Tango Therapeutics (NASDAQ:TNGX) Reaches New 52-Week High – Time to Buy?

Tango Therapeutics, Inc. (NASDAQ:TNGX)’s share price hit a new 52-week high during trading on Thursday . The stock traded as high as $12.11 and last traded at $11.79, with a volume of 7773667 shares. The stock had previously closed at $9.67.

Wall Street Analysts Forecast Growth

TNGX has been the subject of several recent research reports. B. Riley upped their price target on Tango Therapeutics from $8.00 to $14.00 and gave the stock a “buy” rating in a report on Tuesday, November 18th. Stifel Nicolaus assumed coverage on shares of Tango Therapeutics in a report on Wednesday, December 3rd. They set a “buy” rating and a $15.00 price objective on the stock. Guggenheim increased their target price 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. Cantor Fitzgerald reissued an “overweight” rating on shares of Tango Therapeutics in a research report on Monday, October 27th. Finally, Wall Street Zen raised shares of Tango Therapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, December 13th. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.00.

Tango Therapeutics Stock Performance

The stock has a 50 day moving average price of $9.12 and a 200 day moving average price of $7.73. The company has a market capitalization of $1.58 billion, a P/E ratio of -12.63 and a beta of 1.75.

Tango Therapeutics (NASDAQ:TNGX) last posted its quarterly earnings data on Tuesday, November 4th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 net margin of 151.15% and a negative return on equity of 60.80%. As a group, sell-side analysts expect that Tango Therapeutics, Inc. will post -1.19 earnings per share for the current 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 that occurred 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 transaction, the insider 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 Securities & Exchange Commission, which is accessible through this link. Company insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Adage Capital Partners GP L.L.C. bought a new position in shares of Tango Therapeutics during the 2nd quarter worth $30,235,000. Paradigm Biocapital Advisors LP bought a new position in Tango Therapeutics during the third quarter worth about $25,924,000. Farallon Capital Management LLC increased its stake in shares of Tango Therapeutics by 17.5% in the third 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 in the last quarter. Commodore Capital LP bought a new stake in shares of Tango Therapeutics in the second quarter valued at approximately $7,680,000. Finally, Deep Track Capital LP purchased a new stake in shares of Tango Therapeutics during the 3rd quarter valued at approximately $12,218,000. 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.