Tango Therapeutics, Inc. Forecasted to Earn Q1 2024 Earnings of ($0.33) Per Share (NASDAQ:TNGX)

Tango Therapeutics, Inc. (NASDAQ:TNGX) – Investment analysts at B. Riley issued their Q1 2024 earnings estimates for Tango Therapeutics in a report issued on Monday, April 15th. B. Riley analyst Y. Zhi forecasts that the company will post earnings of ($0.33) per share for the quarter. The consensus estimate for Tango Therapeutics’ current full-year earnings is ($1.28) per share. B. Riley also issued estimates for Tango Therapeutics’ Q3 2024 earnings at ($0.34) EPS and Q4 2024 earnings at ($0.35) EPS.

A number of other research firms have also recently weighed in on TNGX. HC Wainwright boosted their price objective on shares of Tango Therapeutics from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Wedbush reissued an “outperform” rating and set a $18.00 target price on shares of Tango Therapeutics in a research note on Monday, March 18th. Piper Sandler started coverage on shares of Tango Therapeutics in a research note on Monday, February 12th. They set an “overweight” rating and a $18.00 target price for the company. Finally, Cantor Fitzgerald started coverage on shares of Tango Therapeutics in a research note on Thursday, April 4th. They set an “overweight” rating for the company. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $17.25.

Tango Therapeutics Stock Performance

TNGX stock traded up $0.11 during mid-day trading on Wednesday, reaching $7.46. 475,262 shares of the stock traded hands, compared to its average volume of 660,822. Tango Therapeutics has a one year low of $2.47 and a one year high of $13.03. The stock has a market capitalization of $796.13 million, a PE ratio of -6.68 and a beta of 0.83. The business has a 50-day moving average price of $9.73 and a two-hundred day moving average price of $9.50.

Tango Therapeutics (NASDAQ:TNGX) last posted its quarterly earnings data on Monday, March 18th. The company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.04). Tango Therapeutics had a negative net margin of 278.55% and a negative return on equity of 41.96%. The firm had revenue of $5.43 million for the quarter, compared to the consensus estimate of $7.86 million.

Insider Buying and Selling

In related news, major shareholder Rock Ventures Iv L.P. Third sold 162,500 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $12.00, for a total value of $1,950,000.00. Following the completion of the sale, the insider now directly owns 19,201,475 shares of the company’s stock, valued at $230,417,700. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Tango Therapeutics news, major shareholder Rock Ventures Iv L.P. Third sold 162,500 shares of the stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $12.00, for a total transaction of $1,950,000.00. Following the completion of the sale, the insider now directly owns 19,201,475 shares of the company’s stock, valued at $230,417,700. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Adam Crystal sold 4,288 shares of the stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $12.56, for a total transaction of $53,857.28. Following the sale, the insider now directly owns 123,561 shares of the company’s stock, valued at $1,551,926.16. The disclosure for this sale can be found here. Insiders sold a total of 174,731 shares of company stock valued at $2,103,703 over the last three months. 6.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tango Therapeutics

Several hedge funds have recently modified their holdings of TNGX. Swiss National Bank increased its holdings in shares of Tango Therapeutics by 7.4% during the first quarter. Swiss National Bank now owns 93,100 shares of the company’s stock valued at $706,000 after acquiring an additional 6,400 shares in the last quarter. Citigroup Inc. increased its holdings in Tango Therapeutics by 13.2% in the 1st quarter. Citigroup Inc. now owns 36,709 shares of the company’s stock worth $278,000 after buying an additional 4,267 shares during the period. BlackRock Inc. increased its holdings in Tango Therapeutics by 29.6% in the 1st quarter. BlackRock Inc. now owns 1,493,186 shares of the company’s stock worth $11,319,000 after buying an additional 340,746 shares during the period. Vanguard Group Inc. increased its holdings in Tango Therapeutics by 87.6% in the 1st quarter. Vanguard Group Inc. now owns 2,713,963 shares of the company’s stock worth $20,571,000 after buying an additional 1,267,198 shares during the period. Finally, State Street Corp increased its holdings in Tango Therapeutics by 7.5% in the 1st quarter. State Street Corp now owns 247,134 shares of the company’s stock worth $1,873,000 after buying an additional 17,141 shares during the period. Institutional investors and hedge funds own 78.99% of the company’s stock.

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.