Wedbush Has Pessimistic Outlook of TNGX FY2024 Earnings

Tango Therapeutics, Inc. (NASDAQ:TNGX) – Stock analysts at Wedbush dropped their FY2024 EPS estimates for Tango Therapeutics in a note issued to investors 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 estimate of ($1.13). Wedbush has a “Outperform” rating and a $13.00 price target 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.

Tango Therapeutics (NASDAQ:TNGX) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.27) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.07. The firm had revenue of $11.61 million during the quarter, compared to analyst estimates of $8.04 million. Tango Therapeutics had a negative return on equity of 44.73% and a negative net margin of 274.04%.

A number of other research firms have also recently weighed in on TNGX. HC Wainwright restated a “buy” rating and set a $13.00 price objective on shares of Tango Therapeutics in a research report on Friday. Guggenheim lowered their price objective on Tango Therapeutics from $18.00 to $8.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Jefferies Financial Group assumed coverage on Tango Therapeutics in a report on Wednesday, July 17th. They set a “buy” rating and a $19.00 target price for the company. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $14.29.

Tango Therapeutics Price Performance

Shares of TNGX stock opened at $2.95 on Friday. Tango Therapeutics has a 1-year low of $2.71 and a 1-year high of $13.01. The company has a market cap of $316.07 million, a price-to-earnings ratio of -2.50 and a beta of 0.88. The stock has a 50 day simple moving average of $7.41 and a 200-day simple moving average of $8.28.

Hedge Funds Weigh In On Tango Therapeutics

A number of hedge funds have recently modified their holdings of TNGX. Artal Group S.A. acquired a new position in Tango Therapeutics in the first quarter valued at about $17,427,000. Point72 Asset Management L.P. acquired a new stake in Tango Therapeutics in the 2nd quarter valued at approximately $3,836,000. Vanguard Group Inc. raised its position in Tango Therapeutics by 3.4% in the first quarter. Vanguard Group Inc. now owns 3,080,885 shares of the company’s stock valued at $24,462,000 after purchasing an additional 101,673 shares during the period. Dimensional Fund Advisors LP lifted its stake in Tango Therapeutics by 42.5% during 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 in the last quarter. Finally, GSA Capital Partners LLP purchased a new position in shares of Tango Therapeutics during the third quarter worth $349,000. 78.99% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, major shareholder Rock Ventures Iv L.P. Third sold 150,000 shares of Tango Therapeutics 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 owns 17,201,475 shares in the company, valued at approximately $173,562,882.75. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Tango Therapeutics news, major shareholder Rock Ventures Iv L.P. Third sold 150,000 shares of the business’s stock in a transaction dated 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 directly owns 17,201,475 shares in the company, valued at $173,562,882.75. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Boxer Capital Management, Llc sold 633,000 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $6.87, for a total transaction of $4,348,710.00. Following the sale, the insider now owns 6,690,642 shares of the company’s stock, valued at $45,964,710.54. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 4,965,400 shares of company stock worth $25,156,782 over the last ninety days. Corporate insiders own 6.30% 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.