Tango Therapeutics (NASDAQ:TNGX) Given New $68.00 Price Target at HC Wainwright

Key Points

• HC Wainwright raised Tango Therapeutics’ price target to $68 from $66 and maintained a “buy” rating, implying 168.88% upside from the prior close.
• Analyst sentiment is broadly positive: 13 analysts rate the stock a Buy, two rate it Hold, and one rates it Sell, producing a consensus “Moderate Buy” rating and $43.46 average price target.
• Tango reported a quarterly loss of $0.37 per share, missing the $0.32 consensus estimate; shares opened at $25.29, while the stock’s 52-week range is $6.25 to $34.39.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) had its price objective lifted by equities research analysts at HC Wainwright from $66.00 to $68.00 in a research report issued on Tuesday, MarketBeat.com reports. The brokerage currently has a "buy" rating on the stock. HC Wainwright's price objective would indicate a potential upside of 168.88% from the stock's previous close.

TNGX has been the subject of several other reports. Wolfe Research set a $35.00 price objective on shares of Tango Therapeutics and gave the stock an "outperform" rating in a report on Monday, June 8th. Jefferies Financial Group raised shares of Tango Therapeutics from a "hold" rating to a "buy" rating and boosted their target price for the stock from $27.00 to $60.00 in a research report on Thursday, June 25th. Mizuho upped their price target on shares of Tango Therapeutics from $36.00 to $40.00 and gave the company an "outperform" rating in a report on Friday, July 17th. Weiss Ratings raised Tango Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, August 11th. Finally, Stifel Nicolaus boosted their price objective on shares of Tango Therapeutics from $24.00 to $40.00 and gave the stock a "buy" rating in a report on Monday, April 27th. Thirteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $43.46.

Tango Therapeutics Stock Performance

TNGX opened at $25.29 on Tuesday. The firm has a market cap of $4.26 billion, a P/E ratio of -29.75 and a beta of 1.16. The business has a 50 day moving average price of $28.81 and a 200 day moving average price of $22.41. Tango Therapeutics has a twelve month low of $6.25 and a twelve month high of $34.39.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.05). As a group, analysts anticipate that Tango Therapeutics will post -1.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Adam Crystal sold 27,000 shares of the firm's stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $29.59, for a total transaction of $798,930.00. Following the completion of the sale, the insider directly owned 115,743 shares of the company's stock, valued at $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 available at this hyperlink. 6.50% of the stock is currently owned by company insiders.

Institutional Trading of Tango Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Allworth Financial LP acquired a new position in Tango Therapeutics during the 2nd quarter worth about $35,000. Global Retirement Partners LLC acquired a new stake in Tango Therapeutics in the 2nd quarter valued at about $122,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Tango Therapeutics by 148,800.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,467 shares of the company's stock valued at $40,000 after acquiring an additional 4,464 shares in the last quarter. ANTIPODES PARTNERS Ltd bought a new position in shares of Tango Therapeutics in the fourth quarter worth about $40,000. Finally, State of Wyoming bought a new position in shares of Tango Therapeutics in the first quarter worth about $128,000. 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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