Tango Therapeutics (NASDAQ:TNGX) Given New $20.00 Price Target at Guggenheim

Key Points

• Guggenheim raised its price target on Tango Therapeutics from $18 to $20 and maintained a "buy" rating, implying roughly a 19% upside from the prior close.
• Analyst consensus remains positive with eight Buys, one Hold and one Sell, an average price target of $18.14, and an overall MarketBeat rating of "Moderate Buy".
• Insiders have sold 113,633 shares (about $1.42M) over the past three months even as institutional investors—led by Adage and Goldman—substantially increased positions; institutions now own 78.99% of the stock.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) had its price objective lifted by research analysts at Guggenheim from $18.00 to $20.00 in a research report issued on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. Guggenheim's target price suggests a potential upside of 19.05% from the company's previous close.

TNGX has been the subject of a number of other reports. Jefferies Financial Group reiterated a "buy" rating and issued a $18.00 target price on shares of Tango Therapeutics in a research note on Thursday. Mizuho initiated coverage on shares of Tango Therapeutics in a report on Monday, February 23rd. They issued an "outperform" rating and a $19.00 price objective for the company. Wolfe Research assumed coverage on Tango Therapeutics in a report on Tuesday, November 18th. They set a "peer perform" rating on the stock. Wall Street Zen raised Tango Therapeutics from a "hold" rating to a "buy" rating in a research report on Saturday, December 13th. Finally, HC Wainwright increased their price objective on Tango Therapeutics from $13.00 to $27.00 and gave the company a "buy" rating in a report on Friday. Eight investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $18.14.

Tango Therapeutics Price Performance

NASDAQ:TNGX opened at $16.80 on Friday. Tango Therapeutics has a fifty-two week low of $1.03 and a fifty-two week high of $16.97. The stock's 50-day moving average is $11.70 and its two-hundred day moving average is $9.37. The stock has a market cap of $2.26 billion, a PE ratio of -18.06 and a beta of 1.76.

Insiders Place Their Bets

In related news, CFO Daniella Beckman sold 10,317 shares of the business's stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $12.26, for a total transaction of $126,486.42. Following the transaction, the chief financial officer owned 184,297 shares of the company's stock, valued at approximately $2,259,481.22. The trade was a 5.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Barbara Weber sold 30,519 shares of the company's stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $12.26, for a total transaction of $374,162.94. Following the transaction, the director owned 1,629,254 shares of the company's stock, valued at approximately $19,974,654.04. The trade was a 1.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 113,633 shares of company stock valued at $1,420,857 in the last three months. Company insiders own 7.50% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Adage Capital Partners GP L.L.C. raised its position in shares of Tango Therapeutics by 322.5% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 10,607,924 shares of the company's stock valued at $93,986,000 after buying an additional 8,096,924 shares during the last quarter. Caligan Partners LP acquired a new position in Tango Therapeutics in the 4th quarter valued at approximately $33,047,000. Goldman Sachs Group Inc. raised its holdings in Tango Therapeutics by 227.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 4,942,414 shares of the company's stock valued at $43,790,000 after acquiring an additional 3,432,939 shares in the last quarter. Logos Global Management LP lifted its position in shares of Tango Therapeutics by 342.1% in the 4th quarter. Logos Global Management LP now owns 4,200,000 shares of the company's stock worth $37,212,000 after acquiring an additional 3,250,000 shares during the period. Finally, Paradigm Biocapital Advisors LP acquired a new stake in shares of Tango Therapeutics during the 3rd quarter worth approximately $25,924,000. Institutional investors own 78.99% of the company's stock.

Tango Therapeutics Company Profile

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.

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.