Tango Therapeutics (NASDAQ:TNGX) Shares Up 7% - What's Next?

Key Points

• Tango Therapeutics shares increased by 7%, reaching a last traded price of $7.79, although the trading volume dropped significantly to just 157,716 shares.
• Research firms like Piper Sandler and Guggenheim have issued positive ratings on TNGX, with a consensus price target of $10.50 reflecting optimistic outlooks from analysts.
• Insiders have sold approximately 2.5 million shares in the last quarter, representing about 7.50% ownership by company insiders, while institutional investors hold approximately 78.99% of the stock.

Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report) shot up 7% on Wednesday . The company traded as high as $7.69 and last traded at $7.79. 157,716 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 1,794,121 shares. The stock had previously closed at $7.28.

Wall Street Analyst Weigh In

A number of research firms have weighed in on TNGX. Piper Sandler started coverage on Tango Therapeutics in a report on Monday, August 18th. They issued an "overweight" rating and a $11.00 price target for the company. Guggenheim increased their target price on Tango Therapeutics from $8.00 to $10.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Five equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Tango Therapeutics currently has a consensus rating of "Buy" and a consensus target price of $10.50.

Tango Therapeutics Trading Up 9.4%

The firm has a market capitalization of $886.19 million, a price-to-earnings ratio of -5.99 and a beta of 1.64. The company has a 50-day moving average of $6.81 and a 200-day moving average of $4.14.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported ($0.35) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.35). The business had revenue of $3.18 million for the quarter, compared to analyst estimates of $6.41 million. Tango Therapeutics had a negative return on equity of 79.72% and a negative net margin of 599.11%. On average, research analysts forecast that Tango Therapeutics, Inc. will post -1.19 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Tango Therapeutics

Several large investors have recently added to or reduced their stakes in TNGX. Northern Trust Corp increased its position in Tango Therapeutics by 7.1% in the fourth quarter. Northern Trust Corp now owns 513,079 shares of the company's stock worth $1,585,000 after buying an additional 33,829 shares during the period. Jane Street Group LLC increased its position in Tango Therapeutics by 87.6% in the fourth quarter. Jane Street Group LLC now owns 95,229 shares of the company's stock worth $294,000 after buying an additional 44,465 shares during the period. Ameriprise Financial Inc. acquired a new stake in Tango Therapeutics in the fourth quarter worth $35,000. Bank of America Corp DE increased its position in Tango Therapeutics by 55.2% in the fourth quarter. Bank of America Corp DE now owns 272,233 shares of the company's stock worth $841,000 after buying an additional 96,864 shares during the period. Finally, D. E. Shaw & Co. Inc. acquired a new stake in Tango Therapeutics in the fourth quarter worth $355,000. 78.99% of the stock is owned by institutional investors and hedge funds.

Tango Therapeutics Company Profile

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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