Tango Therapeutics (NASDAQ:TNGX) Coverage Initiated by Analysts at Wolfe Research

Wolfe Research assumed coverage on shares of Tango Therapeutics (NASDAQ:TNGX) in a report released on Tuesday, Marketbeat Ratings reports. The brokerage issued a peer perform rating on the stock.

Several other analysts also recently issued reports on TNGX. Guggenheim upped their price target on shares of Tango Therapeutics from $10.00 to $12.00 and gave the company a “buy” rating in a report on Friday, October 24th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Tango Therapeutics in a report on Wednesday, October 8th. Piper Sandler started coverage on Tango Therapeutics in a research report on Monday, August 18th. They set an “overweight” rating and a $11.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating on shares of Tango Therapeutics in a research report on Monday, October 27th. Finally, Wall Street Zen upgraded Tango Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Tango Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $12.50.

Tango Therapeutics Stock Performance

Tango Therapeutics stock opened at $8.00 on Tuesday. 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 capitalization of $1.08 billion, a price-to-earnings ratio of -8.60 and a beta of 1.66. The stock’s fifty day moving average is $7.88 and its two-hundred day moving average is $6.02.

Tango Therapeutics (NASDAQ:TNGX) last released its quarterly earnings results on Tuesday, November 4th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.12. The business had revenue of $53.81 million during the quarter, compared to the consensus estimate of $41.35 million. Tango Therapeutics had a negative return on equity of 60.80% and a negative net margin of 151.15%. As a group, sell-side analysts forecast that Tango Therapeutics will post -1.19 EPS for the current fiscal year.

Insider Activity at Tango Therapeutics

In related news, major shareholder Rock Ventures Iv L.P. Third sold 477,401 shares of the company’s stock in a transaction on Thursday, October 23rd. The stock was sold at an average price of $10.15, for a total value of $4,845,620.15. Following the completion of the transaction, the insider directly owned 13,386,574 shares in the company, valued at approximately $135,873,726.10. This represents a 3.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold a total of 2,372,501 shares of company stock valued at $18,639,320 over the last ninety days. 7.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Tango Therapeutics during the 2nd quarter valued at $30,235,000. Paradigm Biocapital Advisors LP purchased a new position in shares of Tango Therapeutics in the 3rd quarter worth $25,924,000. Farallon Capital Management LLC boosted its holdings in Tango Therapeutics by 17.5% in the third quarter. Farallon Capital Management LLC now owns 10,757,000 shares of the company’s stock valued at $90,359,000 after acquiring an additional 1,600,000 shares during the last quarter. Commodore Capital LP acquired a new position in Tango Therapeutics in the second quarter valued at $7,680,000. Finally, Deep Track Capital LP purchased a new stake in Tango Therapeutics during the third quarter valued at about $12,218,000. 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.