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

Wall Street Zen cut shares of Tango Therapeutics (NASDAQ:TNGX) from a sell rating to a strong sell rating in a research report released on Saturday.

A number of other research firms have also weighed in on TNGX. Piper Sandler lowered shares of Tango Therapeutics from an “overweight” rating to a “neutral” rating and increased their price objective for the stock from $16.00 to $24.00 in a research report on Thursday, May 14th. Leerink Partners boosted their target price on Tango Therapeutics from $55.00 to $69.00 and gave the company an “outperform” rating in a research report on Monday, June 8th. Wolfe Research set a $35.00 target price on Tango Therapeutics and gave the company an “outperform” rating in a research note on Monday, June 8th. UBS Group set a $55.00 price target on Tango Therapeutics in a report on Thursday, May 14th. Finally, Guggenheim raised their price target on Tango Therapeutics from $32.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday. 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 company’s stock. According to MarketBeat, Tango Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.31.

Tango Therapeutics Stock Down 0.2%

TNGX stock opened at $25.60 on Friday. Tango Therapeutics has a twelve month low of $6.25 and a twelve month high of $34.39. The stock has a market capitalization of $4.32 billion, a price-to-earnings ratio of -30.12 and a beta of 1.16. The firm’s fifty day simple moving average is $28.92 and its two-hundred day simple moving average is $22.24.

Tango Therapeutics (NASDAQ:TNGX) last released its earnings results on Monday, August 10th. 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, equities research analysts expect that Tango Therapeutics will post -1.36 EPS for the current year.

Insiders Place Their Bets

In related news, insider Adam Crystal sold 27,000 shares of Tango Therapeutics stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $29.59, for a total transaction of $798,930.00. Following the completion of the sale, the insider owned 115,743 shares in the company, valued at $3,424,835.37. This trade represents a 18.92% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 6.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Tango Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. increased its position in shares of Tango Therapeutics by 138.8% during the first quarter. Invesco Ltd. now owns 70,517 shares of the company’s stock worth $97,000 after acquiring an additional 40,983 shares during the period. AQR Capital Management LLC purchased a new stake in shares of Tango Therapeutics in the first quarter valued at approximately $195,000. Dynamic Technology Lab Private Ltd boosted its holdings in shares of Tango Therapeutics by 139.7% in the first quarter. Dynamic Technology Lab Private Ltd now owns 25,801 shares of the company’s stock valued at $35,000 after purchasing an additional 15,037 shares during the period. Woodline Partners LP grew its stake in Tango Therapeutics by 28.3% in the first quarter. Woodline Partners LP now owns 506,188 shares of the company’s stock worth $693,000 after purchasing an additional 111,791 shares in the last quarter. Finally, Jane Street Group LLC grew its stake in Tango Therapeutics by 270.6% in the first quarter. Jane Street Group LLC now owns 352,897 shares of the company’s stock worth $483,000 after purchasing an additional 257,668 shares in the last quarter. 78.99% of the stock is currently owned by institutional investors.

About Tango Therapeutics

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.