Tango Therapeutics (NASDAQ:TNGX) Stock Price Up 8.8% – Here’s Why

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX) shot up 8.8% during trading on Monday . The stock traded as high as $13.38 and last traded at $13.2680. 633,513 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 2,876,713 shares. The stock had previously closed at $12.20.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on TNGX shares. Guggenheim raised their price target on shares of Tango Therapeutics from $12.00 to $18.00 and gave the stock a “buy” rating in a research note on Friday, February 6th. Wolfe Research began coverage on Tango Therapeutics in a research report on Tuesday, November 18th. They issued a “peer perform” rating for the company. Weiss Ratings restated a “sell (e+)” rating on shares of Tango Therapeutics in a research note on Wednesday, January 21st. Stifel Nicolaus began coverage on Tango Therapeutics in a research report on Wednesday, December 3rd. They set a “buy” rating and a $15.00 price target on the stock. Finally, Mizuho initiated coverage on Tango Therapeutics in a report on Monday. They issued an “outperform” rating and a $19.00 price objective for the company. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $15.50.

Tango Therapeutics Price Performance

The stock has a market capitalization of $1.68 billion, a P/E ratio of -13.45 and a beta of 1.75. The stock has a fifty day moving average price of $11.01 and a 200 day moving average price of $9.04.

Insider Transactions at Tango Therapeutics

In related news, insider Adam Crystal sold 18,452 shares of the business’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $12.26, for a total transaction of $226,221.52. Following the completion of the transaction, the insider owned 187,218 shares of the company’s stock, valued at approximately $2,295,292.68. The trade was a 8.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Barbara Weber sold 30,519 shares of the stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $12.26, for a total transaction of $374,162.94. Following the completion of the sale, the director owned 1,629,254 shares in the company, valued at $19,974,654.04. This represents a 1.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 59,288 shares of company stock valued at $726,871. 7.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tango Therapeutics

A number of institutional investors have recently added to or reduced their stakes in TNGX. Adage Capital Partners GP L.L.C. boosted its position 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 during the last quarter. Caligan Partners LP purchased a new stake in Tango Therapeutics in the fourth quarter valued at approximately $33,047,000. Goldman Sachs Group Inc. lifted its position in Tango Therapeutics by 227.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 4,942,414 shares of the company’s stock valued at $43,790,000 after purchasing an additional 3,432,939 shares during the last quarter. Logos Global Management LP lifted its position 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 purchasing an additional 3,250,000 shares during the last quarter. Finally, Paradigm Biocapital Advisors LP purchased a new position in Tango Therapeutics in the 3rd quarter worth approximately $25,924,000. 78.99% of the stock is currently 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.