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

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $12.52 and last traded at $12.39, with a volume of 5099875 shares traded. The stock had previously closed at $10.44.

Wall Street Analyst Weigh In

A number of brokerages recently commented on TNGX. Wall Street Zen raised Tango Therapeutics from a “hold” rating to a “buy” rating in a research note on Saturday, December 13th. Stifel Nicolaus initiated coverage on Tango Therapeutics in a report on Wednesday, December 3rd. They set a “buy” rating and a $15.00 price objective on the stock. Guggenheim increased 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. B. Riley boosted their price target on shares of Tango Therapeutics from $8.00 to $14.00 and gave the stock a “buy” rating in a research report on Tuesday, November 18th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Tango Therapeutics in a research note on Wednesday, October 8th. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.60.

Tango Therapeutics Stock Performance

The stock has a market cap of $1.75 billion, a PE ratio of -13.99 and a beta of 1.75. The stock has a fifty day moving average price of $9.50 and a 200 day moving average price of $7.96.

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

Insider Activity

In related news, major shareholder Rock Ventures Iv L.P. Third sold 477,401 shares of Tango Therapeutics stock in a transaction dated 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 completion of the transaction, the insider directly owned 13,386,574 shares of the company’s stock, valued at approximately $135,873,726.10. The trade was a 3.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On Tango Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the stock. Vivo Capital LLC bought a new position in shares of Tango Therapeutics during the second quarter valued at approximately $3,072,000. Geode Capital Management LLC raised its stake in Tango Therapeutics by 27.9% in the second quarter. Geode Capital Management LLC now owns 1,768,913 shares of the company’s stock worth $9,058,000 after buying an additional 385,476 shares in the last quarter. Candriam S.C.A. purchased a new stake in Tango Therapeutics during the second quarter worth $3,629,000. Stempoint Capital LP purchased a new stake in Tango Therapeutics during the second quarter worth $1,069,000. Finally, Vanguard Personalized Indexing Management LLC boosted its position in Tango Therapeutics by 91.6% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 20,369 shares of the company’s stock valued at $104,000 after acquiring an additional 9,737 shares in the last quarter. 78.99% of the stock is currently owned by institutional investors.

Tango Therapeutics Company Profile

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.