Ecor1 Capital LLC recently announced the acquisition of new stake in Tango Therapeutics Inc. (NASDAQ:TNGX). The institutional investor has increased its shareholding in the Healthcare company by 82.51% to 4.2 million shares with purchase of 1.9 million shares. This fresh investment now brings its stake to 4.76% valued currently at $30.46 million. In addition, SSgA Funds Management, Inc. raised its holdings by 0.13 million to 0.87 million shares.
With over 0.27 million Tango Therapeutics Inc. (TNGX) shares trading Tuesday and a closing price of $7.93 on the day, the dollar volume was approximately $2.11 million. The shares have shown a positive half year performance of 86.59% and its price on 01/17/23 lost nearly -1.61%. Currently, there are 87.89M common shares owned by the public and among those 74.77M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 6 analysts who have offered their price forecasts for TNGX have a consensus price objective of $14.67. The analysts have set the share’s price value over the next 12 months at a high of $21.00 and a low of $10.00. The average price target is 45.94% above its recent price level and an upside to the estimated low will see the stock gain 20.7% over that period. But an upside of 62.24% will see the stock hit the forecast high price target while median target price for the stock is $13.50.
The top 3 mutual fund holders in Tango Therapeutics Inc. are Vanguard Total Stock Market Index, Fidelity Advisor Series VII – Bio, and Fidelity Select Port. – Biotechno. Vanguard Total Stock Market Index owns 1.7 million shares of the company’s stock, all valued at over $12.33 million. Fidelity Select Port. – Biotechno bought 0.41 million shares to bring its total holdings to over 1.46 million shares at a value of $10.61 million. Fidelity Select Port. – Biotechno now owns shares totaling to 1.66% of the shares outstanding.
Shares of Tango Therapeutics Inc. (NASDAQ: TNGX) opened at $8.04, down -$0.02 from a prior closing price of $8.06. However, the script later moved the day high at 8.40, down -1.61%. The company’s stock has a 5-day price change of 7.31% and 53.38% over the past three months. TNGX shares are trading 9.38% year to date (YTD), with the 12-month market performance down to -5.26% lower. It has a 12-month low price of $3.18 and touched a high of $9.99 over the same period. TNGX has an average intraday trading volume of 216.42K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 3.30%, 3.84%, and 34.80% respectively.
Institutional ownership of Tango Therapeutics Inc. (NASDAQ: TNGX) shares accounts for 77.60% of the company’s 87.89M shares outstanding. Mutual fund holders own 29.39%, while other institutional holders and individual stakeholders account for 9.89% and 15.37% respectively.
It has a market capitalization of $693.16M. The earnings-per-share (ttm) stands at -$1.15. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.74% over the week and 6.59% over the month.
Analysts forecast that Tango Therapeutics Inc. (TNGX) will achieve an EPS of -$0.32 for the current quarter, -$0.36 for the next quarter and -$1.59 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.36 while analysts give the company a high EPS estimate of -$0.3. Comparatively, EPS for the current quarter was -$0.28 a year ago. Earnings per share for the fiscal year are expected to decrease by -34.00%, and -27.00% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 6 brokerage firm advisors rate Tango Therapeutics Inc. (TNGX) as a “Strong Buy” at a consensus score of 1.50. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 0 of the 6 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the TNGX, a number of firms have released research notes about the stock. H.C. Wainwright stated their Buy rating for the stock in a research note on October 20, 2022, with the firm’s price target at $10. SVB Leerink coverage for the Tango Therapeutics Inc. (TNGX) stock in a research note released on September 20, 2021 offered a Outperform rating with a price target of $25.
