Tango Therapeutics (NASDAQ:TNGX) Posts Quarterly Earnings Results, Hits Expectations

Tango Therapeutics (NASDAQ:TNGX) posted its earnings results on Wednesday. The company reported ($0.32) EPS for the quarter, hitting the consensus estimate of ($0.32), Zacks reports. Tango Therapeutics had a negative net margin of 151.15% and a negative return on equity of 50.30%.

Tango Therapeutics Trading Up 8.6%

Shares of NASDAQ:TNGX traded up $2.01 during mid-day trading on Wednesday, reaching $25.51. The company had a trading volume of 3,298,182 shares, compared to its average volume of 3,243,069. The company’s 50-day moving average price is $20.86 and its 200-day moving average price is $13.95. Tango Therapeutics has a one year low of $1.25 and a one year high of $28.41. The firm has a market cap of $3.68 billion, a price-to-earnings ratio of -29.32 and a beta of 1.22.

Insider Activity

In other news, insider Adam Crystal sold 27,000 shares of the company’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $21.23, for a total transaction of $573,210.00. Following the transaction, the insider owned 115,743 shares of the company’s stock, valued at $2,457,223.89. This represents a 18.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 179,056 shares of company stock valued at $3,346,181 in the last 90 days. Insiders own 6.50% of the company’s stock.

Institutional Trading of Tango Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the business. XTX Topco Ltd bought a new position in Tango Therapeutics in the 4th quarter worth approximately $335,000. VARCOV Co. purchased a new stake in shares of Tango Therapeutics during the fourth quarter worth $261,000. Virtus Investment Advisers LLC boosted its holdings in shares of Tango Therapeutics by 26.3% in the fourth quarter. Virtus Investment Advisers LLC now owns 28,452 shares of the company’s stock worth $252,000 after acquiring an additional 5,920 shares during the period. Tudor Investment Corp ET AL grew its position in shares of Tango Therapeutics by 27.4% in the fourth quarter. Tudor Investment Corp ET AL now owns 68,251 shares of the company’s stock valued at $605,000 after purchasing an additional 14,679 shares in the last quarter. Finally, Sphera Funds Management LTD. purchased a new stake in Tango Therapeutics during the 4th quarter worth about $4,825,000. Institutional investors own 78.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on TNGX. Stifel Nicolaus boosted their price objective on Tango Therapeutics from $24.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, April 27th. Weiss Ratings upgraded shares of Tango Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday. Canaccord Genuity Group started coverage on shares of Tango Therapeutics in a research report on Thursday, April 2nd. They issued a “buy” rating and a $30.00 price objective for the company. Citigroup restated a “buy” rating on shares of Tango Therapeutics in a research note on Monday, April 27th. Finally, Piper Sandler lifted their price target on Tango Therapeutics from $11.00 to $14.00 and gave the stock an “overweight” rating in a report on Friday, January 16th. Eleven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Tango Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $22.44.

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.