Tango Therapeutics (NASDAQ:TNGX) Upgraded to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Tango Therapeutics (NASDAQ:TNGX) from a sell rating to a hold rating in a report published on Saturday morning.

Several other research firms have also recently issued reports on TNGX. Piper Sandler started coverage on Tango Therapeutics in a research note on Monday, August 18th. They issued an “overweight” rating and a $11.00 price target for the company. Cantor Fitzgerald reiterated 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 company a “buy” rating in a research note on Friday, October 24th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Tango Therapeutics in a research report on Wednesday, October 8th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $11.00.

Tango Therapeutics Trading Down 1.7%

Tango Therapeutics stock traded down $0.14 during midday trading on Friday, reaching $7.87. 2,346,405 shares of the stock traded hands, compared to its average volume of 4,355,987. Tango Therapeutics has a fifty-two week low of $1.03 and a fifty-two week high of $9.70. The firm has a market cap of $1.06 billion, a price-to-earnings ratio of -8.46 and a beta of 1.66. The firm has a fifty day moving average price of $7.71 and a two-hundred day moving average price of $5.67.

Tango Therapeutics (NASDAQ:TNGX) last released its quarterly earnings results on Tuesday, November 4th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.12. Tango Therapeutics had a negative return on equity of 60.80% and a negative net margin of 151.15%.The company had revenue of $53.81 million for the quarter, compared to analysts’ expectations of $41.35 million. Analysts anticipate that Tango Therapeutics will post -1.19 earnings per share for the current year.

Insider Buying and Selling at Tango Therapeutics

In other news, major shareholder Rock Ventures Iv L.P. Third sold 1,100,000 shares of Tango Therapeutics stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $7.01, for a total value of $7,711,000.00. Following the transaction, the insider owned 15,759,075 shares of the company’s stock, valued at $110,471,115.75. The trade was a 6.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In the last three months, insiders have sold 3,472,501 shares of company stock worth $26,350,320. Company insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in TNGX. CWM LLC boosted its stake in shares of Tango Therapeutics by 182.2% during the 2nd quarter. CWM LLC now owns 4,905 shares of the company’s stock worth $25,000 after acquiring an additional 3,167 shares in the last quarter. Dynamic Technology Lab Private Ltd boosted its position in shares of Tango Therapeutics by 139.7% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 25,801 shares of the company’s stock valued at $35,000 after purchasing an additional 15,037 shares during the period. Legal & General Group Plc increased its stake in Tango Therapeutics by 30.7% in 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 in the last quarter. Ameritas Investment Partners Inc. raised its holdings in Tango Therapeutics by 78.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 7,830 shares of the company’s stock worth $40,000 after buying an additional 3,452 shares during the period. Finally, Tower Research Capital LLC TRC raised its holdings in Tango Therapeutics by 44.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 9,473 shares of the company’s stock worth $49,000 after buying an additional 2,907 shares during the period. Institutional investors and hedge funds own 78.99% of the company’s stock.

About Tango Therapeutics

Tango Therapeutics, Inc, a biotechnology company, discovers and develops drugs for the treatment of cancer. Its lead program is TNG908, a synthetic lethal small molecule inhibitor of protein arginine methyltransferase 5 that is being developed as a treatment for cancers with methylthioadenosine phosphorylase deletions.