Tango Therapeutics (NASDAQ:TNGX) Trading Down 5.8% – Time to Sell?

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX) traded down 5.8% during mid-day trading on Thursday . The company traded as low as $6.33 and last traded at $6.39. 186,809 shares changed hands during trading, a decline of 75% from the average session volume of 742,793 shares. The stock had previously closed at $6.78.

Analyst Upgrades and Downgrades

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

Tango Therapeutics Price Performance

The business has a 50 day moving average of $9.16 and a 200 day moving average of $8.52. The firm has a market capitalization of $732.96 million, a price-to-earnings ratio of -6.07 and a beta of 0.81.

Tango Therapeutics (NASDAQ:TNGX) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.24) EPS for the quarter, beating 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 company had revenue of $19.88 million during the quarter, compared to analysts’ expectations of $7.39 million. As a group, equities analysts predict that Tango Therapeutics, Inc. will post -1.27 EPS for the current year.

Insider Activity at Tango Therapeutics

In other Tango Therapeutics news, major shareholder Rock Ventures Iv L.P. Third sold 550,171 shares of Tango Therapeutics stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $9.79, for a total transaction of $5,386,174.09. Following the transaction, the insider now directly owns 18,651,304 shares in the company, valued at approximately $182,596,266.16. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold a total of 1,680,311 shares of company stock worth $17,042,393 in the last quarter. Corporate insiders own 6.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in shares of Tango Therapeutics by 3.4% in the first 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 during the last quarter. Artal Group S.A. acquired a new stake in Tango Therapeutics in the first quarter valued at $17,427,000. Point72 Asset Management L.P. acquired a new position in shares of Tango Therapeutics during the 2nd quarter worth about $3,836,000. Mass General Brigham Inc acquired a new stake in Tango Therapeutics in the 1st quarter valued at about $2,812,000. Finally, Dimensional Fund Advisors LP raised its stake in Tango Therapeutics by 42.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 335,913 shares of the company’s stock valued at $2,882,000 after acquiring an additional 100,257 shares during the period. Institutional investors own 78.99% of the company’s stock.

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.