Tango Therapeutics (NASDAQ:TNGX) Sets New 1-Year High - Time to Buy?

Key Points

• Tango Therapeutics (NASDAQ:TNGX) shares recently reached a new 52-week high of $8.05 and are currently trading at $7.94, with positive interest reflected in a trading volume of over 1 million shares.
• Wall Street analysts have a favorable outlook for Tango Therapeutics, with an average rating of "Buy" and a price target of $10.50, following coverage updates from firms like Piper Sandler and Guggenheim.
• Despite reporting a quarterly loss of ($0.35) EPS, the company saw significant insider trading activity, including a major shareholder selling over 363,000 shares, indicating some fluctuations in ownership dynamics.

Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $8.05 and last traded at $7.94, with a volume of 1063632 shares changing hands. The stock had previously closed at $7.80.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Piper Sandler assumed coverage on shares of Tango Therapeutics in a report on Monday, August 18th. They set an "overweight" rating and a $11.00 price objective for the company. Guggenheim increased their price objective on shares of Tango Therapeutics from $8.00 to $10.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Five investment analysts have rated the stock with a Buy rating, According to MarketBeat, Tango Therapeutics has an average rating of "Buy" and an average target price of $10.50.

Tango Therapeutics Stock Up 3.0%

The firm's 50 day simple moving average is $6.84 and its 200 day simple moving average is $4.16. The company has a market capitalization of $894.09 million, a PE ratio of -6.01 and a beta of 1.64.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported ($0.35) EPS for the quarter, hitting the consensus estimate of ($0.35). The company had revenue of $3.18 million during the quarter, compared to analyst estimates of $6.41 million. Tango Therapeutics had a negative net margin of 599.11% and a negative return on equity of 79.72%. As a group, sell-side analysts predict that Tango Therapeutics, Inc. will post -1.19 EPS for the current fiscal year.

Insider Buying and Selling at Tango Therapeutics

In other news, major shareholder Rock Ventures Iv L.P. Third sold 363,541 shares of Tango Therapeutics stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $7.04, for a total transaction of $2,559,328.64. Following the completion of the sale, the insider directly owned 14,363,975 shares in the company, valued at approximately $101,122,384. This trade represents a 2.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 2,495,100 shares of company stock worth $17,494,700 in the last ninety days. 7.50% of the stock is currently owned by company insiders.

Institutional Trading of Tango Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the business. Tower Research Capital LLC TRC lifted its position in shares of Tango Therapeutics by 44.3% during the second quarter. Tower Research Capital LLC TRC now owns 9,473 shares of the company's stock worth $49,000 after purchasing an additional 2,907 shares during the last quarter. Northeast Financial Consultants Inc bought a new stake in shares of Tango Therapeutics during the second quarter worth $51,000. Soleus Capital Management L.P. bought a new stake in shares of Tango Therapeutics during the second quarter worth $3,738,000. Balyasny Asset Management L.P. raised its holdings in shares of Tango Therapeutics by 0.9% in the second quarter. Balyasny Asset Management L.P. now owns 3,247,463 shares of the company's stock valued at $16,627,000 after acquiring an additional 27,892 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. bought a new stake in shares of Tango Therapeutics in the second quarter valued at about $30,235,000. 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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