Tango Therapeutics (NASDAQ:TNGX) Shares Gap Down – What’s Next?

Tango Therapeutics, Inc. (NASDAQ:TNGX) gapped down before the market opened on Thursday . The stock had previously closed at $25.51, but opened at $23.53. Tango Therapeutics shares last traded at $24.0870, with a volume of 510,427 shares changing hands.

Analysts Set New Price Targets

TNGX has been the topic of several recent research reports. Stifel Nicolaus increased their target price on Tango Therapeutics from $24.00 to $40.00 and gave the company a “buy” rating in a research report on Monday, April 27th. HC Wainwright increased their target price on Tango Therapeutics from $13.00 to $27.00 and gave the company a “buy” rating in a research report on Friday, March 6th. Citigroup reiterated a “buy” rating on shares of Tango Therapeutics in a report on Monday, April 27th. Jefferies Financial Group lowered Tango Therapeutics from a “buy” rating to a “hold” rating and increased their price objective for the company from $18.00 to $27.00 in a report on Thursday. Finally, Piper Sandler lowered Tango Therapeutics from an “overweight” rating to a “neutral” rating and increased their price objective for the company from $16.00 to $24.00 in a report on Thursday. Ten analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $32.27.

Tango Therapeutics Stock Performance

The company has a market cap of $2.97 billion, a PE ratio of -24.77 and a beta of 1.22. The stock has a 50 day moving average of $21.58 and a 200-day moving average of $14.24.

Tango Therapeutics (NASDAQ:TNGX) last issued its earnings results on Wednesday, May 13th. The company reported ($0.32) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.32). Tango Therapeutics had a negative return on equity of 41.54% and a negative net margin of 151.15%. Equities research analysts forecast that Tango Therapeutics, Inc. will post -1.35 EPS for the current year.

Insider Buying and Selling at Tango Therapeutics

In other Tango Therapeutics news, insider Adam Crystal sold 54,345 shares of Tango Therapeutics stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $12.77, for a total transaction of $693,985.65. Following the completion of the transaction, the insider owned 132,873 shares in the company, valued at approximately $1,696,788.21. This trade represents a 29.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In the last ninety days, insiders sold 179,056 shares of company stock worth $3,346,181. Company insiders own 6.50% of the company’s stock.

Hedge Funds Weigh In On Tango Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. Tudor Investment Corp ET AL purchased a new position in shares of Tango Therapeutics in the 3rd quarter valued at about $450,000. Farallon Capital Management LLC raised its position in shares of Tango Therapeutics by 17.5% during the 3rd quarter. Farallon Capital Management LLC now owns 10,757,000 shares of the company’s stock worth $90,359,000 after purchasing an additional 1,600,000 shares during the last quarter. Mass General Brigham Inc purchased a new position in Tango Therapeutics in the 4th quarter valued at about $3,138,000. Rafferty Asset Management LLC acquired a new stake in Tango Therapeutics in the 3rd quarter worth about $1,221,000. Finally, Avoro Capital Advisors LLC acquired a new stake in Tango Therapeutics in the 3rd quarter worth about $4,578,000. Hedge funds and other institutional investors own 78.99% of the company’s stock.

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.