Tango Therapeutics (NASDAQ:TNGX) Reaches New 12-Month High – Here’s Why

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $22.20 and last traded at $21.8110, with a volume of 1071164 shares trading hands. The stock had previously closed at $21.22.

Analysts Set New Price Targets

TNGX has been the subject of a number of analyst reports. HC Wainwright upped their target price on Tango Therapeutics from $13.00 to $27.00 and gave the stock a “buy” rating in a report on Friday, March 6th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Tango Therapeutics in a report on Wednesday, January 21st. Stifel Nicolaus upped their price objective on Tango Therapeutics from $15.00 to $24.00 and gave the stock a “buy” rating in a research note on Monday, March 9th. Piper Sandler raised their price objective on Tango Therapeutics from $11.00 to $14.00 and gave the company an “overweight” rating in a research report on Friday, January 16th. Finally, Wall Street Zen lowered Tango Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, March 21st. Ten research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Tango Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $20.67.

Tango Therapeutics Stock Up 1.6%

The company’s 50 day simple moving average is $14.76 and its two-hundred day simple moving average is $10.97. The company has a market capitalization of $3.08 billion, a price-to-earnings ratio of -24.77 and a beta of 1.30.

Tango Therapeutics (NASDAQ:TNGX) last issued its quarterly earnings results on Thursday, March 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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%. Analysts anticipate that Tango Therapeutics, Inc. will post -1.19 EPS for the current year.

Insider Buying and Selling at Tango Therapeutics

In other news, Director Barbara Weber sold 30,519 shares of the company’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $12.26, for a total transaction of $374,162.94. Following the transaction, the director owned 1,629,254 shares in the company, valued at $19,974,654.04. This represents a 1.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Daniella Beckman sold 10,317 shares of the stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $12.26, for a total transaction of $126,486.42. Following the completion of the transaction, the chief financial officer directly owned 184,297 shares of the company’s stock, valued at $2,259,481.22. The trade was a 5.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 145,884 shares of company stock worth $1,965,942. 7.50% of the stock is owned by insiders.

Institutional Trading of Tango Therapeutics

Several large investors have recently bought and sold shares of the stock. Adage Capital Partners GP L.L.C. lifted its stake in shares of Tango Therapeutics by 322.5% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 10,607,924 shares of the company’s stock worth $93,986,000 after buying an additional 8,096,924 shares during the period. Caligan Partners LP acquired a new position in shares of Tango Therapeutics in the 4th quarter valued at $33,047,000. Goldman Sachs Group Inc. increased its position in shares of Tango Therapeutics by 227.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 4,942,414 shares of the company’s stock valued at $43,790,000 after acquiring an additional 3,432,939 shares during the period. Logos Global Management LP raised its stake in Tango Therapeutics by 342.1% in the 4th quarter. Logos Global Management LP now owns 4,200,000 shares of the company’s stock worth $37,212,000 after acquiring an additional 3,250,000 shares during the last quarter. Finally, Paradigm Biocapital Advisors LP acquired a new stake in Tango Therapeutics during the 3rd quarter worth about $25,924,000. 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.