Tango Therapeutics (NASDAQ:TNGX) Shares Up 6.9%

Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report) shares shot up 6.9% on Thursday . The stock traded as high as $11.59 and last traded at $11.59. 660,500 shares were traded during trading, a decline of 2% from the average session volume of 674,494 shares. The stock had previously closed at $10.84.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on TNGX. Jefferies Financial Group began coverage on shares of Tango Therapeutics in a research note on Wednesday, July 17th. They set a "buy" rating and a $19.00 price objective on the stock. Cantor Fitzgerald reiterated an "overweight" rating on shares of Tango Therapeutics in a research note on Tuesday, July 9th. Guggenheim upgraded shares of Tango Therapeutics to a "strong-buy" rating in a research note on Tuesday, May 28th. Barclays decreased their target price on shares of Tango Therapeutics from $18.00 to $13.00 and set an "overweight" rating for the company in a research report on Friday, May 24th. Finally, HC Wainwright restated a "buy" rating and issued a $13.00 target price on shares of Tango Therapeutics in a research report on Tuesday, July 9th. Seven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Tango Therapeutics presently has an average rating of "Buy" and an average price target of $15.14.

Tango Therapeutics Stock Up 7.7 %

The firm has a market cap of $1.25 billion, a price-to-earnings ratio of -10.26 and a beta of 0.83. The stock's 50 day moving average is $9.77 and its 200 day moving average is $8.91.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.24) EPS for the quarter, beating analysts' consensus estimates of ($0.34) by $0.10. Tango Therapeutics had a negative net margin of 274.04% and a negative return on equity of 44.73%. The business had revenue of $19.88 million for the quarter, compared to analyst estimates of $7.39 million. Analysts anticipate that Tango Therapeutics, Inc. will post -1.31 earnings per share for the current fiscal year.

Insider Activity at Tango Therapeutics

In related news, major shareholder Rock Ventures Iv L.P. Third sold 550,171 shares of the firm's stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $9.79, for a total transaction of $5,386,174.09. Following the transaction, the insider now owns 18,651,304 shares in the company, valued at $182,596,266.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Tango Therapeutics news, insider Mva Investors, Llc sold 110,731 shares of Tango Therapeutics stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $8.87, for a total value of $982,183.97. Following the transaction, the insider now owns 203,793 shares in the company, valued at $1,807,643.91. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Rock Ventures Iv L.P. Third sold 550,171 shares of Tango Therapeutics stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $9.79, for a total transaction of $5,386,174.09. Following the completion of the transaction, the insider now owns 18,651,304 shares in the company, valued at approximately $182,596,266.16. The disclosure for this sale can be found here. Insiders have sold 1,677,642 shares of company stock worth $16,696,385 over the last quarter. 6.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD boosted its stake in Tango Therapeutics by 12.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,771 shares of the company's stock worth $102,000 after purchasing an additional 1,426 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Tango Therapeutics by 8.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 29,511 shares of the company's stock worth $253,000 after purchasing an additional 2,218 shares during the period. SG Americas Securities LLC boosted its stake in Tango Therapeutics by 16.0% in the 1st quarter. SG Americas Securities LLC now owns 30,429 shares of the company's stock worth $242,000 after purchasing an additional 4,203 shares during the period. Point72 DIFC Ltd acquired a new position in Tango Therapeutics in the 2nd quarter worth approximately $54,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Tango Therapeutics by 32.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 28,964 shares of the company's stock worth $230,000 after purchasing an additional 7,128 shares during the period. Institutional investors and hedge funds own 78.99% of the company's stock.

About Tango Therapeutics

Tango Therapeutics, Inc, a biotechnology company, discovers and develops drugs for the treatment of cancer. Its lead program is TNG908, a synthetic lethal small molecule inhibitor of protein arginine methyltransferase 5 that is being developed as a treatment for cancers with methylthioadenosine phosphorylase deletions.

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