Tango Therapeutics (NASDAQ:TNGX) Shares Gap Up – Still a Buy?

Tango Therapeutics, Inc. (NASDAQ:TNGX) shares gapped up before the market opened on Friday . The stock had previously closed at $30.14, but opened at $31.47. Tango Therapeutics shares last traded at $30.7460, with a volume of 605,380 shares changing hands.

Analyst Upgrades and Downgrades

TNGX has been the subject of several research analyst reports. B. Riley Financial restated a “buy” rating on shares of Tango Therapeutics in a research report on Monday, June 8th. Canaccord Genuity Group increased their price objective on Tango Therapeutics from $30.00 to $42.00 and gave the company a “buy” rating in a research report on Tuesday, June 9th. Weiss Ratings raised Tango Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, June 12th. Raymond James Financial downgraded Tango Therapeutics to a “hold” rating in a research report on Thursday. Finally, Leerink Partners upped their price target on Tango Therapeutics from $55.00 to $69.00 and gave the company an “outperform” rating in a research note on Monday, June 8th. Twelve investment 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. Based on data from MarketBeat.com, Tango Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $41.17.

Tango Therapeutics Stock Performance

The firm’s 50-day moving average price is $25.05 and its 200 day moving average price is $17.66. The company has a market cap of $4.45 billion, a price-to-earnings ratio of -37.15 and a beta of 1.19.

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 analysts’ consensus estimates of ($0.32). Tango Therapeutics had a negative net margin of 151.15% and a negative return on equity of 41.54%. As a group, equities research analysts predict that Tango Therapeutics, Inc. will post -1.28 EPS for the current fiscal year.

Insider Activity at Tango Therapeutics

In other Tango Therapeutics news, insider Adam Crystal sold 27,000 shares of the company’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $22.87, for a total transaction of $617,490.00. Following the completion of the sale, the insider owned 115,743 shares in the company, valued at approximately $2,647,042.41. The trade was a 18.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last three months, insiders have sold 119,460 shares of company stock worth $2,724,600. Insiders own 6.50% of the company’s stock.

Institutional Investors Weigh In On Tango Therapeutics

A number of institutional investors have recently made changes to their positions in TNGX. Global Retirement Partners LLC bought a new stake in Tango Therapeutics in the fourth quarter valued at about $35,000. Dynamic Technology Lab Private Ltd boosted its holdings in Tango Therapeutics by 139.7% during the first quarter. Dynamic Technology Lab Private Ltd now owns 25,801 shares of the company’s stock worth $35,000 after buying an additional 15,037 shares during the last quarter. Legal & General Group Plc boosted its holdings in Tango Therapeutics by 30.7% during the second quarter. Legal & General Group Plc now owns 6,985 shares of the company’s stock worth $36,000 after buying an additional 1,640 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Tango Therapeutics by 148,800.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,467 shares of the company’s stock worth $40,000 after buying an additional 4,464 shares during the period. Finally, ANTIPODES PARTNERS Ltd acquired a new position in shares of Tango Therapeutics during the 4th quarter worth about $40,000. 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.