Tango Therapeutics, Inc. (NASDAQ:TNGX) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• Tango Therapeutics, Inc. has an average rating of "Moderate Buy" from six analysts, with five recommending a buy and one issuing a sell recommendation.
• The company's shares are currently trading at $7.58, down 2.3%, and it has a market capitalization of $843.35 million.
• Recent insider selling has occurred, with major shareholder Rock Ventures IV L.P. selling 500,000 shares at an average price of $8.02, reducing their ownership to approximately 3.48%.

Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report) has received a consensus rating of "Moderate Buy" from the six analysts that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation and five have given a buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $10.50.

Several research firms have recently commented on TNGX. Weiss Ratings restated a "sell (e+)" rating on shares of Tango Therapeutics in a research note on Saturday, September 27th. Guggenheim increased their price target on shares of Tango Therapeutics from $8.00 to $10.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Finally, Piper Sandler initiated coverage on Tango Therapeutics in a report on Monday, August 18th. They issued an "overweight" rating and a $11.00 price objective on the stock.

Tango Therapeutics Trading Down 2.3%

Shares of TNGX stock opened at $7.58 on Tuesday. The company has a market capitalization of $843.35 million, a P/E ratio of -5.70 and a beta of 1.67. The business's 50 day moving average is $7.05 and its two-hundred day moving average is $4.54. Tango Therapeutics has a twelve month low of $1.03 and a twelve month high of $8.80.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported ($0.35) earnings per share for the quarter, hitting the consensus estimate of ($0.35). Tango Therapeutics had a negative return on equity of 79.72% and a negative net margin of 599.11%.The firm had revenue of $3.18 million during the quarter, compared to the consensus estimate of $6.41 million. As a group, equities analysts predict that Tango Therapeutics will post -1.19 earnings per share for the current fiscal year.

Insider Buying and Selling at Tango Therapeutics

In other Tango Therapeutics news, major shareholder Rock Ventures Iv L.P. Third sold 500,000 shares of the stock in a transaction on Thursday, September 25th. The stock was sold at an average price of $8.02, for a total value of $4,010,000.00. Following the completion of the transaction, the insider owned 13,863,975 shares in the company, valued at approximately $111,189,079.50. This represents a 3.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 2,995,100 shares of company stock valued at $21,504,700 in the last quarter. 7.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Tango Therapeutics

A number of large investors have recently made changes to their positions in the stock. CWM LLC boosted its holdings in Tango Therapeutics by 182.2% during the second quarter. CWM LLC now owns 4,905 shares of the company's stock worth $25,000 after buying an additional 3,167 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Tango Therapeutics by 30.7% during the 2nd quarter. Legal & General Group Plc now owns 6,985 shares of the company's stock valued at $36,000 after acquiring an additional 1,640 shares during the period. Ameritas Investment Partners Inc. grew its holdings in shares of Tango Therapeutics by 78.8% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 7,830 shares of the company's stock worth $40,000 after acquiring an additional 3,452 shares during the period. Tower Research Capital LLC TRC increased its stake in Tango Therapeutics by 44.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,473 shares of the company's stock valued at $49,000 after purchasing an additional 2,907 shares in the last quarter. Finally, Northeast Financial Consultants Inc purchased a new position in Tango Therapeutics in the 2nd quarter valued at approximately $51,000. Hedge funds and other institutional investors own 78.99% of the company's stock.

About Tango Therapeutics

Tango Therapeutics, Inc, a biotechnology company, discovers and develops drugs for the treatment of cancer. Its lead program is TNG908, a synthetic lethal small molecule inhibitor of protein arginine methyltransferase 5 that is being developed as a treatment for cancers with methylthioadenosine phosphorylase deletions.

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