Tango Therapeutics (NASDAQ:TNGX) Shares Up 11.8% - Time to Buy?

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report) were up 11.8% during mid-day trading on Tuesday . The company traded as high as $4.59 and last traded at $4.65. Approximately 1,877,342 shares were traded during mid-day trading, an increase of 22% from the average daily volume of 1,542,550 shares. The stock had previously closed at $4.16.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reaffirmed a "buy" rating and set a $13.00 target price on shares of Tango Therapeutics in a research note on Monday, April 14th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $12.20.

Tango Therapeutics Stock Performance

The business has a 50 day simple moving average of $1.81 and a 200-day simple moving average of $2.38. The stock has a market capitalization of $513.79 million, a P/E ratio of -4.02 and a beta of 1.24.

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). The business had revenue of $5.39 million during the quarter, compared to analyst estimates of $6.73 million. Tango Therapeutics had a negative return on equity of 49.64% and a negative net margin of 284.42%. Equities research analysts forecast that Tango Therapeutics, Inc. will post -1.19 EPS for the current fiscal year.

Institutional Investors Weigh In On Tango Therapeutics

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