Tango Therapeutics (NASDAQ:TNGX) Trading 6% Higher – Here’s Why

Tango Therapeutics, Inc. (NASDAQ:TNGX)’s share price shot up 6% during mid-day trading on Tuesday . The company traded as high as $23.60 and last traded at $23.68. 140,076 shares changed hands during mid-day trading, a decline of 96% from the average session volume of 3,347,536 shares. The stock had previously closed at $22.33.

Wall Street Analysts Forecast Growth

TNGX has been the subject of a number of recent research reports. Weiss Ratings raised shares of Tango Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 11th. Guggenheim raised their target price on shares of Tango Therapeutics from $32.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Canaccord Genuity Group lifted their target price on Tango Therapeutics from $42.00 to $46.00 and gave the company a “buy” rating in a research note on Monday, June 29th. Jefferies Financial Group raised Tango Therapeutics from a “hold” rating to a “buy” rating and upped their target price for the company from $27.00 to $60.00 in a report on Thursday, June 25th. Finally, Wall Street Zen cut Tango Therapeutics from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 15th. Thirteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Tango Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $43.46.

Tango Therapeutics Stock Up 8.5%

The firm’s 50-day moving average price is $25.53 and its 200 day moving average price is $24.41. The firm has a market cap of $4.08 billion, a P/E ratio of -28.49 and a beta of 1.12.

Tango Therapeutics (NASDAQ:TNGX) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.05). On average, equities analysts predict that Tango Therapeutics, Inc. will post -1.41 earnings per share for the current year.

Insider Buying and Selling at Tango Therapeutics

In other news, insider Adam Crystal sold 27,000 shares of Tango Therapeutics stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $29.59, for a total transaction of $798,930.00. Following the sale, the insider owned 115,743 shares of the company’s stock, valued at approximately $3,424,835.37. The trade was a 18.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 6.50% of the company’s stock.

Institutional Trading of Tango Therapeutics

Several large investors have recently added to or reduced their stakes in TNGX. Nykredit A S bought a new position in shares of Tango Therapeutics in the second quarter worth $26,000. Allworth Financial LP bought a new stake in shares of Tango Therapeutics during the second quarter valued at about $35,000. Global Retirement Partners LLC acquired a new stake in Tango Therapeutics in the second quarter worth about $122,000. State of Wyoming acquired a new stake in Tango Therapeutics in the first quarter worth about $128,000. Finally, Susquehanna Fundamental Investments LLC bought a new position in Tango Therapeutics in the 2nd quarter valued at about $205,000. 78.99% of the stock is currently owned by institutional investors and hedge funds.

About Tango Therapeutics

Tango Therapeutics, Inc is a biotechnology company focused on discovering and developing medicines that target cancer vulnerabilities. The company uses genetic screening, functional genomics and drug-discovery technologies to identify cancer-specific dependencies that may be addressed with targeted therapies.

Tango’s research activities center on precision oncology and immuno-oncology, including programs designed to selectively eliminate tumor cells or improve the ability of the immune system to recognize and attack cancer.