Tango Therapeutics (NASDAQ:TNGX) Price Target Lowered to $8.00 at Guggenheim

Tango Therapeutics (NASDAQ:TNGX) had its price target lowered by Guggenheim from $18.00 to $8.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim’s price objective would suggest a potential upside of 154.78% from the stock’s current price.

Other research analysts have also issued reports about the company. Jefferies Financial Group started coverage on Tango Therapeutics in a research report on Wednesday, July 17th. They issued a “buy” rating and a $19.00 price objective for the company. Wedbush upped their target price on shares of Tango Therapeutics from $11.00 to $13.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Finally, HC Wainwright reiterated a “buy” rating and issued a $13.00 target price on shares of Tango Therapeutics in a report on Monday, October 28th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Tango Therapeutics currently has a consensus rating of “Buy” and an average target price of $14.29.

Tango Therapeutics Stock Performance

Shares of NASDAQ:TNGX traded down $0.10 during trading on Thursday, reaching $3.14. The stock had a trading volume of 2,323,283 shares, compared to its average volume of 868,904. The business has a fifty day moving average price of $7.75 and a 200-day moving average price of $8.35. Tango Therapeutics has a 1-year low of $2.91 and a 1-year high of $13.01. The stock has a market cap of $336.42 million, a PE ratio of -2.82 and a beta of 0.88.

Tango Therapeutics (NASDAQ:TNGX) last issued its earnings results on Wednesday, August 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.10. Tango Therapeutics had a negative return on equity of 44.73% and a negative net margin of 274.04%. The business had revenue of $19.88 million during the quarter, compared to the consensus estimate of $7.39 million. Sell-side analysts expect that Tango Therapeutics will post -1.27 earnings per share for the current year.

Insiders Place Their Bets

In other Tango Therapeutics news, insider Boxer Capital Management, Llc sold 625,000 shares of the stock in a transaction dated 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 directly owns 7,573,642 shares of the company’s stock, valued at approximately $53,394,176.10. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, major shareholder Rock Ventures Iv L.P. Third sold 135,000 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $9.79, for a total transaction of $1,321,650.00. Following the transaction, the insider now owns 17,351,475 shares in the company, valued at $169,870,940.25. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Boxer Capital Management, Llc sold 625,000 shares of the business’s stock in a transaction 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 sale, the insider now directly owns 7,573,642 shares in the company, valued at $53,394,176.10. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,885,400 shares of company stock valued at $15,485,582. Insiders own 6.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Point72 Asset Management L.P. acquired a new position in Tango Therapeutics during the 2nd quarter valued at $3,836,000. Vanguard Group Inc. lifted its position in shares of Tango Therapeutics by 3.4% during the first quarter. Vanguard Group Inc. now owns 3,080,885 shares of the company’s stock worth $24,462,000 after purchasing an additional 101,673 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position 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 valued at $230,000 after buying an additional 7,128 shares during the last quarter. Quarry LP acquired a new position in Tango Therapeutics during the 2nd quarter valued at about $99,000. Finally, Point72 DIFC Ltd acquired a new stake in Tango Therapeutics during the 2nd quarter worth $54,000. 78.99% of the stock is owned by hedge funds and other institutional investors.

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.