Tango Therapeutics (NASDAQ:TNGX) Trading 5.5% Higher - Here's What Happened

Key Points

• Tango Therapeutics stock rose by 5.5%, trading at $7.19, following a previous close of $6.82, although the trading volume decreased by 23% from average levels.
• Analysts are optimistic, with Guggenheim raising their price target to $10.00 and Piper Sandler initiating coverage at $11.00, contributing to a consensus Buy rating and an average price target of $10.50.
• Institutional investors have recently increased their stakes in Tango Therapeutics, with 78.99% of the stock now owned by these entities, reflecting growing confidence in the company.

Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report)'s share price traded up 5.5% on Tuesday . The stock traded as high as $7.22 and last traded at $7.19. 1,331,670 shares changed hands during mid-day trading, a decline of 23% from the average session volume of 1,725,760 shares. The stock had previously closed at $6.82.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Guggenheim upped their price objective on Tango Therapeutics from $8.00 to $10.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Piper Sandler initiated coverage on Tango Therapeutics in a report on Monday, August 18th. They issued an "overweight" rating and a $11.00 price objective for the company. Five equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $10.50.

Tango Therapeutics Stock Performance

The firm has a 50 day moving average of $6.63 and a two-hundred day moving average of $3.92. The stock has a market cap of $806.97 million, a P/E ratio of -5.47 and a beta of 1.64.

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

Insiders Place Their Bets

In other news, major shareholder Rock Ventures Iv L.P. Third sold 86,459 shares of Tango Therapeutics stock in a transaction on Monday, September 8th. The stock was sold at an average price of $7.04, for a total value of $608,671.36. Following the completion of the sale, the insider directly owned 14,727,516 shares of the company's stock, valued at approximately $103,681,712.64. This trade represents a 0.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last ninety days, insiders sold 2,131,559 shares of company stock worth $14,935,371. Company insiders own 7.50% of the company's stock.

Institutional Investors Weigh In On Tango Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Adage Capital Partners GP L.L.C. acquired a new stake in shares of Tango Therapeutics during the second quarter worth $30,235,000. Commodore Capital LP acquired a new stake in shares of Tango Therapeutics during the second quarter worth $7,680,000. Soleus Capital Management L.P. acquired a new stake in shares of Tango Therapeutics during the second quarter worth $3,738,000. Candriam S.C.A. acquired a new stake in shares of Tango Therapeutics during the second quarter worth $3,629,000. Finally, Vivo Capital LLC acquired a new stake in shares of Tango Therapeutics during the second quarter worth $3,072,000. 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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