Tango Therapeutics (NASDAQ:TNGX) Issues Earnings Results, Beats Estimates By $0.10 EPS

Tango Therapeutics (NASDAQ:TNGX) issued its quarterly earnings data on Wednesday. The company reported ($0.24) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.10, Zacks reports. The company had revenue of $19.88 million for the quarter, compared to the consensus estimate of $7.39 million. Tango Therapeutics had a negative net margin of 299.88% and a negative return on equity of 44.35%.

Tango Therapeutics Stock Down 4.6 %

Shares of Tango Therapeutics stock traded down $0.41 on Friday, reaching $8.50. The stock had a trading volume of 475,366 shares, compared to its average volume of 685,319. The stock has a market capitalization of $908.19 million, a P/E ratio of -7.52 and a beta of 0.83. Tango Therapeutics has a 1 year low of $5.15 and a 1 year high of $13.03. The company has a 50 day moving average price of $8.95 and a 200 day moving average price of $9.12.

Wall Street Analyst Weigh In

Several research firms have weighed in on TNGX. Guggenheim upgraded shares of Tango Therapeutics to a “strong-buy” rating in a research report on Tuesday, May 28th. Barclays decreased their price target on shares of Tango Therapeutics from $18.00 to $13.00 and set an “overweight” rating on the stock in a research report on Friday, May 24th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Tango Therapeutics in a research report on Tuesday, July 9th. HC Wainwright reissued a “buy” rating and issued a $13.00 price objective on shares of Tango Therapeutics in a research note on Tuesday, July 9th. Finally, Jefferies Financial Group initiated coverage on shares of Tango Therapeutics in a research note on Wednesday, July 17th. They issued a “buy” rating and a $19.00 price objective for the company. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Tango Therapeutics has a consensus rating of “Buy” and an average target price of $15.14.

Insiders Place Their Bets

In other Tango Therapeutics news, major shareholder Rock Ventures Iv L.P. Third sold 40,000 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $9.80, for a total transaction of $392,000.00. Following the sale, the insider now owns 17,486,475 shares of the company’s stock, valued at approximately $171,367,455. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, major shareholder Rock Ventures Iv L.P. Third sold 40,000 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $9.80, for a total value of $392,000.00. Following the completion of the transaction, the insider now directly owns 17,486,475 shares in the company, valued at approximately $171,367,455. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Mva Investors, Llc sold 29,000 shares of the business’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $8.57, for a total transaction of $248,530.00. Following the completion of the transaction, the insider now owns 314,524 shares of the company’s stock, valued at $2,695,470.68. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,255,642 shares of company stock valued at $11,998,605. Insiders own 6.20% of the company’s stock.

Tango Therapeutics Company Profile

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.