Wolfe Research has initiated coverage of Tango Therapeutics (NASDAQ: TNGX) with a peer perform rating, as detailed in a research report published on November 4, 2023. This marks a significant moment for the biotechnology firm, which focuses on developing innovative cancer therapies. The report from Wolfe Research follows a series of evaluations from other financial institutions regarding Tango Therapeutics’ stock performance.
In recent weeks, several analysts have weighed in on Tango Therapeutics. Weiss Ratings reaffirmed a “sell (e+)” rating, while Wall Street Zen upgraded the shares from “sell” to “hold” on November 8, 2023. Guggenheim raised its target price for the stock from $10.00 to $12.00, assigning a “buy” rating in a note published on October 24, 2023. Piper Sandler also began coverage on August 18, 2023, issuing an “overweight” rating with a price target of $11.00. In total, five analysts currently rate the stock as a buy, one issues a hold rating, and one recommends selling.
As of now, Tango Therapeutics holds a consensus rating of “Moderate Buy” according to data from MarketBeat, with a projected price target of $12.50. This optimistic outlook reflects the potential seen in the company’s ongoing research and development efforts.
Tango Therapeutics recently reported its earnings for the quarter ending November 4, 2023. The company posted earnings of $0.13 per share, surpassing analysts’ expectations of $0.01 by a substantial margin. Despite achieving quarterly revenues of $53.81 million, well above anticipated figures of $41.35 million, the company continues to face challenges, including a negative net margin of 151.15% and a return on equity of -60.80%. Analysts project that Tango Therapeutics will report an annual earnings per share of -1.19 for the current fiscal year.
In addition to market evaluations, insider trading has seen activity recently. On September 5, 2023, major shareholder Rock Ventures IV L.P. sold 642,906 shares at an average price of $7.00, totaling approximately $4.5 million. Following this transaction, Rock Ventures IV L.P. retained ownership of 14,813,975 shares valued at around $103.7 million, indicating a 4.16% reduction in their stake. This sale was disclosed in a filing with the Securities and Exchange Commission (SEC).
Institutional investors have also been active in modifying their holdings in Tango Therapeutics. CWM LLC increased its stake by 182.2% during the second quarter, acquiring an additional 3,167 shares to reach a total of 4,905 shares valued at $25,000. Similarly, Dynamic Technology Lab Private Ltd enhanced its position by 139.7%, ending up with 25,801 shares worth $35,000 after purchasing an additional 15,037 shares. Legal & General Group Plc and Ameritas Investment Partners Inc. have also raised their stakes, showcasing growing institutional confidence in the company.
Currently, institutional ownership stands at 78.99% of Tango Therapeutics’ stock, reflecting significant interest from large investors in the biotechnology sector.
Tango Therapeutics is recognized for its commitment to discovering and developing novel treatments for cancer. Its lead program, TNG908, is a synthetic lethal small molecule inhibitor targeting protein arginine methyltransferase 5, designed to treat cancers with specific genetic deletions.
As the market continues to react to these developments, investors and analysts alike will be monitoring Tango Therapeutics closely in the coming months, particularly as the company advances its drug development initiatives.
