Wolfe Research Upgrades Tango Therapeutics (NASDAQ:TNGX) to “Outperform”

Tango Therapeutics (NASDAQ:TNGX) was upgraded by investment analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a report issued on Monday, Marketbeat.com reports.

Several other research analysts have also recently weighed in on TNGX. Wedbush increased their price objective on Tango Therapeutics from $19.00 to $33.00 and gave the stock an “outperform” rating in a research report on Thursday, May 14th. Mizuho raised their price target on Tango Therapeutics from $20.00 to $30.00 and gave the stock an “outperform” rating in a research report on Friday, May 15th. Weiss Ratings cut Tango Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, May 28th. UBS Group set a $55.00 price target on Tango Therapeutics in a research report on Thursday, May 14th. Finally, Canaccord Genuity Group assumed coverage on Tango Therapeutics in a research report on Thursday, April 2nd. They issued a “buy” rating and a $30.00 price target on the stock. Eleven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $32.27.

Tango Therapeutics Trading Up 42.9%

TNGX stock traded up $8.67 during trading hours on Monday, hitting $28.89. 12,287,389 shares of the stock were exchanged, compared to its average volume of 3,284,735. The firm has a market capitalization of $4.18 billion, a P/E ratio of -35.17 and a beta of 1.19. The company has a 50-day simple moving average of $22.43 and a two-hundred day simple moving average of $15.66. Tango Therapeutics has a 12 month low of $3.77 and a 12 month high of $30.50.

Tango Therapeutics (NASDAQ:TNGX) last posted its quarterly earnings data on Wednesday, May 13th. The company reported ($0.32) earnings per share for the quarter, hitting the consensus estimate of ($0.32). Tango Therapeutics had a negative return on equity of 41.54% and a negative net margin of 151.15%. On average, equities research analysts predict that Tango Therapeutics will post -1.29 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Adam Crystal sold 38,460 shares of the company’s stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $25.00, for a total transaction of $961,500.00. Following the transaction, the insider owned 112,622 shares of the company’s stock, valued at $2,815,550. This represents a 25.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 131,460 shares of company stock valued at $2,965,920 over the last 90 days. 6.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Tango Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the stock. DV Trading LLC bought a new position in Tango Therapeutics during the 1st quarter worth approximately $6,290,000. Perceptive Advisors LLC raised its stake in Tango Therapeutics by 57.5% during the first quarter. Perceptive Advisors LLC now owns 808,153 shares of the company’s stock valued at $16,907,000 after buying an additional 295,118 shares during the last quarter. Stempoint Capital LP purchased a new position in Tango Therapeutics during the first quarter valued at $4,203,000. The Manufacturers Life Insurance Company raised its stake in Tango Therapeutics by 234.6% during the first quarter. The Manufacturers Life Insurance Company now owns 108,218 shares of the company’s stock valued at $2,264,000 after buying an additional 75,876 shares during the last quarter. Finally, SummitTX Capital L.P. purchased a new position in Tango Therapeutics during the first quarter valued at $262,000. 78.99% of the stock is currently owned by institutional investors.

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.