Tango Therapeutics (NASDAQ:TNGX) Stock Price Up 6.1% - Time to Buy?

Key Points

• Tango Therapeutics shares rose 6.1% in mid-day trading, reaching as high as $29.25 after closing at $27.64 the previous day.
• Wall Street sentiment remains bullish: multiple firms recently raised price targets, and the stock now carries a consensus Moderate Buy rating with a $42.15 average target.
• The company’s latest earnings matched expectations, but Tango still posted a quarterly loss, while an insider recently sold 27,000 shares and institutional investors continue to build positions.

Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report) shares rose 6.1% during mid-day trading on Friday . The stock traded as high as $29.25 and last traded at $29.3360. 316,615 shares traded hands during trading, a decline of 91% from the average daily volume of 3,701,445 shares. The stock had previously closed at $27.64.

Analyst Ratings Changes

TNGX has been the subject of a number of research reports. Canaccord Genuity Group increased their target price on Tango Therapeutics from $42.00 to $46.00 and gave the company a "buy" rating in a research report on Monday, June 29th. UBS Group set a $55.00 price target on shares of Tango Therapeutics in a research note on Thursday, May 14th. Wolfe Research set a $35.00 price objective on shares of Tango Therapeutics and gave the company an "outperform" rating in a research report on Monday, June 8th. Leerink Partners lifted their price objective on shares of Tango Therapeutics from $55.00 to $69.00 and gave the stock an "outperform" rating in a research note on Monday, June 8th. Finally, Jefferies Financial Group upgraded shares of Tango Therapeutics from a "hold" rating to a "buy" rating and boosted their target price for the stock from $27.00 to $60.00 in a report on Thursday, June 25th. Thirteen investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $42.15.

Tango Therapeutics Trading Up 5.5%

The firm has a market capitalization of $4.22 billion, a P/E ratio of -35.14 and a beta of 1.12. The firm has a 50 day moving average price of $26.55 and a 200-day moving average price of $19.89.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last released its earnings results on Wednesday, May 13th. The company reported ($0.32) earnings per share for the quarter, meeting the consensus estimate of ($0.32). Research analysts anticipate that Tango Therapeutics, Inc. will post -1.28 earnings per share for the current year.

Insider Buying and Selling at Tango Therapeutics

In other news, insider Adam Crystal sold 27,000 shares of the stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $29.59, for a total value of $798,930.00. Following the sale, the insider owned 115,743 shares of the company's stock, valued at approximately $3,424,835.37. This represents a 18.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 81,000 shares of company stock valued at $1,989,630 over the last quarter. Corporate insiders own 6.50% of the company's stock.

Hedge Funds Weigh In On Tango Therapeutics

Hedge funds have recently added to or reduced their stakes in the company. Tema ETFs LLC purchased a new stake in Tango Therapeutics in the 2nd quarter worth about $1,731,000. Handelsbanken Fonder AB bought a new position in shares of Tango Therapeutics during the second quarter valued at approximately $9,000,000. Assenagon Asset Management S.A. purchased a new stake in shares of Tango Therapeutics in the second quarter worth approximately $10,790,000. DV Trading LLC purchased a new stake in shares of Tango Therapeutics in the first quarter worth approximately $6,290,000. Finally, Perceptive Advisors LLC lifted its stake in shares of Tango Therapeutics by 57.5% during the 1st quarter. Perceptive Advisors LLC now owns 808,153 shares of the company's stock worth $16,907,000 after acquiring an additional 295,118 shares during the last quarter. 78.99% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.