Leerink Partners Forecasts Strong Price Appreciation for Tango Therapeutics (NASDAQ:TNGX) Stock

Tango Therapeutics (NASDAQ:TNGX) had its target price lifted by Leerink Partners from $55.00 to $69.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Leerink Partners’ target price indicates a potential upside of 119.15% from the stock’s current price.

Several other analysts have also commented on the company. Weiss Ratings lowered Tango Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, May 28th. Citigroup reissued a “buy” rating on shares of Tango Therapeutics in a report on Monday, April 27th. Wedbush raised their target price on Tango Therapeutics from $19.00 to $33.00 and gave the stock an “outperform” rating in a report on Thursday, May 14th. Piper Sandler downgraded Tango Therapeutics from an “overweight” rating to a “neutral” rating and lifted their target price for the company from $16.00 to $24.00 in a research report on Thursday, May 14th. Finally, Canaccord Genuity Group started coverage on Tango Therapeutics in a research report on Thursday, April 2nd. They issued a “buy” rating and a $30.00 price target for the company. Eleven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Tango Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $34.17.

Tango Therapeutics Stock Up 55.7%

Shares of NASDAQ:TNGX traded up $11.27 on Monday, hitting $31.49. 16,748,655 shares of the company traded hands, compared to its average volume of 3,329,360. The stock has a 50 day simple moving average of $22.43 and a 200-day simple moving average of $15.66. The company has a market cap of $4.55 billion, a PE ratio of -38.40 and a beta of 1.19. Tango Therapeutics has a 52 week low of $3.77 and a 52 week high of $32.09.

Tango Therapeutics (NASDAQ:TNGX) last posted its quarterly earnings results on Wednesday, May 13th. The company reported ($0.32) earnings per share for the quarter, hitting the consensus estimate of ($0.32). Tango Therapeutics had a negative return on equity of 41.54% and a negative net margin of 151.15%. As a group, sell-side analysts anticipate that Tango Therapeutics will post -1.29 earnings per share for the current year.

Insider Buying and Selling

In other Tango Therapeutics news, insider Adam Crystal sold 38,460 shares of the company’s stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $25.00, for a total value of $961,500.00. Following the completion of the transaction, the insider directly owned 112,622 shares in the company, valued at $2,815,550. This represents a 25.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last 90 days, insiders sold 131,460 shares of company stock valued at $2,965,920. 6.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Tango Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. DV Trading LLC bought a new position in Tango Therapeutics during the first quarter valued at $6,290,000. Perceptive Advisors LLC lifted its stake in Tango Therapeutics by 57.5% in the first quarter. Perceptive Advisors LLC now owns 808,153 shares of the company’s stock worth $16,907,000 after purchasing an additional 295,118 shares during the last quarter. Stempoint Capital LP bought a new position in Tango Therapeutics in the 1st quarter valued at $4,203,000. The Manufacturers Life Insurance Company lifted its holdings in Tango Therapeutics by 234.6% during the 1st quarter. The Manufacturers Life Insurance Company now owns 108,218 shares of the company’s stock valued at $2,264,000 after buying an additional 75,876 shares in the last quarter. Finally, SummitTX Capital L.P. purchased a new position in Tango Therapeutics during the 1st quarter worth $262,000. 78.99% of the stock is owned by institutional investors.

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.