Tango Therapeutics (NASDAQ:TNGX) stock is soaring higher on Wednesday after getting a couple of updates from analysts covering the shares.
Starting off the updated coverage of TNGX stock today is Guggenheim. Analysts with the firm increased their price target for the stock from $12 per share to $16 per share. That represents a potential 317.7% upside compared to its prior closing price. For comparison, the analysts’ consensus price prediction for TNGX is $15.67 per share.
Next up is Leerink Partners also increasing its price target for TNGX stock. This has its analysts bumping the stock up from $16 per share to $20 per share. That means the stock could rally 422.2% over the next year compared to its closing price of $3.83 per share on Tuesday.
What’s Behind Bull Stance On TNGX Stock?
The updated analyst coverage for TNGX comes after a positive earnings report on Monday. The biopharmaceutical company posted diluted earnings per share of -23 cents alongside revenue of $14.6 million. For the record, EPS was -28 cents alongside revenue of $5.77 million in the same period of the year prior.
With all of this recent news, shares of TNGX stock are seeing heavy trading on Wednesday. That has some 39 million shares of the stock changing hands. To put that in perspective, the company’s daily average trading volume is only about 207,000 shares.
TNGX stock is up 116.7% as of Wednesday morning but is only up 12.3% since the start of the year.
Investors on the lookout for more of the most recent stock market news will want to keep reading!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
