Tango Therapeutics (NASDAQ:TNGX) Shares Down 12.4%

Tango Therapeutics, Inc. (NASDAQ:TNGX) fell 12.4% during trading on Monday . The stock traded as low as $8.87 and last traded at $9.20. 901,710 shares were traded during mid-day trading, an increase of 26% from the average session volume of 716,029 shares. The stock had previously closed at $10.50.

Wall Street Analyst Weigh In

Several equities research analysts have commented on TNGX shares. Guggenheim upgraded shares of Tango Therapeutics to a “strong-buy” rating in a research note on Tuesday, May 28th. Cantor Fitzgerald restated an “overweight” rating on shares of Tango Therapeutics in a research report on Tuesday, July 9th. HC Wainwright reissued a “buy” rating and issued a $13.00 price target on shares of Tango Therapeutics in a research note on Tuesday, September 10th. Barclays cut their price objective on shares of Tango Therapeutics from $18.00 to $13.00 and set an “overweight” rating on the stock in a research note on Friday, May 24th. Finally, Wedbush increased their target price on shares of Tango Therapeutics from $11.00 to $13.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Seven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $15.14.

Tango Therapeutics Stock Down 9.6 %

The stock has a market capitalization of $1.01 billion, a P/E ratio of -8.03 and a beta of 0.84. The firm’s 50-day simple moving average is $10.01 and its 200 day simple moving average is $8.82.

Tango Therapeutics (NASDAQ:TNGX) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.10. Tango Therapeutics had a negative net margin of 274.04% and a negative return on equity of 44.73%. The company had revenue of $19.88 million for the quarter, compared to analysts’ expectations of $7.39 million. As a group, equities analysts anticipate that Tango Therapeutics, Inc. will post -1.27 EPS for the current fiscal year.

Insider Buying and Selling at Tango Therapeutics

In other news, major shareholder Rock Ventures Iv L.P. Third sold 75,000 shares of the business’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $11.56, for a total transaction of $867,000.00. Following the sale, the insider now directly owns 16,926,475 shares of the company’s stock, valued at $195,670,051. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Mva Investors, Llc sold 110,731 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $8.87, for a total transaction of $982,183.97. Following the transaction, the insider now directly owns 203,793 shares of the company’s stock, valued at $1,807,643.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Rock Ventures Iv L.P. Third sold 75,000 shares of the firm’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $11.56, for a total value of $867,000.00. Following the sale, the insider now owns 16,926,475 shares of the company’s stock, valued at $195,670,051. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,752,642 shares of company stock valued at $17,563,385. Corporate insiders own 6.20% of the company’s stock.

Institutional Trading of Tango Therapeutics

A number of hedge funds have recently made changes to their positions in TNGX. Boxer Capital LLC increased its stake in Tango Therapeutics by 15.1% in the 4th quarter. Boxer Capital LLC now owns 8,198,642 shares of the company’s stock valued at $81,167,000 after buying an additional 1,075,000 shares during the period. Mass General Brigham Inc purchased a new stake in shares of Tango Therapeutics during the first quarter worth $2,812,000. Fisher Asset Management LLC acquired a new stake in Tango Therapeutics during the fourth quarter valued at $997,000. Victory Capital Management Inc. purchased a new position in Tango Therapeutics in the fourth quarter valued at about $719,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Tango Therapeutics in the fourth quarter valued at about $136,000. 78.99% of the stock is owned by hedge funds and other institutional investors.

Tango Therapeutics Company Profile

Tango Therapeutics, Inc, a biotechnology company, discovers and develops drugs for the treatment of cancer. Its lead program is TNG908, a synthetic lethal small molecule inhibitor of protein arginine methyltransferase 5 that is being developed as a treatment for cancers with methylthioadenosine phosphorylase deletions.