Tango Therapeutics (NASDAQ:TNGX) Shares Gap Up – Here’s What Happened

Tango Therapeutics, Inc. (NASDAQ:TNGX) gapped up prior to trading on Friday . The stock had previously closed at $30.14, but opened at $31.47. Tango Therapeutics shares last traded at $30.7460, with a volume of 605,380 shares trading hands.

Wall Street Analyst Weigh In

A number of research analysts have commented on TNGX shares. Raymond James Financial cut shares of Tango Therapeutics to a “hold” rating in a research note on Thursday. Wolfe Research set a $35.00 price objective on Tango Therapeutics and gave the company an “outperform” rating in a research note on Monday, June 8th. Guggenheim increased their target price on Tango Therapeutics from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, March 6th. B. Riley Financial restated a “buy” rating on shares of Tango Therapeutics in a research report on Monday, June 8th. Finally, Wall Street Zen lowered Tango Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, March 21st. Twelve investment 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’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $41.17.

Tango Therapeutics Stock Up 2.1%

The stock has a market capitalization of $4.45 billion, a price-to-earnings ratio of -37.15 and a beta of 1.19. The stock’s 50-day simple moving average is $25.05 and its 200 day simple moving average is $17.66.

Tango Therapeutics (NASDAQ:TNGX) last posted its quarterly earnings data on Wednesday, May 13th. The company reported ($0.32) earnings per share for the quarter, hitting the consensus estimate of ($0.32). Tango Therapeutics had a negative net margin of 151.15% and a negative return on equity of 41.54%. As a group, equities research analysts anticipate that Tango Therapeutics, Inc. will post -1.28 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Adam Crystal sold 27,000 shares of the firm’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $22.87, for a total transaction of $617,490.00. Following the completion of the sale, the insider directly owned 115,743 shares of the company’s stock, valued at $2,647,042.41. This trade represents a 18.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last ninety days, insiders sold 119,460 shares of company stock worth $2,724,600. Company insiders own 6.50% of the company’s stock.

Institutional Trading of Tango Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in TNGX. Global Retirement Partners LLC acquired a new position in Tango Therapeutics during the 4th quarter worth about $35,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Tango Therapeutics by 148,800.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,467 shares of the company’s stock valued at $40,000 after acquiring an additional 4,464 shares in the last quarter. ANTIPODES PARTNERS Ltd acquired a new stake in Tango Therapeutics in the 4th quarter valued at about $40,000. State of Wyoming bought a new position in shares of Tango Therapeutics in the first quarter worth about $128,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Tango Therapeutics by 52.2% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,544 shares of the company’s stock worth $58,000 after acquiring an additional 2,243 shares during the last quarter. 78.99% of the stock is currently owned by institutional investors and hedge funds.

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.