Wolfe Research has officially started coverage on Tango Therapeutics (NASDAQ: TNGX), issuing a peer perform rating on the biotechnology company’s stock. This announcement was made in a report published on Tuesday morning, as indicated by Marketbeat Ratings. The initiation follows a series of evaluations from other research firms regarding Tango’s market performance.
Several analysts have recently weighed in on Tango Therapeutics. On October 8, Weiss Ratings reissued a “sell (e+)” rating on the stock. Conversely, Wall Street Zen upgraded Tango Therapeutics from a “sell” to a “hold” rating on November 8. Notably, Guggenheim raised its price target for the stock from $10.00 to $12.00 while maintaining a “buy” rating in a report released on October 24. Piper Sandler also began coverage earlier, on August 18, with an “overweight” rating and a price objective set at $11.00. Additionally, Cantor Fitzgerald reaffirmed an “overweight” rating on October 27.
Currently, five research analysts have assigned a Buy rating to Tango Therapeutics, with one analyst suggesting a Hold rating and another recommending a Sell. According to MarketBeat, the consensus rating for the company stands at “Moderate Buy,” with an average price target of $12.50.
Tango Therapeutics’ Financial Performance
Tango Therapeutics reported its latest earnings results on November 4, revealing earnings of $0.13 per share for the quarter. This figure surpassed analysts’ consensus estimates of $0.01 by $0.12. Despite this positive performance, the company recorded a negative net margin of 151.15% and a negative return on equity of 60.80%. Revenue for the quarter amounted to $53.81 million, exceeding analysts’ expectations of $41.35 million. Looking ahead, analysts predict that Tango Therapeutics will report earnings of -1.19 per share for the current fiscal year.
Insider Trading Activity
In related news, major shareholder Rock Ventures Iv L.P. sold 642,906 shares of Tango Therapeutics on September 5, at an average price of $7.00. This sale totaled approximately $4.5 million. Following this transaction, the shareholder retained 14,813,975 shares in the company, valued at around $103.7 million, reflecting a 4.16% decrease in ownership. The sale was disclosed in a filing with the U.S. Securities and Exchange Commission (SEC), which is publicly accessible. Over the last quarter, insiders have sold a total of 2,070,307 shares, amounting to a value of $16.5 million. Corporate insiders now hold 7.50% of the company’s stock.
Institutional Investors’ Involvement
Recent modifications in holdings by institutional investors and hedge funds also highlight the growing interest in Tango Therapeutics. CWM LLC increased its stake in the company by 182.2% during the second quarter, acquiring an additional 3,167 shares, bringing its total to 4,905 shares, worth approximately $25,000. Dynamic Technology Lab Private Ltd raised its position by 139.7% in the first quarter, now holding 25,801 shares valued at $35,000. Other notable increases include Legal & General Group Plc, which raised its stake by 30.7%, and Ameritas Investment Partners Inc., which boosted its holdings by 78.8%. Overall, hedge funds and institutional investors own 78.99% of Tango Therapeutics.
Tango Therapeutics is a biotechnology company focused on discovering and developing innovative drugs for cancer treatment. Its leading program, TNG908, is a synthetic lethal small molecule inhibitor targeting protein arginine methyltransferase 5, specifically aimed at treating cancers associated with methylthioadenosine phosphorylase deletions.
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