Tango Therapeutics (NASDAQ:TNGX) Sets New 12-Month High – Here’s What Happened

Tango Therapeutics, Inc. (NASDAQ:TNGX) reached a new 52-week high on Thursday . The stock traded as high as $12.11 and last traded at $11.79, with a volume of 7773667 shares traded. The stock had previously closed at $9.67.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Tango Therapeutics in a report on Wednesday, October 8th. Cantor Fitzgerald restated an “overweight” rating on shares of Tango Therapeutics in a report on Monday, October 27th. Wolfe Research started coverage on shares of Tango Therapeutics in a research report on Tuesday, November 18th. They set a “peer perform” rating for the company. Wall Street Zen upgraded shares of Tango Therapeutics from a “hold” rating to a “buy” rating in a report on Saturday, December 13th. Finally, Stifel Nicolaus started coverage on shares of Tango Therapeutics in a research note on Wednesday, December 3rd. They set a “buy” rating and a $15.00 price objective for the company. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $13.00.

Tango Therapeutics Stock Up 21.9%

The firm’s 50 day simple moving average is $8.99 and its 200-day simple moving average is $7.66. The company has a market capitalization of $1.59 billion, a PE ratio of -12.68 and a beta of 1.75.

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

Insider Buying and Selling at Tango Therapeutics

In other news, major shareholder Rock Ventures Iv L.P. Third sold 477,401 shares of the company’s stock in a transaction dated 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 sale, the insider owned 13,386,574 shares of the company’s stock, valued at $135,873,726.10. This represents a 3.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 7.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Tango Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Legal & General Group Plc lifted its position in shares of Tango Therapeutics by 30.7% during the second quarter. Legal & General Group Plc now owns 6,985 shares of the company’s stock worth $36,000 after purchasing an additional 1,640 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in Tango Therapeutics by 44.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 9,473 shares of the company’s stock worth $49,000 after buying an additional 2,907 shares during the period. CWM LLC lifted its holdings in Tango Therapeutics by 182.2% in the 2nd quarter. CWM LLC now owns 4,905 shares of the company’s stock worth $25,000 after buying an additional 3,167 shares in the last quarter. Ameritas Investment Partners Inc. boosted its position in Tango Therapeutics by 78.8% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 7,830 shares of the company’s stock valued at $40,000 after buying an additional 3,452 shares during the last quarter. Finally, ProShare Advisors LLC grew its stake in shares of Tango Therapeutics by 30.1% during the second quarter. ProShare Advisors LLC now owns 19,775 shares of the company’s stock valued at $101,000 after acquiring an additional 4,570 shares in the last quarter. Hedge funds and other institutional investors own 78.99% of the company’s stock.

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.