased its stake in Tango Therapeutics by 270.6% during the first quarter. Jane Street Group LLC now owns 352,897 shares of the company's stock worth $483,000 after purchasing an additional 257,668 shares during the period. 78.99% of the stock is currently owned by institutional investors and hedge funds.

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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