Tango Therapeutics (NASDAQ:TNGX) Given New $33.00 Price Target at Wedbush

Tango Therapeutics (NASDAQ:TNGX) had its price target lifted by research analysts at Wedbush from $19.00 to $33.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Wedbush’s price objective suggests a potential upside of 39.74% from the stock’s previous close.

Several other research analysts have also recently weighed in on TNGX. Canaccord Genuity Group started coverage on Tango Therapeutics in a research report on Thursday, April 2nd. They set a “buy” rating and a $30.00 price target for the company. Piper Sandler lifted their price target on shares of Tango Therapeutics from $11.00 to $14.00 and gave the company an “overweight” rating in a research report on Friday, January 16th. Weiss Ratings upgraded Tango Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday. Citigroup reaffirmed a “buy” rating on shares of Tango Therapeutics in a research report on Monday, April 27th. Finally, HC Wainwright lifted their price target on Tango Therapeutics from $13.00 to $27.00 and gave the stock a “buy” rating in a report on Friday, March 6th. Ten research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.00.

Tango Therapeutics Stock Performance

Shares of TNGX stock opened at $23.62 on Thursday. Tango Therapeutics has a fifty-two week low of $1.25 and a fifty-two week high of $28.41. The firm has a market capitalization of $3.41 billion, a price-to-earnings ratio of -27.49 and a beta of 1.22. The stock’s 50-day simple moving average is $21.14 and its 200-day simple moving average is $14.07.

Tango Therapeutics (NASDAQ:TNGX) last released its earnings results on Wednesday, May 13th. The company reported ($0.32) EPS for the quarter, hitting analysts’ consensus estimates of ($0.32). Tango Therapeutics had a negative net margin of 151.15% and a negative return on equity of 50.30%. As a group, equities analysts forecast that Tango Therapeutics will post -1.35 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Adam Crystal sold 54,345 shares of the business’s stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $12.77, for a total value of $693,985.65. Following the completion of the transaction, the insider directly owned 132,873 shares of the company’s stock, valued at $1,696,788.21. The trade was a 29.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders sold a total of 179,056 shares of company stock worth $3,346,181 over the last ninety days. Company insiders own 6.50% of the company’s stock.

Hedge Funds Weigh In On Tango Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the company. Adage Capital Partners GP L.L.C. lifted its holdings in shares of 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 valued at $93,986,000 after acquiring an additional 8,096,924 shares in the last quarter. Caligan Partners LP purchased a new position in Tango Therapeutics in the 4th quarter valued at about $33,047,000. Goldman Sachs Group Inc. grew its holdings in Tango Therapeutics by 227.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 4,942,414 shares of the company’s stock worth $43,790,000 after acquiring an additional 3,432,939 shares in the last quarter. Logos Global Management LP raised its stake in Tango Therapeutics by 342.1% during the fourth quarter. Logos Global Management LP now owns 4,200,000 shares of the company’s stock valued at $37,212,000 after buying an additional 3,250,000 shares in the last quarter. Finally, Paradigm Biocapital Advisors LP bought a new position in Tango Therapeutics during the 3rd quarter worth approximately $25,924,000. 78.99% of the stock is owned by institutional investors and hedge funds.

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.