Tango Therapeutics (NASDAQ:TNGX) Sets New 52-Week High – Here’s Why

Tango Therapeutics, Inc. (NASDAQ:TNGX) reached a new 52-week high on Monday . The company traded as high as $29.70 and last traded at $28.7090, with a volume of 2715375 shares changing hands. The stock had previously closed at $20.22.

Wall Street Analysts Forecast Growth

TNGX has been the topic of several recent research reports. Canaccord Genuity Group began coverage on Tango Therapeutics in a report on Thursday, April 2nd. They set a “buy” rating and a $30.00 target price on the stock. Guggenheim increased their price target on Tango Therapeutics from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, March 6th. Leerink Partners lifted their price objective on Tango Therapeutics from $28.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, May 14th. Citigroup reaffirmed a “buy” rating on shares of Tango Therapeutics in a research note on Monday, April 27th. Finally, B. Riley Financial reiterated a “buy” rating on shares of Tango Therapeutics in a report on Friday, March 27th. Ten equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $32.27.

Tango Therapeutics Trading Up 36.1%

The firm has a 50-day moving average of $22.43 and a 200 day moving average of $15.66. The company has a market cap of $3.98 billion, a P/E ratio of -34.60 and a beta of 1.19.

Tango Therapeutics (NASDAQ:TNGX) last issued its earnings results on Wednesday, May 13th. The company reported ($0.32) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.32). Tango Therapeutics had a negative return on equity of 41.54% and a negative net margin of 151.15%. On average, equities analysts predict that Tango Therapeutics, Inc. will post -1.29 EPS for the current year.

Insider Activity

In related news, insider Adam Crystal sold 38,460 shares of the stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $25.00, for a total transaction of $961,500.00. Following the transaction, the insider directly owned 112,622 shares of the company’s stock, valued at $2,815,550. This represents a 25.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders have sold 131,460 shares of company stock worth $2,965,920. 6.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in TNGX. Global Retirement Partners LLC bought a new position in Tango Therapeutics in the fourth quarter worth approximately $35,000. Dynamic Technology Lab Private Ltd increased its holdings in shares of Tango Therapeutics by 139.7% during the first quarter. Dynamic Technology Lab Private Ltd now owns 25,801 shares of the company’s stock valued at $35,000 after acquiring an additional 15,037 shares in the last quarter. Legal & General Group Plc raised 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 during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Tango Therapeutics by 148,800.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,467 shares of the company’s stock worth $40,000 after purchasing an additional 4,464 shares during the period. Finally, ANTIPODES PARTNERS Ltd bought a new position in shares of Tango Therapeutics in the 4th quarter worth $40,000. 78.99% of the stock is owned by institutional investors and hedge funds.

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.