Canaccord Genuity Group Initiates Coverage on Tango Therapeutics (NASDAQ:TNGX)

Research analysts at Canaccord Genuity Group initiated coverage on shares of Tango Therapeutics (NASDAQ:TNGX) in a report issued on Thursday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $30.00 price target on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 38.70% from the company’s current price.

Other analysts have also issued reports about the stock. Jefferies Financial Group reissued a “buy” rating and issued a $18.00 price target on shares of Tango Therapeutics in a research report on Thursday, March 5th. Mizuho boosted their price objective on shares of Tango Therapeutics from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, March 11th. Stifel Nicolaus upped their price objective on shares of Tango Therapeutics from $15.00 to $24.00 and gave the company a “buy” rating in a research note on Monday, March 9th. Piper Sandler increased their target price on shares of Tango Therapeutics from $11.00 to $14.00 and gave the stock an “overweight” rating in a research report on Friday, January 16th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Tango Therapeutics in a research note on Wednesday, January 21st. Ten analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $20.67.

Tango Therapeutics Stock Performance

Shares of TNGX stock opened at $21.63 on Thursday. The company has a market capitalization of $3.09 billion, a price-to-earnings ratio of -24.86 and a beta of 1.31. Tango Therapeutics has a 1-year low of $1.03 and a 1-year high of $22.20. The stock’s fifty day simple moving average is $15.14 and its 200-day simple moving average is $11.15.

Tango Therapeutics (NASDAQ:TNGX) last announced its quarterly earnings data on Thursday, March 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.02. Tango Therapeutics had a negative return on equity of 50.30% and a negative net margin of 151.15%. On average, sell-side analysts predict that Tango Therapeutics will post -1.19 EPS for the current year.

Insider Activity

In other news, Director Barbara Weber sold 30,519 shares of Tango Therapeutics stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $12.26, for a total transaction of $374,162.94. Following the completion of the sale, the director directly owned 1,629,254 shares in the company, valued at $19,974,654.04. The trade was a 1.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Adam Crystal sold 27,000 shares of the stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $21.20, for a total value of $572,400.00. Following the completion of the transaction, the insider owned 112,622 shares in the company, valued at $2,387,586.40. This represents a 19.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 172,884 shares of company stock worth $2,538,342 in the last three months. 7.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vivo Capital LLC bought a new stake in Tango Therapeutics in the second quarter worth $3,072,000. Farallon Capital Management LLC raised its holdings in Tango Therapeutics by 17.5% during the third quarter. Farallon Capital Management LLC now owns 10,757,000 shares of the company’s stock valued at $90,359,000 after buying an additional 1,600,000 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Tango Therapeutics by 27.9% in the second quarter. Geode Capital Management LLC now owns 1,768,913 shares of the company’s stock worth $9,058,000 after buying an additional 385,476 shares during the last quarter. Rafferty Asset Management LLC acquired a new stake in shares of Tango Therapeutics in the third quarter worth about $1,221,000. Finally, Great Lakes Advisors LLC bought a new stake in shares of Tango Therapeutics during the 3rd quarter worth about $3,560,000. Institutional investors own 78.99% of the company’s stock.

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.