Yahoo Finance Tango Therapeutics (TNGX) Moves 10.3% Higher: Will This Strength Last?
Tango Therapeutics, Inc. (TNGX) shares rallied 10.3% in the last trading session to close at $8.39. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 2.4% loss over the past four weeks.
Last month, the company announced robust financial results for the first quarter of 2024. It also provided an update on its promising set of pipeline candidates, which are being developed as the next generation of precision medicines for the treatment of cancer. Several clinical milestones are expected later in 2024. This may have been driving the share price rally.
This company is expected to post quarterly loss of $0.33 per share in its upcoming report, which represents a year-over-year change of -43.5%. Revenues are expected to be $7.66 million, down 47.5% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Tango Therapeutics, the consensus EPS estimate for the quarter has been revised 2.4% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on TNGX going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Tango Therapeutics is part of the Zacks Medical - Biomedical and Genetics industry. Lexicon Pharmaceuticals (LXRX), another stock in the same industry, closed the last trading session 4.2% lower at $1.83. LXRX has returned -1.6% in the past month.
Lexicon's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.18. Compared to the company's year-ago EPS, this represents a change of +18.2%. Lexicon currently boasts a Zacks Rank of #2 (Buy).
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Tango Therapeutics, Inc. (TNGX) : Free Stock Analysis Report
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