Tango Therapeutics (NASDAQ:TNGX) Price Target Lowered to $8.00 at B. Riley

Tango Therapeutics (NASDAQ:TNGX) had its price target trimmed by B. Riley from $16.00 to $8.00 in a report released on Monday,Benzinga reports. The firm currently has a buy rating on the stock. B. Riley also issued estimates for Tango Therapeutics’ Q4 2024 earnings at ($0.36) EPS, FY2024 earnings at ($1.21) EPS and FY2025 earnings at ($1.49) EPS.

Several other brokerages have also issued reports on TNGX. Jefferies Financial Group began coverage on shares of Tango Therapeutics in a research report on Wednesday, July 17th. They issued a “buy” rating and a $19.00 target price for the company. Guggenheim cut their price objective on Tango Therapeutics from $18.00 to $8.00 and set a “buy” rating for the company in a report on Thursday, November 7th. HC Wainwright reissued a “buy” rating and set a $13.00 price objective on shares of Tango Therapeutics in a report on Friday, November 8th. Finally, Wedbush boosted their target price on Tango Therapeutics from $11.00 to $13.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $13.14.

Tango Therapeutics Price Performance

TNGX stock opened at $3.92 on Monday. The firm has a 50 day simple moving average of $6.94 and a two-hundred day simple moving average of $8.20. The stock has a market cap of $421.09 million, a PE ratio of -3.32 and a beta of 0.88. Tango Therapeutics has a one year low of $2.70 and a one year high of $13.01.

Insider Buying and Selling

In other news, major shareholder Rock Ventures Iv L.P. Third sold 150,000 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $10.09, for a total transaction of $1,513,500.00. Following the transaction, the insider now directly owns 17,201,475 shares of the company’s stock, valued at approximately $173,562,882.75. The trade was a 0.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Boxer Capital Management, Llc sold 3,080,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $3.14, for a total transaction of $9,671,200.00. Following the completion of the transaction, the insider now owns 3,610,642 shares of the company’s stock, valued at $11,337,415.88. This trade represents a 46.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,830,400 shares of company stock worth $23,835,132 in the last ninety days. 6.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in Tango Therapeutics by 3.4% in the 1st quarter. Vanguard Group Inc. now owns 3,080,885 shares of the company’s stock worth $24,462,000 after buying an additional 101,673 shares in the last quarter. Artal Group S.A. bought a new stake in shares of Tango Therapeutics in the first quarter worth approximately $17,427,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Tango Therapeutics by 18.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 487,237 shares of the company’s stock valued at $3,752,000 after purchasing an additional 76,540 shares during the last quarter. Point72 Asset Management L.P. bought a new position in Tango Therapeutics during the second quarter valued at approximately $3,836,000. Finally, Dimensional Fund Advisors LP boosted its holdings in Tango Therapeutics by 42.5% in the second quarter. Dimensional Fund Advisors LP now owns 335,913 shares of the company’s stock worth $2,882,000 after purchasing an additional 100,257 shares during the last quarter. 78.99% of the stock is currently owned by 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.