Wedbush Reduces Earnings Estimates for Tango Therapeutics

Tango Therapeutics, Inc. (NASDAQ:TNGX - Free Report) - Equities research analysts at Wedbush cut their FY2024 earnings per share estimates for Tango Therapeutics in a report released on Wednesday, November 6th. Wedbush analyst R. Driscoll now expects that the company will post earnings of ($1.16) per share for the year, down from their prior estimate of ($1.13). Wedbush has a "Outperform" rating and a $13.00 price objective on the stock. The consensus estimate for Tango Therapeutics' current full-year earnings is ($1.27) per share. Wedbush also issued estimates for Tango Therapeutics' Q4 2024 earnings at ($0.30) EPS, Q1 2025 earnings at ($0.29) EPS, Q2 2025 earnings at ($0.32) EPS, Q3 2025 earnings at ($0.32) EPS, Q4 2025 earnings at ($0.29) EPS, FY2025 earnings at ($1.21) EPS, FY2026 earnings at ($1.22) EPS, FY2027 earnings at ($1.23) EPS and FY2028 earnings at ($0.21) EPS.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.27) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.07. The firm had revenue of $11.61 million for the quarter, compared to analysts' expectations of $8.04 million. Tango Therapeutics had a negative net margin of 274.04% and a negative return on equity of 44.73%.

Several other research analysts also recently issued reports on TNGX. Jefferies Financial Group started coverage on shares of Tango Therapeutics in a research report on Wednesday, July 17th. They set a "buy" rating and a $19.00 price target on the stock. HC Wainwright reissued a "buy" rating and set a $13.00 price objective on shares of Tango Therapeutics in a report on Friday. Finally, Guggenheim lowered their price target on shares of Tango Therapeutics from $18.00 to $8.00 and set a "buy" rating for the company in a research report on Thursday. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $14.29.

Tango Therapeutics Stock Up 4.2 %

TNGX stock traded up $0.12 during midday trading on Friday, reaching $2.95. 7,507,444 shares of the company's stock traded hands, compared to its average volume of 909,775. The company has a 50-day simple moving average of $7.59 and a two-hundred day simple moving average of $8.31. Tango Therapeutics has a 1-year low of $2.71 and a 1-year high of $13.01. The company has a market cap of $316.07 million, a price-to-earnings ratio of -2.39 and a beta of 0.88.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. boosted its position in Tango Therapeutics by 32.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 28,964 shares of the company's stock worth $230,000 after acquiring an additional 7,128 shares during the last quarter. SG Americas Securities LLC boosted its holdings in Tango Therapeutics by 16.0% during the first 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 last quarter. Susquehanna Fundamental Investments LLC bought a new position in Tango Therapeutics in the first quarter valued at $272,000. Vanguard Group Inc. increased its stake in Tango Therapeutics by 3.4% in the 1st quarter. Vanguard Group Inc. now owns 3,080,885 shares of the company's stock valued at $24,462,000 after buying an additional 101,673 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in Tango Therapeutics by 12.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,771 shares of the company's stock worth $102,000 after buying an additional 1,426 shares in the last quarter. 78.99% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Tango Therapeutics

In other news, insider Boxer Capital Management, Llc sold 625,000 shares of the business's stock in a transaction on Monday, October 21st. The shares were sold at an average price of $7.05, for a total value of $4,406,250.00. Following the completion of the transaction, the insider now owns 7,573,642 shares of the company's stock, valued at $53,394,176.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Boxer Capital Management, Llc sold 625,000 shares of the business's stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $7.05, for a total value of $4,406,250.00. Following the completion of the transaction, the insider now directly owns 7,573,642 shares in the company, valued at approximately $53,394,176.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Rock Ventures Iv L.P. Third sold 67,400 shares of the firm's stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $10.53, for a total transaction of $709,722.00. Following the sale, the insider now owns 16,859,075 shares in the company, valued at $177,526,059.75. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 4,965,400 shares of company stock worth $25,156,782. 6.30% of the stock is currently owned by company insiders.

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.