Tango Therapeutics (NASDAQ:TNGX) Issues Earnings Results

Key Points

• Tango Therapeutics reported a quarterly loss of $0.37 per share, missing analysts’ consensus estimate of a $0.32 loss by $0.05.
• TNGX shares opened at $27.07, with a market capitalization of approximately $3.92 billion and a 52-week trading range of $6.25 to $34.39.
• Analyst sentiment remains positive overall, with a “Moderate Buy” consensus and an average price target of $42.15, although Raymond James downgraded the stock to “hold.”

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) announced its quarterly earnings results on Tuesday. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.05), FiscalAI reports.

Tango Therapeutics Price Performance

Shares of TNGX stock opened at $27.07 on Tuesday. The stock has a 50 day simple moving average of $28.56 and a 200-day simple moving average of $21.93. Tango Therapeutics has a 1-year low of $6.25 and a 1-year high of $34.39. The company has a market cap of $3.92 billion, a price-to-earnings ratio of -33.05 and a beta of 1.16.

Analyst Upgrades and Downgrades

Several brokerages have commented on TNGX. HC Wainwright lifted their price objective on shares of Tango Therapeutics from $27.00 to $66.00 and gave the stock a "buy" rating in a research report on Tuesday, June 9th. Wedbush lifted their target price on Tango Therapeutics from $19.00 to $33.00 and gave the company an "outperform" rating in a report on Thursday, May 14th. Citigroup reaffirmed a "buy" rating on shares of Tango Therapeutics in a research note on Monday, April 27th. Raymond James Financial cut shares of Tango Therapeutics to a "hold" rating in a research report on Thursday, June 25th. Finally, 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. Thirteen research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $42.15.

Insiders Place Their Bets

In other Tango Therapeutics news, insider Adam Crystal sold 27,000 shares of the business's stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $29.59, for a total value of $798,930.00. Following the transaction, the insider directly owned 115,743 shares in the company, valued at $3,424,835.37. The trade was a 18.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 6.50% of the company's stock.

Institutional Investors Weigh In On Tango Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Adage Capital Partners GP L.L.C. raised its stake 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 purchasing an additional 8,096,924 shares in the last quarter. Caligan Partners LP bought a new stake in Tango Therapeutics during the fourth quarter worth about $33,047,000. Goldman Sachs Group Inc. increased its stake in shares of Tango Therapeutics by 227.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 4,942,414 shares of the company's stock worth $43,790,000 after purchasing an additional 3,432,939 shares during the last quarter. Logos Global Management LP increased its holdings in shares of Tango Therapeutics by 342.1% in the fourth quarter. Logos Global Management LP now owns 4,200,000 shares of the company's stock valued at $37,212,000 after purchasing an additional 3,250,000 shares during the last quarter. Finally, Paradigm Biocapital Advisors LP acquired a new position in Tango Therapeutics in the 3rd quarter valued at $25,924,000. Hedge funds and other institutional investors own 78.99% of the company's stock.

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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