Tango Therapeutics (NASDAQ:TNGX) Trading 6% Higher – Here’s Why

Tango Therapeutics, Inc. (NASDAQ:TNGX)’s share price traded up 6% on Tuesday . The stock traded as high as $23.60 and last traded at $23.68. 140,076 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 3,347,536 shares. The stock had previously closed at $22.33.

Wall Street Analysts Forecast Growth

TNGX has been the subject of several recent research reports. Mizuho raised their price target on Tango Therapeutics from $36.00 to $40.00 and gave the stock an “outperform” rating in a research report on Friday, July 17th. Guggenheim upped their price target on shares of Tango Therapeutics from $32.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. HC Wainwright raised their price objective on Tango Therapeutics from $66.00 to $68.00 and gave the stock a “buy” rating in a report on Tuesday, August 18th. Leerink Partners lifted their target price on shares of Tango Therapeutics from $55.00 to $69.00 and gave the company an “outperform” rating in a report on Monday, June 8th. Finally, Raymond James Financial lowered Tango Therapeutics to a “hold” rating in a research report on Thursday, June 25th. Thirteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Tango Therapeutics has an average rating of “Moderate Buy” and an average target price of $43.46.

Tango Therapeutics Trading Up 8.5%

The company has a market capitalization of $4.08 billion, a price-to-earnings ratio of -28.49 and a beta of 1.12. The stock has a 50-day simple moving average of $25.53 and a 200-day simple moving average of $24.41.

Tango Therapeutics (NASDAQ:TNGX) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.05). On average, research analysts forecast that Tango Therapeutics, Inc. will post -1.41 EPS for the current year.

Insider Buying and Selling at Tango Therapeutics

In other news, insider Adam Crystal sold 27,000 shares of the business’s stock in a transaction dated 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 owned 115,743 shares of the company’s stock, valued at approximately $3,424,835.37. The trade was a 18.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 6.50% of the company’s stock.

Institutional Trading of Tango Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Tidal Investments LLC acquired a new position in shares of Tango Therapeutics in the 2nd quarter worth approximately $1,731,000. Allworth Financial LP raised its position in shares of Tango Therapeutics by 100.9% during the 2nd quarter. Allworth Financial LP now owns 1,131 shares of the company’s stock valued at $35,000 after acquiring an additional 568 shares in the last quarter. Arizona State Retirement System lifted its stake in Tango Therapeutics by 110.9% during the second quarter. Arizona State Retirement System now owns 25,785 shares of the company’s stock worth $806,000 after purchasing an additional 13,561 shares during the last quarter. Nykredit A S bought a new position in Tango Therapeutics during the second quarter worth $26,000. Finally, Allianz Asset Management GmbH acquired a new position in Tango Therapeutics in the second quarter worth $656,000. 78.99% of the stock is owned by institutional investors.

About Tango Therapeutics

Tango Therapeutics, Inc is a biotechnology company focused on discovering and developing medicines that target cancer vulnerabilities. The company uses genetic screening, functional genomics and drug-discovery technologies to identify cancer-specific dependencies that may be addressed with targeted therapies.

Tango’s research activities center on precision oncology and immuno-oncology, including programs designed to selectively eliminate tumor cells or improve the ability of the immune system to recognize and attack cancer.