Tango Therapeutics (NASDAQ:TNGX) Reaches New 1-Year High – Still a Buy?

Tango Therapeutics, Inc. (NASDAQ:TNGX)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $22.61 and last traded at $22.8050, with a volume of 547364 shares. The stock had previously closed at $21.56.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on TNGX. Stifel Nicolaus lifted their price target on Tango Therapeutics from $15.00 to $24.00 and gave the company a “buy” rating in a research report on Monday, March 9th. Canaccord Genuity Group assumed coverage on shares of Tango Therapeutics in a research note on Thursday, April 2nd. They issued a “buy” rating and a $30.00 price target for the company. Weiss Ratings restated a “sell (e+)” rating on shares of Tango Therapeutics in a research report on Wednesday, January 21st. Piper Sandler upped their target price on shares of Tango Therapeutics from $11.00 to $14.00 and gave the stock an “overweight” rating in a research report on Friday, January 16th. Finally, Jefferies Financial Group restated a “buy” rating and set a $18.00 price target on shares of Tango Therapeutics in a research report on Thursday, March 5th. Ten investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $20.67.

Tango Therapeutics Stock Performance

The stock’s 50 day moving average price is $16.19 and its 200-day moving average price is $11.74. The company has a market cap of $3.27 billion, a PE ratio of -26.36 and a beta of 1.31.

Tango Therapeutics (NASDAQ:TNGX) last issued its earnings results on Thursday, March 5th. The company reported ($0.29) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.02. Tango Therapeutics had a negative net margin of 151.15% and a negative return on equity of 50.30%. On average, analysts anticipate that Tango Therapeutics, Inc. will post -1.19 EPS for the current year.

Insiders Place Their Bets

In other news, insider Adam Crystal sold 54,345 shares of the company’s stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $12.77, for a total value of $693,985.65. Following the sale, the insider directly owned 132,873 shares of the company’s stock, valued at $1,696,788.21. This represents a 29.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniella Beckman sold 10,317 shares of Tango Therapeutics stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $12.26, for a total transaction of $126,486.42. Following the transaction, the chief financial officer directly owned 184,297 shares of the company’s stock, valued at approximately $2,259,481.22. This trade represents a 5.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 172,884 shares of company stock worth $2,538,342. Company insiders own 7.50% of the company’s stock.

Institutional Trading of Tango Therapeutics

Several institutional investors have recently added to or reduced their stakes in TNGX. Invesco Ltd. raised its holdings in shares of Tango Therapeutics by 138.8% during the first quarter. Invesco Ltd. now owns 70,517 shares of the company’s stock valued at $97,000 after purchasing an additional 40,983 shares during the last quarter. AQR Capital Management LLC purchased a new stake in Tango Therapeutics in the first quarter worth approximately $195,000. Dynamic Technology Lab Private Ltd grew its position in Tango Therapeutics by 139.7% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 25,801 shares of the company’s stock worth $35,000 after purchasing an additional 15,037 shares during the period. Woodline Partners LP grew its position in Tango Therapeutics by 28.3% in the 1st quarter. Woodline Partners LP now owns 506,188 shares of the company’s stock worth $693,000 after purchasing an additional 111,791 shares during the period. Finally, Jane Street Group LLC raised its stake in Tango Therapeutics by 270.6% during the 1st quarter. Jane Street Group LLC now owns 352,897 shares of the company’s stock valued at $483,000 after buying an additional 257,668 shares during the last quarter. 78.99% of the stock is currently owned by hedge funds and other 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.