Tango Therapeutics, Inc. (NASDAQ:TNGX) Receives Consensus Rating of "Buy" from Brokerages

Key Points

• Tango Therapeutics has received an average consensus recommendation of "Buy" from analysts, with five analysts rating the stock as such and a 12-month price target of $10.50.
• Major shareholder Rock Ventures Iv L.P. Third sold 1,100,000 shares of Tango Therapeutics on August 19th, reducing their ownership by 6.52% and bringing their total holdings to approximately 15.76 million shares.
• Recently, institutional investors have significantly increased their stakes in Tango Therapeutics, with Dimensional Fund Advisors raising their holdings by 83.8% and Jane Street Group increasing theirs by 87.6% in the last quarter.

Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report) has earned a consensus rating of "Buy" from the five research firms that are currently covering the company, MarketBeat reports. Five investment analysts have rated the stock with a buy rating. The average 12-month target price among brokers that have covered the stock in the last year is $10.50.

TNGX has been the subject of several recent research reports. Guggenheim boosted their price target on Tango Therapeutics from $8.00 to $10.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Piper Sandler initiated coverage on Tango Therapeutics in a research note on Monday, August 18th. They issued an "overweight" rating and a $11.00 price target for the company.

Insider Activity at Tango Therapeutics

In related news, major shareholder Rock Ventures Iv L.P. Third sold 86,459 shares of the business's stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $7.04, for a total value of $608,671.36. Following the completion of the sale, the insider owned 14,727,516 shares of the company's stock, valued at approximately $103,681,712.64. The trade was a 0.58% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Over the last three months, insiders sold 2,131,559 shares of company stock valued at $14,935,371. Insiders own 7.50% of the company's stock.

Institutional Investors Weigh In On Tango Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in TNGX. Dimensional Fund Advisors LP lifted its holdings in Tango Therapeutics by 83.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 662,776 shares of the company's stock worth $2,048,000 after purchasing an additional 302,087 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Tango Therapeutics by 29.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 20,998 shares of the company's stock worth $65,000 after purchasing an additional 4,813 shares during the last quarter. Northern Trust Corp lifted its holdings in Tango Therapeutics by 7.1% in the 4th quarter. Northern Trust Corp now owns 513,079 shares of the company's stock worth $1,585,000 after purchasing an additional 33,829 shares during the last quarter. Jane Street Group LLC lifted its holdings in Tango Therapeutics by 87.6% in the 4th quarter. Jane Street Group LLC now owns 95,229 shares of the company's stock worth $294,000 after purchasing an additional 44,465 shares during the last quarter. Finally, Ameriprise Financial Inc. acquired a new stake in Tango Therapeutics in the 4th quarter worth approximately $35,000. 78.99% of the stock is currently owned by institutional investors and hedge funds.

Tango Therapeutics Trading Up 4.4%

NASDAQ TNGX traded up $0.29 during trading on Friday, reaching $6.82. 3,140,636 shares of the company's stock were exchanged, compared to its average volume of 1,730,620. Tango Therapeutics has a fifty-two week low of $1.03 and a fifty-two week high of $10.81. The firm has a market capitalization of $758.79 million, a PE ratio of -5.13 and a beta of 1.64. The company's fifty day simple moving average is $6.60 and its 200-day simple moving average is $3.89.

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

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.