Tango Therapeutics (NASDAQ:TNGX) Shares Up 7.5% – Should You Buy?

Tango Therapeutics, Inc. (NASDAQ:TNGX) shares shot up 7.5% during trading on Monday. The company traded as high as $23.25 and last traded at $23.69. Approximately 909,975 shares traded hands during trading, a decline of 73% from the average daily volume of 3,409,064 shares. The stock had previously closed at $22.04.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TNGX. Wall Street Zen lowered Tango Therapeutics from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 15th. JPMorgan Chase & Co. started coverage on Tango Therapeutics in a report on Wednesday, July 15th. They issued an “overweight” rating and a $46.00 target price for the company. HC Wainwright boosted their price target on Tango Therapeutics from $66.00 to $68.00 and gave the company a “buy” rating in a research note on Tuesday, August 18th. Guggenheim increased their price target on Tango Therapeutics from $32.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Finally, Raymond James Financial downgraded shares of Tango Therapeutics to a “hold” rating in a research report on Thursday, June 25th. Fourteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $43.46.

Tango Therapeutics Trading Up 7.6%

The business has a 50-day moving average of $23.87 and a 200 day moving average of $25.15. The firm has a market capitalization of $4.00 billion, a P/E ratio of -27.75 and a beta of 1.17.

Tango Therapeutics (NASDAQ:TNGX) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.05). As a group, research analysts forecast that Tango Therapeutics, Inc. will post -1.41 EPS for the current year.

Insider Buying and Selling

In related news, insider Adam Crystal sold 27,000 shares of Tango Therapeutics stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $24.47, for a total value of $660,690.00. Following the completion of the sale, the insider owned 115,743 shares of the company’s stock, valued at approximately $2,832,231.21. This trade represents a 18.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jessica Newcomb sold 8,200 shares of Tango Therapeutics stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $24.22, for a total transaction of $198,604.00. Following the completion of the sale, the insider directly owned 59,121 shares of the company’s stock, valued at approximately $1,431,910.62. The trade was a 12.18% decrease in their position. The SEC filing for this sale provides additional information. 6.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. TRV GP IV LLC purchased a new position in shares of Tango Therapeutics during the second quarter valued at approximately $120,181,383,000. Tidal Investments LLC bought a new stake in Tango Therapeutics during the second quarter worth $1,731,000. Handelsbanken Fonder AB purchased a new stake in Tango Therapeutics in the 2nd quarter valued at $9,000,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Tango Therapeutics in the 2nd quarter valued at $19,884,000. Finally, Tema ETFs LLC purchased a new stake in Tango Therapeutics in the 2nd quarter valued at $1,731,000. 78.99% of the stock is currently owned by institutional investors and hedge funds.

Tango Therapeutics Company Profile

Tango Therapeutics, Inc is a clinical-stage biotechnology company focused on discovering and developing medicines that target cancer vulnerabilities and activate the immune system against tumors. The company uses functional genomics, including CRISPR-based screening, to identify genetic dependencies that may be selectively targeted in cancer cells while limiting effects on healthy tissue.

Tango’s research and development programs include small-molecule therapies and immuno-oncology candidates designed to address genetically defined cancers.