Tango Therapeutics (NASDAQ:TNGX) Shares Up 8.3% – Here’s Why

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX) were up 8.3% during trading on Wednesday . The stock traded as high as $11.05 and last traded at $11.3060. Approximately 831,147 shares were traded during trading, a decline of 73% from the average daily volume of 3,095,982 shares. The stock had previously closed at $10.44.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on TNGX. Guggenheim increased their target price on shares of Tango Therapeutics from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday, October 24th. B. Riley raised their price objective on Tango Therapeutics from $8.00 to $14.00 and gave the company a “buy” rating in a research note on Tuesday, November 18th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Tango Therapeutics in a research report on Monday, October 27th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Tango Therapeutics in a report on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of Tango Therapeutics from a “hold” rating to a “buy” rating in a research note on Saturday, December 13th. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $13.00.

Tango Therapeutics Trading Up 15.9%

The business has a 50-day moving average of $9.22 and a 200 day moving average of $7.84. The firm has a market capitalization of $1.63 billion, a PE ratio of -13.02 and a beta of 1.75.

Tango Therapeutics (NASDAQ:TNGX) last posted its earnings results on Tuesday, November 4th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.12. The firm had revenue of $53.81 million during the quarter, compared to analyst estimates of $41.35 million. Tango Therapeutics had a negative net margin of 151.15% and a negative return on equity of 60.80%. On average, sell-side analysts expect that Tango Therapeutics, Inc. will post -1.19 EPS for the current fiscal year.

Insider Buying and Selling

In other Tango Therapeutics news, major shareholder Rock Ventures Iv L.P. Third sold 477,401 shares of Tango Therapeutics stock in a transaction that occurred on Thursday, October 23rd. The shares were sold at an average price of $10.15, for a total transaction of $4,845,620.15. Following the transaction, the insider owned 13,386,574 shares of the company’s stock, valued at $135,873,726.10. This trade represents a 3.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 7.50% of the company’s stock.

Institutional Trading of Tango Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the business. Adage Capital Partners GP L.L.C. bought a new stake in Tango Therapeutics during the second quarter worth $30,235,000. Paradigm Biocapital Advisors LP bought a new stake in shares of Tango Therapeutics during the 3rd quarter worth $25,924,000. Farallon Capital Management LLC raised its stake in shares of Tango Therapeutics by 17.5% during the 3rd quarter. Farallon Capital Management LLC now owns 10,757,000 shares of the company’s stock worth $90,359,000 after purchasing an additional 1,600,000 shares during the period. Commodore Capital LP purchased a new position in shares of Tango Therapeutics in the 2nd quarter worth about $7,680,000. Finally, Deep Track Capital LP bought a new position in Tango Therapeutics during the third quarter valued at about $12,218,000. 78.99% of the stock is owned by hedge funds and other institutional investors.

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.