Tango Therapeutics (NASDAQ:TNGX) Trading Down 7.6% – Time to Sell?

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX) traded down 7.6% on Tuesday . The stock traded as low as $6.61 and last traded at $6.61. 411,904 shares were traded during mid-day trading, a decline of 46% from the average session volume of 759,469 shares. The stock had previously closed at $7.15.

Analyst Upgrades and Downgrades

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

Tango Therapeutics Stock Down 0.5 %

The stock has a fifty day simple moving average of $8.85 and a 200 day simple moving average of $8.49. The firm has a market capitalization of $666.72 million, a P/E ratio of -5.55 and a beta of 0.81.

Tango Therapeutics (NASDAQ:TNGX) last issued its 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. 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 for the quarter, compared to the consensus estimate of $7.39 million. Research analysts anticipate that Tango Therapeutics, Inc. will post -1.27 earnings per share for the current fiscal year.

Insider Transactions at Tango Therapeutics

In related news, major shareholder Rock Ventures Iv L.P. Third sold 175,000 shares of the firm’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $11.60, for a total transaction of $2,030,000.00. Following the completion of the transaction, the insider now directly owns 17,001,475 shares of the company’s stock, valued at approximately $197,217,110. This trade represents 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. In other Tango Therapeutics news, major shareholder Rock Ventures Iv L.P. Third sold 175,000 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $11.60, for a total transaction of $2,030,000.00. Following the completion of the transaction, the insider now owns 17,001,475 shares in the company, valued at $197,217,110. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Boxer Capital Management, Llc sold 625,000 shares of the company’s stock in a transaction that occurred 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 trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,292,400 shares of company stock valued at $11,528,872. 6.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tango Therapeutics

Several institutional investors have recently bought and sold shares of TNGX. Price T Rowe Associates Inc. MD increased its stake in Tango Therapeutics by 12.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 12,771 shares of the company’s stock worth $102,000 after acquiring an additional 1,426 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in Tango Therapeutics by 8.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 29,511 shares of the company’s stock valued at $253,000 after buying an additional 2,218 shares during the period. SG Americas Securities LLC lifted its position in Tango Therapeutics by 16.0% in the first quarter. SG Americas Securities LLC now owns 30,429 shares of the company’s stock worth $242,000 after buying an additional 4,203 shares during the last quarter. Point72 DIFC Ltd purchased a new position in Tango Therapeutics during the second quarter worth $54,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in Tango Therapeutics by 32.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 28,964 shares of the company’s stock valued at $230,000 after acquiring an additional 7,128 shares during the last quarter. 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.