Tango Therapeutics Inc (NASDAQ:TNGX) shares, rose in value, with the stock price down by -7.80% to the previous day’s close as strong demand from buyers drove the stock to $9.22.
Actively observing the price movement in the last trading, the stock closed the session at $10.00. The value of beta (5-year monthly) was 0.90. Referring to stock’s 52-week performance, its high was $13.03, and the low was $2.47. On the whole, TNGX has fluctuated by -25.59% over the past month.
With the market capitalization of Tango Therapeutics Inc currently standing at about $940.35 million, investors are eagerly awaiting this quarter’s results, scheduled for Mar 25, 2024 – Mar 29, 2024. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.28, which is expected to increase to -$0.28 for fiscal year -$1.06 and then to about -$1.33 by fiscal year 2024. Data indicates that the EPS growth is expected to be 13.80% in 2024, while the next year’s EPS growth is forecast to be -25.50%.
Analysts have estimated the company’s revenue for the quarter at $8.24 million, with a low estimate of $6 million and a high estimate of $10.8 million. According to the average forecast, sales growth in current quarter could jump up 28.50%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2024, the company’s y-o-y revenues would reach $38.63 million, representing an increase of 55.40% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that TNGX’s technical picture suggests that short-term indicators denote the stock is a Hold on average. However, medium term indicators have put the stock in the category of 50% Buy while long term indicators on average have been pointing out that it is a Hold.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of TNGX currently trading nearly -18.93% and -18.35% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 29.57, while the 7-day volatility ratio is showing 6.80% which for the 30-day chart, stands at 5.86%. Furthermore, Tango Therapeutics Inc (TNGX)’s beta value is 0.89, and its average true range (ATR) is 0.69.
A comparison of Tango Therapeutics Inc (TNGX) with its peers suggests the former has fared considerably weaker in the market. TNGX showed an intraday change of -7.80% in last session, and over the past year, it grew by 114.92%%.
Data on historical trading for Tango Therapeutics Inc (NASDAQ:TNGX) indicates that the trading volumes over the past 10 days have averaged 0.52 million and over the past 3 months, they’ve averaged 621.60K. According to company’s latest data on outstanding shares, there are 88.18 million shares outstanding.
Nearly 50.83% of Tango Therapeutics Inc’s shares belong to company insiders and institutional investors own 54.50% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 8.87 million shares as on Feb 29, 2024, resulting in a short ratio of 16.79. According to the data, the short interest in Tango Therapeutics Inc (TNGX) stood at 8.69% of shares outstanding as of Feb 29, 2024; the number of short shares registered in Jan 31, 2024 reached 10.51 million. The stock has fallen by -6.87% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the TNGX stock heading into the next quarter.
