Tango Therapeutics (NASDAQ:TNGX) Hits New 12-Month Low on Insider Selling

Tango Therapeutics, Inc. (NASDAQ:TNGX) shares reached a new 52-week low during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $6.27 and last traded at $6.30, with a volume of 224486 shares traded. The stock had previously closed at $6.64.

Specifically, insider Boxer Capital Management, Llc sold 625,000 shares of the company’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $7.05, for a total value of $4,406,250.00. Following the sale, the insider now directly owns 7,573,642 shares in the company, valued at $53,394,176.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on TNGX shares. HC Wainwright reissued a “buy” rating and issued a $13.00 price objective on shares of Tango Therapeutics in a research report on Tuesday, September 10th. Wedbush increased their price target on Tango Therapeutics from $11.00 to $13.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. Jefferies Financial Group started coverage on Tango Therapeutics in a report on Wednesday, July 17th. They set a “buy” rating and a $19.00 price objective on the stock. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Tango Therapeutics in a research note on Tuesday, July 9th. Seven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $15.14.

Tango Therapeutics Stock Down 5.7 %

The company has a market cap of $633.60 million, a price-to-earnings ratio of -6.03 and a beta of 0.81. The stock has a 50 day simple moving average of $8.79 and a 200 day simple moving average of $8.47.

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

Institutional Trading of Tango Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in Tango Therapeutics by 3.4% during the 1st quarter. Vanguard Group Inc. now owns 3,080,885 shares of the company’s stock valued at $24,462,000 after purchasing an additional 101,673 shares in the last quarter. Artal Group S.A. purchased a new position in shares of Tango Therapeutics during the 1st quarter valued at approximately $17,427,000. Point72 Asset Management L.P. acquired a new stake in shares of Tango Therapeutics during the second quarter worth approximately $3,836,000. Dimensional Fund Advisors LP increased its stake in shares of Tango Therapeutics by 42.5% in the second quarter. Dimensional Fund Advisors LP now owns 335,913 shares of the company’s stock worth $2,882,000 after buying an additional 100,257 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in Tango Therapeutics by 110.8% in the fourth quarter. Wellington Management Group LLP now owns 170,228 shares of the company’s stock valued at $1,685,000 after acquiring an additional 89,481 shares in the last quarter. 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.