Tango Therapeutics (NASDAQ:TNGX) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX) saw strong trading volume on Monday . 605,893 shares changed hands during mid-day trading, a decline of 19% from the previous session’s volume of 744,956 shares.The stock last traded at $6.90 and had previously closed at $6.86.

Analyst Ratings Changes

A number of research analysts have commented on the company. Jefferies Financial Group assumed coverage on Tango Therapeutics in a research report on Wednesday, July 17th. They issued a “buy” rating and a $19.00 price objective on the stock. Cantor Fitzgerald reiterated 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. Finally, Wedbush increased their price target on Tango Therapeutics from $11.00 to $13.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. Seven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $15.14.

Tango Therapeutics Trading Up 0.3 %

The company has a 50 day simple moving average of $9.16 and a 200-day simple moving average of $8.54. The stock has a market cap of $735.10 million, a price-to-earnings ratio of -6.07 and a beta of 0.81.

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

Insider Buying and Selling

In related news, major shareholder Rock Ventures Iv L.P. Third sold 67,400 shares of Tango Therapeutics stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $10.53, for a total transaction of $709,722.00. Following the completion of the transaction, the insider now owns 16,859,075 shares in the company, valued at approximately $177,526,059.75. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders sold 1,680,311 shares of company stock worth $17,042,393. Company insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On Tango Therapeutics

Institutional investors have recently made changes to their positions in the company. Point72 DIFC Ltd bought a new stake in shares of Tango Therapeutics during the second quarter worth approximately $54,000. Paloma Partners Management Co acquired a new stake in shares of Tango Therapeutics in the first quarter valued at approximately $80,000. Principal Financial Group Inc. acquired a new stake in shares of Tango Therapeutics in the second quarter valued at approximately $90,000. Quarry LP acquired a new stake in shares of Tango Therapeutics in the second quarter valued at approximately $99,000. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Tango Therapeutics by 12.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 12,771 shares of the company’s stock valued at $102,000 after buying an additional 1,426 shares in the last quarter. Institutional investors own 78.99% of the company’s stock.

About Tango Therapeutics

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.