Tango Therapeutics (NASDAQ:TNGX) Announces Earnings Results

by · The Cerbat Gem

Tango Therapeutics (NASDAQ:TNGX – Get Free Report) released its quarterly earnings data on Wednesday. The company reported ($0.32) EPS for the quarter, meeting analysts’ consensus estimates of ($0.32), Zacks reports. Tango Therapeutics had a negative net margin of 151.15% and a negative return on equity of 50.17%.

Tango Therapeutics Stock Down 18.7%

Shares of Tango Therapeutics stock traded down $4.65 during mid-day trading on Friday, hitting $20.22. The stock had a trading volume of 2,286,056 shares, compared to its average volume of 3,252,221. The firm has a 50-day moving average of $21.41 and a two-hundred day moving average of $14.20. Tango Therapeutics has a 12-month low of $1.40 and a 12-month high of $28.41. The firm has a market cap of $2.92 billion, a P/E ratio of -24.34 and a beta of 1.22.

Analyst Ratings Changes

TNGX has been the subject of a number of recent research reports. Weiss Ratings upgraded shares of Tango Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday. B. Riley Financial reiterated a “buy” rating on shares of Tango Therapeutics in a report on Friday, March 27th. Jefferies Financial Group downgraded shares of Tango Therapeutics from a “buy” rating to a “hold” rating and increased their price objective for the company from $18.00 to $27.00 in a report on Thursday. Wedbush increased their price objective on shares of Tango Therapeutics from $19.00 to $33.00 and gave the company an “outperform” rating in a report on Thursday. Finally, Wall Street Zen downgraded shares of Tango Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, March 21st. Ten research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.27.

Read Our Latest Stock Analysis on TNGX

Insider Buying and Selling at Tango Therapeutics

In other news, insider Adam Crystal sold 27,000 shares of the stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $21.23, for a total value of $573,210.00. Following the completion of the sale, the insider owned 115,743 shares of the company’s stock, valued at $2,457,223.89. This represents a 18.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last three months, insiders have sold 179,056 shares of company stock valued at $3,346,181. Corporate insiders own 6.50% of the company’s stock.

Institutional Trading of Tango Therapeutics

Several hedge funds have recently made changes to their positions in TNGX. Adage Capital Partners GP L.L.C. grew its stake in shares of Tango Therapeutics by 322.5% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 10,607,924 shares of the company’s stock valued at $93,986,000 after buying an additional 8,096,924 shares during the period. Caligan Partners LP purchased a new stake in shares of Tango Therapeutics in the 4th quarter valued at approximately $33,047,000. Goldman Sachs Group Inc. grew its stake in shares of Tango Therapeutics by 227.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 4,942,414 shares of the company’s stock valued at $43,790,000 after buying an additional 3,432,939 shares during the period. Logos Global Management LP grew its stake in shares of Tango Therapeutics by 342.1% in the 4th quarter. Logos Global Management LP now owns 4,200,000 shares of the company’s stock valued at $37,212,000 after buying an additional 3,250,000 shares during the period. Finally, Paradigm Biocapital Advisors LP purchased a new stake in shares of Tango Therapeutics in the 3rd quarter valued at approximately $25,924,000. Hedge funds and other institutional investors own 78.99% of the company’s stock.

About Tango Therapeutics

(Get Free Report)

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.

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