Wall Street Zen Downgrades Tango Therapeutics (NASDAQ:TNGX) to Strong Sell

Tango Therapeutics (NASDAQ:TNGX) was downgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a report released on Saturday.

Several other equities analysts also recently weighed in on TNGX. B. Riley Financial reiterated a “buy” rating on shares of Tango Therapeutics in a research report on Monday, June 8th. Mizuho raised their target price on shares of Tango Therapeutics from $36.00 to $40.00 and gave the stock an “outperform” rating in a research report on Friday, July 17th. Canaccord Genuity Group boosted their target price on shares of Tango Therapeutics from $42.00 to $46.00 and gave the company a “buy” rating in a report on Monday, June 29th. Jefferies Financial Group raised shares of Tango Therapeutics from a “hold” rating to a “buy” rating and upped their price target for the stock from $27.00 to $60.00 in a research report on Thursday, June 25th. Finally, Raymond James Financial downgraded shares of Tango Therapeutics to a “hold” rating in a research note on Thursday, June 25th. Thirteen analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Tango Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $43.31.

Tango Therapeutics Stock Performance

Shares of TNGX stock opened at $25.60 on Friday. The firm has a 50-day moving average price of $28.92 and a 200 day moving average price of $22.32. Tango Therapeutics has a twelve month low of $6.25 and a twelve month high of $34.39. The company has a market capitalization of $4.32 billion, a price-to-earnings ratio of -30.12 and a beta of 1.16.

Tango Therapeutics (NASDAQ:TNGX) last announced its earnings results on Monday, August 10th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.05). As a group, research analysts predict that Tango Therapeutics will post -1.36 earnings per share for the current year.

Insider Activity

In other Tango Therapeutics news, insider Adam Crystal sold 27,000 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $29.59, for a total value of $798,930.00. Following the sale, the insider directly 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 filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 6.50% of the company’s stock.

Institutional Investors Weigh In On Tango Therapeutics

Institutional investors have recently added to or reduced their stakes in the company. Mass General Brigham Inc acquired a new stake in shares of Tango Therapeutics during the 4th quarter valued at $3,138,000. Handelsbanken Fonder AB acquired a new position in shares of Tango Therapeutics in the second quarter worth $9,000,000. Candriam S.C.A. raised its holdings in shares of Tango Therapeutics by 79.1% during the first quarter. Candriam S.C.A. now owns 1,269,246 shares of the company’s stock worth $26,553,000 after acquiring an additional 560,434 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Tango Therapeutics during the second quarter worth $10,790,000. Finally, Tema ETFs LLC acquired a new stake in Tango Therapeutics during the second 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 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.