Tango Therapeutics (NASDAQ:TNGX) Stock Price Up 13.9% - Should You Buy?

Key Points

• Tango Therapeutics' stock price increased by 13.9% to $8.13, with trading volume down 70% from average levels.
• Analysts have a consensus rating of "Moderate Buy" with an average price target of $10.50, while Guggenheim and Piper Sandler both issued optimistic ratings and raised their price targets.
• Insiders recently sold 2,995,100 shares of stock worth approximately $21.5 million, indicating a possible shift in insider sentiment regarding the company.

Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report) traded up 13.9% during mid-day trading on Monday . The stock traded as high as $7.89 and last traded at $8.13. 556,221 shares changed hands during trading, a decline of 70% from the average session volume of 1,823,931 shares. The stock had previously closed at $7.14.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on TNGX. Guggenheim upped their price target 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. Weiss Ratings restated a "sell (e+)" rating on shares of Tango Therapeutics in a research note on Wednesday, October 8th. Finally, Piper Sandler assumed coverage on Tango Therapeutics in a research report on Monday, August 18th. They issued an "overweight" rating and a $11.00 price target on the stock. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $10.50.

Tango Therapeutics Stock Up 14.3%

The business has a 50-day moving average price of $7.11 and a 200-day moving average price of $4.70. The firm has a market capitalization of $907.88 million, a P/E ratio of -6.24 and a beta of 1.67.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last announced 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). Tango Therapeutics had a negative net margin of 599.11% and a negative return on equity of 79.72%. The firm had revenue of $3.18 million for the quarter, compared to analyst estimates of $6.41 million. As a group, sell-side analysts forecast that Tango Therapeutics, Inc. will post -1.19 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Rock Ventures Iv L.P. Third sold 500,000 shares of the company's stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $8.02, for a total value of $4,010,000.00. Following the sale, the insider directly owned 13,863,975 shares in the company, valued at approximately $111,189,079.50. This represents a 3.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders sold 2,995,100 shares of company stock worth $21,504,700 over the last 90 days. 7.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tango Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Adage Capital Partners GP L.L.C. bought a new position in Tango Therapeutics during the 2nd quarter valued at about $30,235,000. Nantahala Capital Management LLC boosted its holdings in shares of Tango Therapeutics by 15.1% in the 2nd quarter. Nantahala Capital Management LLC now owns 3,439,594 shares of the company's stock worth $17,611,000 after acquiring an additional 451,611 shares in the last quarter. Balyasny Asset Management L.P. boosted its holdings in shares of Tango Therapeutics by 0.9% in the 2nd quarter. Balyasny Asset Management L.P. now owns 3,247,463 shares of the company's stock worth $16,627,000 after acquiring an additional 27,892 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Tango Therapeutics by 27.9% in the 2nd quarter. Geode Capital Management LLC now owns 1,768,913 shares of the company's stock worth $9,058,000 after acquiring an additional 385,476 shares in the last quarter. Finally, Commodore Capital LP acquired a new position in shares of Tango Therapeutics in the 2nd quarter worth approximately $7,680,000. Institutional investors and hedge funds own 78.99% of the company's stock.

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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