Tango Therapeutics (NASDAQ:TNGX) Sees Large Volume Increase – Should You Buy?

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX) saw unusually-strong trading volume on Tuesday . Approximately 2,359,101 shares changed hands during mid-day trading, an increase of 9% from the previous session’s volume of 2,156,170 shares.The stock last traded at $8.58 and had previously closed at $8.75.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Cantor Fitzgerald reissued an “overweight” rating on shares of Tango Therapeutics in a research report on Monday, October 27th. Guggenheim raised their target price on shares of Tango Therapeutics from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, October 24th. B. Riley boosted their target price on shares of Tango Therapeutics from $8.00 to $14.00 and gave the company a “buy” rating in a research note on Tuesday, November 18th. Weiss Ratings restated a “sell (e+)” rating on shares of Tango Therapeutics in a research note on Wednesday, October 8th. Finally, Stifel Nicolaus began coverage on Tango Therapeutics in a report on Wednesday, December 3rd. They issued a “buy” rating and a $15.00 target price on the stock. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.00.

Tango Therapeutics Stock Performance

The firm’s fifty day moving average price is $8.80 and its 200 day moving average price is $7.46. The firm has a market cap of $1.14 billion, a P/E ratio of -9.10 and a beta of 1.71.

Tango Therapeutics (NASDAQ:TNGX) last posted its earnings results on Tuesday, November 4th. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.12. The company had revenue of $53.81 million during 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, analysts expect that Tango Therapeutics, Inc. will post -1.19 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Rock Ventures Iv L.P. Third sold 477,401 shares of the stock in a transaction on Thursday, October 23rd. The shares were sold at an average price of $10.15, for a total value of $4,845,620.15. Following the sale, the insider owned 13,386,574 shares in the company, valued at $135,873,726.10. This represents a 3.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 7.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Tango Therapeutics

A number of institutional investors have recently modified their holdings of the stock. CWM LLC boosted its stake in shares of Tango Therapeutics by 182.2% in the second quarter. CWM LLC now owns 4,905 shares of the company’s stock worth $25,000 after buying an additional 3,167 shares during the last quarter. Dynamic Technology Lab Private Ltd boosted 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 in the last quarter. Legal & General Group Plc grew its stake in shares of Tango Therapeutics by 30.7% during the 2nd 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. Ameritas Investment Partners Inc. increased its holdings in shares of Tango Therapeutics by 78.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 7,830 shares of the company’s stock valued at $40,000 after purchasing an additional 3,452 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its stake in shares of Tango Therapeutics by 44.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,473 shares of the company’s stock valued at $49,000 after purchasing an additional 2,907 shares during the period. Hedge funds and other institutional investors own 78.99% of the company’s stock.

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.