Tango Therapeutics (NASDAQ:TNGX) Reaches New 52-Week High - Here's What Happened

Key Points

• Shares of Tango Therapeutics hit a new 52-week high
• Several analysts raised price targets (e.g., Stifel to $24, HC Wainwright to $27) and the stock carries a consensus rating of "Moderate Buy" with an average target of $20.67 (10 Buys, 1 Hold, 1 Sell).
• Corporate insiders have been net sellers—172,884 shares (~$2.54M) sold in the past three months and insiders now own 7.5%—while the company remains unprofitable (negative net margin of 151.15%) despite a slight quarterly EPS beat.

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $22.61 and last traded at $22.8050, with a volume of 547364 shares traded. The stock had previously closed at $21.56.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Stifel Nicolaus boosted their target price on shares of Tango Therapeutics from $15.00 to $24.00 and gave the stock a "buy" rating in a research note on Monday, March 9th. Wall Street Zen downgraded Tango Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, March 21st. Weiss Ratings restated a "sell (e+)" rating on shares of Tango Therapeutics in a research report on Wednesday, January 21st. HC Wainwright increased 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. Finally, Mizuho lifted their price target on Tango Therapeutics from $19.00 to $20.00 and gave the company an "outperform" rating in a research note on Wednesday, March 11th. Ten research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Tango Therapeutics has an average rating of "Moderate Buy" and a consensus target price of $20.67.

Tango Therapeutics Stock Up 6.3%

The stock has a market cap of $3.27 billion, a P/E ratio of -26.36 and a beta of 1.31. The company's 50 day moving average price is $16.19 and its 200-day moving average price is $11.74.

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 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%. Equities research analysts anticipate that Tango Therapeutics, Inc. will post -1.19 earnings per share for the current year.

Insider Activity at Tango Therapeutics

In other news, CFO Daniella Beckman sold 10,317 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 transaction of $126,486.42. Following the transaction, the chief financial officer owned 184,297 shares of the company's stock, valued at $2,259,481.22. This represents a 5.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Adam Crystal sold 27,000 shares of the stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $21.20, for a total value of $572,400.00. Following the transaction, the insider owned 112,622 shares of the company's stock, valued at $2,387,586.40. The trade was a 19.34% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 172,884 shares of company stock valued at $2,538,342 in the last three months. Corporate insiders own 7.50% of the company's stock.

Hedge Funds Weigh In On Tango Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Legal & General Group Plc increased its holdings in Tango Therapeutics by 30.7% during the 2nd quarter. Legal & General Group Plc now owns 6,985 shares of the company's stock worth $36,000 after acquiring an additional 1,640 shares during the period. Russell Investments Group Ltd. grew its position in shares of Tango Therapeutics by 26.7% during the 4th quarter. Russell Investments Group Ltd. now owns 9,794 shares of the company's stock valued at $87,000 after purchasing an additional 2,065 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Tango Therapeutics by 52.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,544 shares of the company's stock valued at $58,000 after purchasing an additional 2,243 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in shares of Tango Therapeutics by 12.5% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 21,946 shares of the company's stock worth $194,000 after purchasing an additional 2,444 shares during the period. Finally, Barclays PLC raised its position in shares of Tango Therapeutics by 0.7% in the fourth quarter. Barclays PLC now owns 368,187 shares of the company's stock worth $3,262,000 after buying an additional 2,507 shares in the last quarter. 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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