Tango Therapeutics (NASDAQ:TNGX) Posts Earnings Results, Misses Estimates By $0.05 EPS

Tango Therapeutics (NASDAQ:TNGX) posted its quarterly earnings results on Tuesday. The company reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.05), FiscalAI reports.

Tango Therapeutics Trading Down 2.2%

Shares of NASDAQ:TNGX opened at $27.07 on Tuesday. The stock has a fifty day simple moving average of $28.56 and a two-hundred day simple moving average of $21.93. The stock has a market capitalization of $3.92 billion, a price-to-earnings ratio of -33.05 and a beta of 1.16. Tango Therapeutics has a 12-month low of $6.25 and a 12-month high of $34.39.

Insiders Place Their Bets

In other Tango Therapeutics news, insider Adam Crystal sold 27,000 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $29.59, for a total value of $798,930.00. Following the completion of the sale, the insider owned 115,743 shares of the company’s stock, valued at $3,424,835.37. This trade represents a 18.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 6.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tango Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of TNGX. Entropy Technologies LP bought a new stake in Tango Therapeutics in the fourth quarter worth approximately $131,000. LPL Financial LLC bought a new stake in shares of Tango Therapeutics during the 4th quarter worth about $106,000. Mercer Global Advisors Inc. ADV bought a new stake in shares of Tango Therapeutics in the 3rd quarter valued at $95,000. Sei Investments Co. bought a new stake in Tango Therapeutics in the third quarter valued at $84,000. Finally, BNP Paribas Financial Markets lifted its position in Tango Therapeutics by 75.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 15,090 shares of the company’s stock valued at $127,000 after acquiring an additional 6,481 shares in the last quarter. 78.99% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on TNGX shares. Jefferies Financial Group raised shares of Tango Therapeutics from a “hold” rating to a “buy” rating and lifted their price target for the company from $27.00 to $60.00 in a research note on Thursday, June 25th. JPMorgan Chase & Co. started coverage on shares of Tango Therapeutics in a research report on Wednesday, July 15th. They set an “overweight” rating and a $46.00 price objective for the company. UBS Group set a $55.00 price objective on Tango Therapeutics in a research report on Thursday, May 14th. Leerink Partners upped their target price on shares of Tango Therapeutics from $55.00 to $69.00 and gave the company an “outperform” rating in a research note on Monday, June 8th. Finally, Piper Sandler lowered Tango Therapeutics from an “overweight” rating to a “neutral” rating and increased their target price for the company from $16.00 to $24.00 in a report on Thursday, May 14th. Thirteen research analysts have rated the stock with a Buy rating, two have given 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 an average price target of $42.15.

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.