Tango TherapeuticsNASDAQ: TNGX

Tango Therapeutics (TNGX) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might help the stock continue moving higher in the near term.

STOCKHOLM , May 23, 2024 /PRNewswire/ -- Medivir AB (Nasdaq Stockholm: MVIR), a pharmaceutical company focused on developing innovative treatments for cancer in areas of high unmet medical need, announced today that Medivir's licensee, Tango Therapeutics (NASDAQ: TNGX; Tango), has announced that the phase 1/2 clinical trial of TNG348, a novel USP1 inhibitor, is being terminated due to toxicity observed in the initial study cohorts.  TNG348 is a novel USP1 (ubiquitin-specific protease 1) inhibitor, for the treatment of BRCA1/2-mutant and other homologous recombination deficiency (HRD)+ cancers, and has been developed by Tango from the preclinical USP1 program licensed from Medivir in 2020.

Tango Therapeutics, Inc. (TNGX) came out with a quarterly loss of $0.32 per share versus the Zacks Consensus Estimate of a loss of $0.28. This compares to loss of $0.33 per share a year ago.

The average of price targets set by Wall Street analysts indicates a potential upside of 110.5% in Tango Therapeutics, Inc. (TNGX). While the effectiveness of this highly sought-after metric is questionable, the positive trend in earnings estimate revisions might translate into an upside in the stock.

We are circling back on clinical stage developmental concern Tango Therapeutics, Inc. for the first time since November 2022. The company recently raised capital to fund all operations well into 2027, and a beneficial owner/director just added just over $2.4 million of new shares to their stake. An updated analysis on Tango Therapeutics follows in the paragraphs below.

The upside in Tango's (TNGX) shares can be attributed to the company's progress with its pipeline candidates. A recent acquisition offer for a biotech making similar drugs also bolstered this surge.

Tango Therapeutics is a clinical-stage biotech. The company has five programs in its pipeline that are focused on fighting various cancers.

Tango Therapeutics, Inc. (TNGX) made it through our "Recent Price Strength" screen and could be a great choice for investors looking to make a profit from stocks that are currently on the move.

Tango said it has $310.7 million in cash, enough to fund operations into 2026. The company has several early-stage trials.