Tango Therapeutics (NASDAQ:TNGX) Shares Up 4.8% – Time to Buy?

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX) shot up 4.8% on Wednesday . The company traded as high as $26.00 and last traded at $25.9650. 747,494 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 3,442,162 shares. The stock had previously closed at $24.77.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Jefferies Financial Group upgraded shares of Tango Therapeutics from a “hold” rating to a “buy” rating and increased their target price for the stock from $27.00 to $60.00 in a report on Thursday, June 25th. UBS Group set a $55.00 price objective on Tango Therapeutics in a research note on Thursday, May 14th. Piper Sandler lowered 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 report on Thursday, May 14th. Canaccord Genuity Group boosted their target price on Tango Therapeutics from $42.00 to $46.00 and gave the stock a “buy” rating in a research note on Monday, June 29th. Finally, JPMorgan Chase & Co. assumed coverage on Tango Therapeutics in a report on Wednesday, July 15th. They set an “overweight” rating and a $46.00 price target on the stock. Thirteen analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Tango Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $43.46.

Tango Therapeutics Price Performance

The firm has a 50 day moving average of $28.03 and a two-hundred day moving average of $22.95. The stock has a market cap of $4.46 billion, a PE ratio of -31.11 and a beta of 1.16.

Tango Therapeutics (NASDAQ:TNGX) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.05). As a group, equities analysts anticipate that Tango Therapeutics, Inc. will post -1.38 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Adam Crystal sold 27,000 shares of the business’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $29.59, for a total value of $798,930.00. Following the completion of the sale, the insider directly owned 115,743 shares of the company’s stock, valued at $3,424,835.37. The trade was a 18.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.50% of the stock is owned by corporate insiders.

Institutional Trading of Tango Therapeutics

Large investors have recently made changes to their positions in the company. Farallon Capital Management LLC increased its position in Tango Therapeutics by 21.4% during the fourth quarter. Farallon Capital Management LLC now owns 13,061,411 shares of the company’s stock worth $115,724,000 after buying an additional 2,304,411 shares during the period. BlackRock Inc. purchased a new position in shares of Tango Therapeutics during the second quarter worth approximately $388,826,000. Adage Capital Partners GP L.L.C. increased its holdings in shares of Tango Therapeutics by 322.5% in 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 during the period. Siren L.L.C. increased its holdings in shares of Tango Therapeutics by 38.8% in the 4th quarter. Siren L.L.C. now owns 8,165,374 shares of the company’s stock valued at $72,345,000 after acquiring an additional 2,282,186 shares during the period. Finally, Vanguard Group Inc. raised its position in Tango Therapeutics by 33.6% in the 4th quarter. Vanguard Group Inc. now owns 6,750,977 shares of the company’s stock valued at $59,814,000 after purchasing an additional 1,698,974 shares during the last quarter. 78.99% of the stock is owned by institutional investors and hedge funds.

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.