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

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 been assigned a consensus rating of "Buy" from the five analysts that are covering the company, Marketbeat.com reports. Five research analysts have rated the stock with a buy recommendation. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $10.50.

Several research analysts have recently commented on TNGX shares. Guggenheim raised their price objective on shares of 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 started coverage on shares of Tango Therapeutics in a report on Monday, August 18th. They set an "overweight" rating and a $11.00 target price on the stock.

Insider Buying and Selling

In other Tango Therapeutics news, major shareholder Rock Ventures Iv L.P. Third sold 1,100,000 shares of the stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $7.01, for a total value of $7,711,000.00. Following the sale, the insider owned 15,759,075 shares of the company's stock, valued at $110,471,115.75. This trade represents a 6.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders sold 2,131,559 shares of company stock worth $14,935,371. Insiders own 7.50% of the company's stock.

Institutional Investors Weigh In On Tango Therapeutics

Large investors have recently modified their holdings of the company. Legal & General Group Plc raised its stake in Tango Therapeutics by 30.7% in 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 in the last quarter. Tower Research Capital LLC TRC raised its position in shares of Tango Therapeutics by 44.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 9,473 shares of the company's stock worth $49,000 after acquiring an additional 2,907 shares in the last quarter. CWM LLC lifted its stake 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 purchasing an additional 3,167 shares during the last quarter. Ameritas Investment Partners Inc. boosted its holdings in Tango Therapeutics by 78.8% in the second quarter. Ameritas Investment Partners Inc. now owns 7,830 shares of the company's stock valued at $40,000 after purchasing an additional 3,452 shares in the last quarter. Finally, ProShare Advisors LLC increased its stake in Tango Therapeutics by 30.1% in the second quarter. ProShare Advisors LLC now owns 19,775 shares of the company's stock valued at $101,000 after purchasing an additional 4,570 shares during the last quarter. 78.99% of the stock is owned by hedge funds and other institutional investors.

Tango Therapeutics Stock Up 2.1%

NASDAQ:TNGX traded up $0.16 during trading hours on Friday, reaching $7.51. 850,366 shares of the stock were exchanged, compared to its average volume of 1,737,796. Tango Therapeutics has a twelve month low of $1.03 and a twelve month high of $8.98. The business has a 50-day moving average of $6.66 and a two-hundred day moving average of $3.95. The company has a market capitalization of $835.01 million, a price-to-earnings ratio of -5.67 and a beta of 1.64.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported ($0.35) earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $6.41 million. On average, research 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.