Tango Therapeutics (NASDAQ:TNGX) Reaches New 1-Year High - Here's Why

Key Points

• Tango Therapeutics reached a new 52-week high of $9.11 during trading, closing at $8.43 with a trading volume of 593,823 shares.
• Equities research analysts have given the company a consensus rating of "Moderate Buy" with a target price of $10.50, while Piper Sandler set a price target of $11.00.
• Insider trading reveals a major shareholder sold 500,000 shares, reducing their position by 3.48%, while institutional investors currently own 78.99% of the stock.

Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report)'s share price reached a new 52-week high during trading on Tuesday . The company traded as high as $9.11 and last traded at $8.43, with a volume of 593823 shares changing hands. The stock had previously closed at $8.47.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Piper Sandler started coverage on Tango Therapeutics in a report on Monday, August 18th. They issued an "overweight" rating and a $11.00 target price for the company. Weiss Ratings restated a "sell (e+)" rating on shares of Tango Therapeutics in a research report on Wednesday, October 8th. Finally, Guggenheim lifted their price objective on Tango Therapeutics from $8.00 to $10.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Tango Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus target price of $10.50.

Tango Therapeutics Trading Down 1.4%

The firm has a 50-day moving average of $7.15 and a 200 day moving average of $4.75. The stock has a market capitalization of $929.58 million, a price-to-earnings ratio of -6.34 and a beta of 1.67.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported ($0.35) 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. As a group, research analysts forecast that Tango Therapeutics, Inc. will post -1.19 EPS for the current year.

Insider Transactions at Tango Therapeutics

In other Tango Therapeutics news, major shareholder Rock Ventures Iv L.P. Third sold 500,000 shares of Tango Therapeutics stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $8.02, for a total transaction of $4,010,000.00. Following the sale, the insider directly owned 13,863,975 shares in the company, valued at $111,189,079.50. The trade was a 3.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders sold 2,995,100 shares of company stock worth $21,504,700. 7.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC boosted its position in Tango Therapeutics by 96.6% during the 1st quarter. Acadian Asset Management LLC now owns 973,309 shares of the company's stock worth $1,327,000 after acquiring an additional 478,203 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of Tango Therapeutics by 2,376.2% in the first quarter. Russell Investments Group Ltd. now owns 51,183 shares of the company's stock valued at $73,000 after buying an additional 49,116 shares during the period. Exchange Traded Concepts LLC lifted its holdings in shares of Tango Therapeutics by 274.9% in the first quarter. Exchange Traded Concepts LLC now owns 65,327 shares of the company's stock valued at $89,000 after buying an additional 47,901 shares during the period. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Tango Therapeutics by 42.6% in the first quarter. Jacobs Levy Equity Management Inc. now owns 737,955 shares of the company's stock valued at $1,011,000 after buying an additional 220,529 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Tango Therapeutics by 9.9% in the first quarter. Bank of New York Mellon Corp now owns 113,233 shares of the company's stock valued at $155,000 after buying an additional 10,213 shares during the period. 78.99% of the stock is currently owned by institutional investors.

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.

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