Tango Therapeutics (NASDAQ:TNGX) Price Target Cut to $11.00

Tango Therapeutics (NASDAQ:TNGX) had its price objective cut by equities research analysts at Wedbush from $18.00 to $11.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Wedbush’s price objective would indicate a potential upside of 59.19% from the stock’s previous close.

A number of other analysts have also recently weighed in on the stock. HC Wainwright reissued a “buy” rating and issued a $17.00 target price on shares of Tango Therapeutics in a research note on Thursday, May 9th. Cantor Fitzgerald began coverage on shares of Tango Therapeutics in a research note on Thursday, April 4th. They issued an “overweight” rating on the stock. Finally, Piper Sandler began coverage on shares of Tango Therapeutics in a research note on Monday, February 12th. They issued an “overweight” rating and a $18.00 target price on the stock. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $14.83.

Tango Therapeutics Stock Performance

Shares of TNGX opened at $6.91 on Thursday. The company has a 50-day simple moving average of $7.61 and a 200-day simple moving average of $9.28. The firm has a market capitalization of $738.33 million, a P/E ratio of -6.12 and a beta of 0.84. Tango Therapeutics has a 52 week low of $2.47 and a 52 week high of $13.03.

Tango Therapeutics (NASDAQ:TNGX) last announced its quarterly earnings data on Monday, March 18th. The company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.04). The company had revenue of $5.43 million for the quarter, compared to analyst estimates of $7.86 million. Tango Therapeutics had a negative net margin of 299.88% and a negative return on equity of 44.35%. As a group, equities analysts forecast that Tango Therapeutics will post -1.33 earnings per share for the current year.

Insider Transactions at Tango Therapeutics

In other news, insider Mva Investors, Llc sold 75,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $7.43, for a total transaction of $557,250.00. Following the transaction, the insider now directly owns 618,524 shares in the company, valued at $4,595,633.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 6.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tango Therapeutics

Large investors have recently bought and sold shares of the business. AJOVista LLC acquired a new position in Tango Therapeutics in the fourth quarter valued at approximately $61,000. Cowen AND Company LLC acquired a new stake in Tango Therapeutics in the fourth quarter worth $99,000. Paloma Partners Management Co acquired a new stake in Tango Therapeutics in the first quarter worth $80,000. China Universal Asset Management Co. Ltd. raised its holdings in Tango Therapeutics by 421.1% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 11,793 shares of the company’s stock worth $117,000 after purchasing an additional 9,530 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its holdings in Tango Therapeutics by 12.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 12,771 shares of the company’s stock worth $102,000 after purchasing an additional 1,426 shares during the period. 78.99% of the stock is currently owned by institutional investors and hedge funds.

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.