It has been about a month since the last earnings report for Tango Therapeutics, Inc. (TNGX Quick QuoteTNGX - Free Report) . Shares have lost about 6.2% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Tango Therapeutics due for a breakout? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent catalysts for Tango Therapeutics, Inc. before we dive into how investors and analysts have reacted as of late.

TNGX Q2 Earnings Miss Estimates on Higher Expenses

Tango incurred a loss of 37 cents per share in the second quarter of 2026, wider than the Zacks Consensus Estimate of a loss of 31 cents, as higher operating expenses weighed on the result. The company had reported a loss of 35 cents per share in the year-ago quarter. Collaboration revenues were zero compared with $3.2 million a year earlier.

TNGX's Q2 Results in Detail

In the absence of a marketed product, Tango has no recurring product revenues. The company instead reports collaboration revenues periodically, depending on the terms and progress of its collaboration arrangements.

All remaining deferred revenues from upfront and research option-extension payments under the Gilead collaboration were recognized during 2025. This followed the truncation of the collaboration agreement, which concluded all research activities. Consequently, Tango recorded no collaboration revenues in the reported quarter.

Research and development expenses increased 13% year over year to $37.2 million in the second quarter of 2026. The increase primarily reflected higher spending related to the advancement of the vopimetostat and TNG456 clinical programs. The rise was partly offset by lower spending resulting from Tango's portfolio prioritization efforts.

General and administrative expenses almost doubled year over year to $22.6 million, mainly due to higher personnel-related costs, including share-based compensation.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a downward trend in estimates revision.

The consensus estimate has shifted -10.16% due to these changes.

VGM Scores

Currently, Tango Therapeutics has a poor Growth Score of F, a grade with the same score on the momentum front. Following the exact same course, the stock has a grade of F on the value side, putting it in the bottom 20% quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Tango Therapeutics has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Tango Therapeutics is part of the Zacks Medical - Biomedical and Genetics industry. Over the past month, Amarin (AMRN Quick QuoteAMRN - Free Report) , a stock from the same industry, has gained 2.4%. The company reported its results for the quarter ended June 2026 more than a month ago.

Amarin reported revenues of $42.21 million in the last reported quarter, representing a year-over-year change of -42%. EPS of $0.04 for the same period compares with -$0.03 a year ago.

Amarin is expected to post a loss of $0.15 per share for the current quarter, representing a year-over-year change of -1600%. Over the last 30 days, the Zacks Consensus Estimate has changed +15.2%.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #2 (Buy) for Amarin. Also, the stock has a VGM Score of B.