Tango Therapeutics (NASDAQ:TNGX) Given New $46.00 Price Target at Canaccord Genuity Group

Tango Therapeutics (NASDAQ:TNGX) had its price objective hoisted by investment analysts at Canaccord Genuity Group from $42.00 to $46.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 44.47% from the stock’s previous close.

TNGX has been the topic of a number of other research reports. Jefferies Financial Group raised Tango Therapeutics from a “hold” rating to a “buy” rating and increased their price target for the company from $27.00 to $60.00 in a research note on Thursday. Guggenheim raised their target price on Tango Therapeutics from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, March 6th. B. Riley Financial reaffirmed a “buy” rating on shares of Tango Therapeutics in a research note on Monday, June 8th. Wedbush lifted their price objective on shares of Tango Therapeutics from $19.00 to $33.00 and gave the stock an “outperform” rating in a research note on Thursday, May 14th. Finally, Raymond James Financial cut shares of Tango Therapeutics to a “hold” rating in a report on Thursday. Twelve equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Tango Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.50.

Tango Therapeutics Stock Up 1.2%

Tango Therapeutics stock opened at $31.84 on Monday. The business’s 50-day simple moving average is $25.18 and its 200 day simple moving average is $17.81. The stock has a market cap of $4.61 billion, a price-to-earnings ratio of -38.07 and a beta of 1.19. Tango Therapeutics has a 12-month low of $4.80 and a 12-month high of $34.39.

Tango Therapeutics (NASDAQ:TNGX) last released its earnings results on Wednesday, May 13th. The company reported ($0.32) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.32). Tango Therapeutics had a negative net margin of 151.15% and a negative return on equity of 41.54%. As a group, sell-side analysts expect that Tango Therapeutics will post -1.28 EPS for the current year.

Insiders Place Their Bets

In other news, insider Adam Crystal sold 38,460 shares of the company’s stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $25.00, for a total value of $961,500.00. Following the completion of the transaction, the insider owned 112,622 shares in the company, valued at $2,815,550. This represents a 25.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 119,460 shares of company stock valued at $2,724,600 over the last 90 days. Insiders own 6.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Farallon Capital Management LLC boosted its position in Tango Therapeutics by 21.4% during the 4th quarter. Farallon Capital Management LLC now owns 13,061,411 shares of the company’s stock worth $115,724,000 after acquiring an additional 2,304,411 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its position in Tango Therapeutics by 322.5% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 10,607,924 shares of the company’s stock worth $93,986,000 after buying an additional 8,096,924 shares in the last quarter. Siren L.L.C. boosted its stake in shares of Tango Therapeutics by 38.8% during the 4th quarter. Siren L.L.C. now owns 8,165,374 shares of the company’s stock worth $72,345,000 after buying an additional 2,282,186 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Tango Therapeutics by 33.6% in the 4th quarter. Vanguard Group Inc. now owns 6,750,977 shares of the company’s stock valued at $59,814,000 after acquiring an additional 1,698,974 shares in the last quarter. Finally, State Street Corp increased its position in shares of Tango Therapeutics by 84.8% in the fourth quarter. State Street Corp now owns 6,218,567 shares of the company’s stock valued at $55,097,000 after acquiring an additional 2,853,362 shares during the last quarter. 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.