Tango Therapeutics (NASDAQ:TNGX) Reaches New 12-Month High - Here's Why

Key Points

• Tango Therapeutics hit a new 52-week high of $22.20 (last $21.81) on Thursday with about 1.07 million shares traded.
• Analysts are broadly positive—10 Buys, 1 Hold and 1 Sell—giving a MarketBeat consensus of "Moderate Buy" and a consensus target price of $20.67, with several firms raising individual targets (e.g., Canaccord $30, HC Wainwright $27).
• The company remains unprofitable but beat estimates last quarter with EPS of ($0.29) vs. ($0.31) expected, while insiders sold roughly 145,884 shares (~$1.97M) over the last quarter and collectively own 7.5% of the stock.

Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report) reached a new 52-week high during trading on Thursday . The stock traded as high as $22.20 and last traded at $21.8110, with a volume of 1071164 shares traded. The stock had previously closed at $21.22.

Wall Street Analysts Forecast Growth

TNGX has been the topic of several recent analyst reports. Wedbush increased their target price on shares of Tango Therapeutics from $15.00 to $19.00 and gave the company an "outperform" rating in a research note on Friday, March 6th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Tango Therapeutics in a report on Wednesday, January 21st. Jefferies Financial Group reissued a "buy" rating and issued a $18.00 price objective on shares of Tango Therapeutics in a research report on Thursday, March 5th. Canaccord Genuity Group initiated coverage on shares of Tango Therapeutics in a research note on Thursday. They issued a "buy" rating and a $30.00 price objective for the company. Finally, HC Wainwright boosted their target price on Tango Therapeutics from $13.00 to $27.00 and gave the company a "buy" rating in a research report on Friday, March 6th. Ten investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.67.

Tango Therapeutics Price Performance

The stock has a market capitalization of $3.08 billion, a P/E ratio of -24.77 and a beta of 1.30. The stock's fifty day moving average price is $14.76 and its 200 day moving average price is $10.97.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last released its quarterly earnings data on Thursday, March 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.02. Tango Therapeutics had a negative net margin of 151.15% and a negative return on equity of 50.30%. On average, sell-side analysts expect that Tango Therapeutics, Inc. will post -1.19 earnings per share for the current year.

Insider Activity at Tango Therapeutics

In other Tango Therapeutics news, CFO Daniella Beckman sold 10,317 shares of Tango Therapeutics stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $12.26, for a total transaction of $126,486.42. Following the completion of the sale, the chief financial officer directly owned 184,297 shares of the company's stock, valued at $2,259,481.22. The trade was a 5.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Barbara Weber sold 30,519 shares of the company's stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $12.26, for a total value of $374,162.94. Following the completion of the sale, the director owned 1,629,254 shares of the company's stock, valued at $19,974,654.04. This represents a 1.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 145,884 shares of company stock worth $1,965,942. Company insiders own 7.50% of the company's stock.

Hedge Funds Weigh In On Tango Therapeutics

Several institutional investors have recently made changes to their positions in the company. Global Retirement Partners LLC purchased a new stake in Tango Therapeutics in the fourth quarter worth about $35,000. Dynamic Technology Lab Private Ltd increased its position in Tango Therapeutics by 139.7% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 25,801 shares of the company's stock valued at $35,000 after purchasing an additional 15,037 shares during the period. Legal & General Group Plc raised its holdings in shares of Tango Therapeutics by 30.7% in the 2nd quarter. Legal & General Group Plc now owns 6,985 shares of the company's stock valued at $36,000 after purchasing an additional 1,640 shares in the last quarter. Ameritas Investment Partners Inc. raised its holdings in shares of Tango Therapeutics by 78.8% in the 2nd 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, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Tango Therapeutics by 148,800.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,467 shares of the company's stock worth $40,000 after purchasing an additional 4,464 shares during the period. Hedge funds and other 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.

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