Tango Therapeutics (NASDAQ:TNGX) Trading Up 8.7% – Still a Buy?

Tango Therapeutics, Inc. (NASDAQ:TNGX)’s share price shot up 8.7% during trading on Friday . The stock traded as high as $6.88 and last traded at $6.84. 636,006 shares traded hands during mid-day trading, a decline of 16% from the average session volume of 761,216 shares. The stock had previously closed at $6.29.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on TNGX. Cantor Fitzgerald restated an “overweight” rating on shares of Tango Therapeutics in a report on Tuesday, July 9th. HC Wainwright reiterated a “buy” rating and issued a $13.00 target price on shares of Tango Therapeutics in a research note on Tuesday, September 10th. Wedbush raised their price target on shares of Tango Therapeutics from $11.00 to $13.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Finally, Jefferies Financial Group started coverage on shares of Tango Therapeutics in a report on Wednesday, July 17th. They issued a “buy” rating and a $19.00 price objective for the company. Seven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $15.14.

Tango Therapeutics Stock Up 3.2 %

The company has a market cap of $693.43 million, a PE ratio of -6.03 and a beta of 0.81. The company’s fifty day moving average is $8.79 and its 200-day moving average is $8.47.

Tango Therapeutics (NASDAQ:TNGX) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.10. The company had revenue of $19.88 million for the quarter, compared to the consensus estimate of $7.39 million. Tango Therapeutics had a negative net margin of 274.04% and a negative return on equity of 44.73%. Equities research analysts expect that Tango Therapeutics, Inc. will post -1.27 EPS for the current fiscal year.

Insider Activity at Tango Therapeutics

In other Tango Therapeutics news, major shareholder Rock Ventures Iv L.P. Third sold 40,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $9.80, for a total transaction of $392,000.00. Following the completion of the sale, the insider now directly owns 17,486,475 shares of the company’s stock, valued at $171,367,455. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Tango Therapeutics news, insider Boxer Capital Management, Llc sold 625,000 shares of the stock in a transaction on Monday, October 21st. The shares were sold at an average price of $7.05, for a total transaction of $4,406,250.00. Following the completion of the transaction, the insider now owns 7,573,642 shares in the company, valued at $53,394,176.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Rock Ventures Iv L.P. Third sold 40,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $9.80, for a total transaction of $392,000.00. Following the completion of the sale, the insider now owns 17,486,475 shares in the company, valued at approximately $171,367,455. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,292,400 shares of company stock valued at $11,528,872. 6.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. purchased a new position in shares of Tango Therapeutics in the 2nd quarter worth approximately $3,836,000. Mirae Asset Global Investments Co. Ltd. increased its position in Tango Therapeutics by 32.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 28,964 shares of the company’s stock valued at $230,000 after acquiring an additional 7,128 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Tango Therapeutics by 3.4% in the first quarter. Vanguard Group Inc. now owns 3,080,885 shares of the company’s stock valued at $24,462,000 after acquiring an additional 101,673 shares during the period. Quarry LP bought a new stake in shares of Tango Therapeutics in the 2nd quarter worth about $99,000. Finally, Point72 DIFC Ltd purchased a new position in shares of Tango Therapeutics during the 2nd quarter worth about $54,000. Hedge funds and other institutional investors own 78.99% of the company’s stock.

Tango Therapeutics Company Profile

Tango Therapeutics, Inc, a biotechnology company, discovers and develops drugs for the treatment of cancer. Its lead program is TNG908, a synthetic lethal small molecule inhibitor of protein arginine methyltransferase 5 that is being developed as a treatment for cancers with methylthioadenosine phosphorylase deletions.