Tango Therapeutics Stock : Analyst Confidence Stays Strong
Piper Sandler has reaffirmed its Overweight rating for Tango Therapeutics Inc stock(NASDAQ: TNGX). The price target remains set at $18.00. This decision follows recent data presentations and drug pipeline updates.
The biotechnology company continues to attract attention after updated findings from a competitor’s drug trial. The data was shared at the European Society for Medical Oncology (ESMO) conference.
Competitor Data Raises Questions
A competitor’s drug, AMG 193, developed by AMGN, has shown modest efficacy. Limited new insights were provided beyond previously shared information. The data highlighted a two-month followup, offering a median duration of response (mDOR) of 8.3 months.
Although the objective response rate (ORR) was below 20%, the durability of responses impressed analysts. However, the clinical responses seemed disconnected from pharmacodynamic markers such as tumor or serum SDMA reduction. This suggests that the PRMT5 inhibition marker might not fully align with patient outcomes.
Piper Sandler Stays Optimistic on Tango Therapeutics Stock
Despite the competitor’s data, Piper Sandler remains confident in Tango Therapeutics’ stock. The company’s own PRMT5 inhibitors, TNG462 and TNG908, have shown promise. Early clinical experiences indicate potentially stronger efficacy. Preclinical data also supports the optimism around these programs.
The firm expects initial data from Tango Therapeutics’ ongoing trials by the end of 2024. These updates could prove pivotal for the company’s future trajectory.
Drug Pipeline Developments Boost Prospects
Tango Therapeutics has seen recent advancements in its drug pipeline. H.C. Wainwright has maintained its Buy rating, with a price target of $13.00. This follows the release of abstracts from ESMO. The data highlighted a confirmed objective response rate for several cancer types, adding further credibility to Tango’s therapeutic potential.
However, challenges remain. The company recently halted the development of TNG348, one of its key drug candidates. The decision followed observed liver function abnormalities in trial participants.
Tango Therapeutics’ Leading Assets Drive Stock Confidence
Jefferies has also weighed in, issuing a Buy rating with a $19.00 price target. The firm is focusing on Tango’s lead assets, TNG908 and TNG462. These therapies are expected to demonstrate significant potential in the second half of 2024. A pivotal data update is anticipated, which could impact investor sentiment and stock performance.
Tango’s continued innovation in its drug pipeline is positioning the company as a major player in the oncology space.
Tango Therapeutics’ Stock – Mixed Ratings Among Analysts
Several analysts have recently adjusted their outlooks on Tango Therapeutics’ stock. Barclays lowered their price target from $18.00 to $13.00, while still maintaining an Overweight rating. Cantor Fitzgerald also reiterated an Overweight rating in a recent report.
Jefferies remains bullish, setting a $19.00 price target. The firm began coverage of the stock in July, noting its belief in Tango’s future prospects. Guggenheim took an even stronger stance, upgrading the stock to a StrongBuy rating.
H.C. Wainwright continues to show confidence as well, reissuing a Buy rating with a $13.00 price target. Overall, seven analysts have assigned the stock a Buy rating, with one rating it as a StrongBuy.
Tango Therapeutics’ Stock Performance
Tango Therapeutics currently holds a market capitalization of $1.03 billion. The stock’s price-to-earnings ratio is 8.50, reflecting its status as a biotechnology company still in a pre-revenue phase. The company’s beta, a measure of volatility, stands at 0.84, suggesting lower-than-average volatility compared to the market.
The 50-day moving average price for Tango Therapeutics sits at $10.02. Over a 200-day period, the average price is $8.81, indicating steady upward momentum.
Quarterly Earnings Show Progress
On August 7th, Tango Therapeutics released its quarterly earnings data. The company reported a loss of $0.24 per share, beating analysts’ expectations of a $0.34 loss. Revenue for the quarter reached $19.88 million, far exceeding the $7.39 million consensus estimate.
While Tango remains unprofitable, the company has shown progress in reducing its losses. The negative return on equity was 44.73%, with a negative net margin of 274.04%. Analysts predict that Tango will post a loss of $1.27 per share for the full year.
Tango Therapeutics Stock – Insider Activity Signals Confidence
Several insiders have been active in buying and selling Tango Therapeutics’ shares in recent months. Major shareholder Rock Ventures IV L.P. recently sold 75,000 shares, valued at $867,000. Following the sale, the insider still holds over 16.9 million shares, representing a significant stake in the company.
Additionally, MVA Investors LLC sold 29,000 shares in June, adding to the ongoing insider transactions. Over the last 90 days, corporate insiders have sold a total of 1.75 million shares, worth approximately $17.6 million.
Despite these sales, insiders still retain a significant portion of Tango’s stock. This suggests that while some may be taking profits, there remains longterm confidence in the company’s future.
Institutional Inflows and Outflows
Institutional investors have been adjusting their positions in Tango Therapeutics as well. Artal Group S.A. acquired a new stake, worth $17.4 million, during the first quarter. RTW Investments LP also established a new position, worth nearly $19.5 million, in the fourth quarter.
Boxer Capital LLC increased its holdings by 15.1%, now owning over 8.1 million shares. This suggests growing confidence in Tango’s longterm prospects among institutional investors.
Point72 Asset Management L.P. also recently acquired a stake worth $3.8 million. Mass General Brigham Inc. followed suit, purchasing a new position valued at $2.8 million. Overall, institutional investors and hedge funds now own 78.99% of Tango’s stock.
Analyst Optimism and Institutional Confidence Drive Tango Therapeutics’ Momentum
Tango Therapeutics continues to garner support from analysts and institutional investors. Piper Sandler’s reaffirmation of the Overweight rating, alongside Jefferies’ bullish outlook, highlights the growing optimism around Tango’s drug pipeline.
As the company pushes forward with its lead assets, TNG908 and TNG462, expectations remain high for significant data updates in late 2024. Challenges persist, but Tango Therapeutics appears wellpositioned to navigate the complex biotech landscape.
With institutional investors increasing their stakes and analysts maintaining favorable ratings, Tango Therapeutics remains a stock to watch closely. Investors and industry observers alike will be looking forward to the next round of clinical data, which could solidify the company’s position in the oncology space.
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