Wedbush Has Negative Estimate for TNGX FY2024 Earnings

Tango Therapeutics, Inc. (NASDAQ:TNGX) – Stock analysts at Wedbush reduced their FY2024 earnings estimates for Tango Therapeutics in a research report issued on Wednesday, November 6th. Wedbush analyst R. Driscoll now forecasts that the company will post earnings per share of ($1.16) for the year, down from their previous forecast of ($1.13). Wedbush has a “Outperform” rating and a $13.00 price objective on the stock. The consensus estimate for Tango Therapeutics’ current full-year earnings is ($1.27) per share. Wedbush also issued estimates for Tango Therapeutics’ Q4 2024 earnings at ($0.30) EPS, Q1 2025 earnings at ($0.29) EPS, Q2 2025 earnings at ($0.32) EPS, Q3 2025 earnings at ($0.32) EPS, Q4 2025 earnings at ($0.29) EPS, FY2025 earnings at ($1.21) EPS, FY2026 earnings at ($1.22) EPS, FY2027 earnings at ($1.23) EPS and FY2028 earnings at ($0.21) EPS.

A number of other research analysts have also weighed in on TNGX. Jefferies Financial Group assumed coverage on Tango Therapeutics in a research report on Wednesday, July 17th. They set a “buy” rating and a $19.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and issued a $13.00 target price on shares of Tango Therapeutics in a report on Friday. Finally, Guggenheim cut their price target on shares of Tango Therapeutics from $18.00 to $8.00 and set a “buy” rating on the stock in a report on Thursday. Eight 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 a consensus price target of $14.29.

Tango Therapeutics Stock Performance

Shares of NASDAQ TNGX opened at $2.95 on Friday. The company has a 50 day simple moving average of $7.41 and a two-hundred day simple moving average of $8.28. Tango Therapeutics has a fifty-two week low of $2.71 and a fifty-two week high of $13.01. The company has a market capitalization of $316.06 million, a price-to-earnings ratio of -2.50 and a beta of 0.88.

Tango Therapeutics (NASDAQ:TNGX) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.27) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.07. Tango Therapeutics had a negative return on equity of 48.38% and a negative net margin of 284.42%. The business had revenue of $11.61 million during the quarter, compared to the consensus estimate of $8.04 million.

Insider Activity

In other news, major shareholder Rock Ventures Iv L.P. Third sold 150,000 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $10.09, for a total value of $1,513,500.00. Following the transaction, the insider now directly owns 17,201,475 shares in the company, valued at $173,562,882.75. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, major shareholder Rock Ventures Iv L.P. Third sold 150,000 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $10.09, for a total value of $1,513,500.00. Following the transaction, the insider now owns 17,201,475 shares of the company’s stock, valued at approximately $173,562,882.75. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Boxer Capital Management, Llc sold 625,000 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $7.05, for a total transaction of $4,406,250.00. Following the sale, the insider now owns 7,573,642 shares of the company’s stock, valued at $53,394,176.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 4,965,400 shares of company stock valued at $25,156,782 over the last three months. Insiders own 6.30% of the company’s stock.

Hedge Funds Weigh In On Tango Therapeutics

Institutional investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD increased its position 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 buying an additional 1,426 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Tango Therapeutics by 8.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 29,511 shares of the company’s stock worth $253,000 after acquiring an additional 2,218 shares in the last quarter. SG Americas Securities LLC raised its stake in Tango Therapeutics by 16.0% during the 1st quarter. SG Americas Securities LLC now owns 30,429 shares of the company’s stock worth $242,000 after acquiring an additional 4,203 shares during the period. Point72 DIFC Ltd purchased a new position in Tango Therapeutics during the second quarter valued at approximately $54,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Tango Therapeutics by 32.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 28,964 shares of the company’s stock worth $230,000 after purchasing an additional 7,128 shares during the period. 78.99% of the stock is owned by institutional investors.

Tango Therapeutics Company Profile

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.