Tango Therapeutics (NASDAQ:TNGX) Trading Up 6.9% – Here’s What Happened

Tango Therapeutics, Inc. (NASDAQ:TNGX) shares rose 6.9% during trading on Friday . The stock traded as high as $8.24 and last traded at $8.2510. Approximately 374,857 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 2,078,482 shares. The stock had previously closed at $7.72.

Wall Street Analyst Weigh In

A number of brokerages recently commented on TNGX. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Tango Therapeutics in a research report on Monday, October 27th. Piper Sandler started coverage on Tango Therapeutics in a report on Monday, August 18th. They set an “overweight” rating and a $11.00 price objective for the company. Wall Street Zen upgraded Tango Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Tango Therapeutics in a report on Wednesday, October 8th. Finally, Guggenheim lifted their target price on Tango Therapeutics from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, October 24th. Four research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $12.00.

Tango Therapeutics Trading Up 6.4%

The company has a market cap of $1.11 billion, a P/E ratio of -8.83 and a beta of 1.66. The business’s fifty day moving average is $7.81 and its 200 day moving average is $5.82.

Tango Therapeutics (NASDAQ:TNGX) last released its quarterly earnings data on Tuesday, November 4th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.01 by $0.12. The business had revenue of $53.81 million for the quarter, compared to the consensus estimate of $41.35 million. Tango Therapeutics had a negative net margin of 151.15% and a negative return on equity of 60.80%. As a group, research analysts expect that Tango Therapeutics, Inc. will post -1.19 EPS for the current fiscal year.

Insider Transactions at Tango Therapeutics

In other news, major shareholder Rock Ventures Iv L.P. Third sold 477,401 shares of Tango Therapeutics stock in a transaction on Thursday, October 23rd. The stock was sold at an average price of $10.15, for a total value of $4,845,620.15. Following the completion of the transaction, the insider directly owned 13,386,574 shares in the company, valued at approximately $135,873,726.10. The trade was a 3.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders have sold 3,472,501 shares of company stock worth $26,350,320. Insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Adage Capital Partners GP L.L.C. bought a new stake in shares of Tango Therapeutics during the second quarter valued at about $30,235,000. Commodore Capital LP bought a new stake in Tango Therapeutics during the 2nd quarter worth approximately $7,680,000. Vanguard Group Inc. lifted its stake in Tango Therapeutics by 25.5% in the 3rd quarter. Vanguard Group Inc. now owns 5,052,003 shares of the company’s stock worth $42,437,000 after purchasing an additional 1,025,203 shares in the last quarter. Invesco Ltd. boosted its holdings in Tango Therapeutics by 982.9% in the 3rd quarter. Invesco Ltd. now owns 1,031,917 shares of the company’s stock valued at $8,668,000 after purchasing an additional 936,624 shares during the period. Finally, Franklin Resources Inc. grew its position in shares of Tango Therapeutics by 640.3% during the 3rd quarter. Franklin Resources Inc. now owns 926,904 shares of the company’s stock valued at $7,786,000 after purchasing an additional 801,697 shares in the last quarter. Institutional investors own 78.99% of the company’s stock.

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.