Tango Therapeutics (NASDAQ:TNGX) Trading 9.1% Higher - Here's What Happened

Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report)'s share price shot up 9.1% on Thursday . The company traded as high as $6.94 and last traded at $6.93. 1,033,361 shares changed hands during trading, a decline of 36% from the average session volume of 1,616,573 shares. The stock had previously closed at $6.35.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reaffirmed a "buy" rating and set a $13.00 price objective on shares of Tango Therapeutics in a research report on Monday, April 14th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Tango Therapeutics has a consensus rating of "Buy" and a consensus target price of $10.50.

Tango Therapeutics Price Performance

The firm's 50-day moving average price is $4.12 and its 200-day moving average price is $2.80. The company has a market cap of $733.80 million, a price-to-earnings ratio of -5.55 and a beta of 1.63.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.34) by ($0.02). Tango Therapeutics had a negative return on equity of 62.75% and a negative net margin of 322.67%. The firm had revenue of $5.39 million for the quarter, compared to the consensus estimate of $6.73 million. On average, sell-side analysts anticipate that Tango Therapeutics, Inc. will post -1.19 earnings per share for the current year.

Institutional Investors Weigh In On Tango Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of TNGX. Teacher Retirement System of Texas lifted its position in shares of Tango Therapeutics by 35.8% during the 4th quarter. Teacher Retirement System of Texas now owns 14,544 shares of the company's stock worth $45,000 after purchasing an additional 3,831 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Tango Therapeutics by 29.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 20,998 shares of the company's stock valued at $65,000 after buying an additional 4,813 shares during the last quarter. Deutsche Bank AG boosted its position in Tango Therapeutics by 24.1% in the 4th quarter. Deutsche Bank AG now owns 36,653 shares of the company's stock valued at $113,000 after buying an additional 7,128 shares during the last quarter. Wells Fargo & Company MN lifted its stake in shares of Tango Therapeutics by 51.7% in the 4th quarter. Wells Fargo & Company MN now owns 22,292 shares of the company's stock valued at $69,000 after purchasing an additional 7,599 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Tango Therapeutics by 9.9% in the 1st quarter. Bank of New York Mellon Corp now owns 113,233 shares of the company's stock valued at $155,000 after purchasing an additional 10,213 shares during the period. 78.99% of the stock is owned by institutional investors and hedge funds.

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.