Tango Therapeutics (NASDAQ:TNGX) Hits New 1-Year Low – Here’s What Happened

Tango Therapeutics, Inc. (NASDAQ:TNGX)’s stock price hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $5.07 and last traded at $5.11, with a volume of 104049 shares changing hands. The stock had previously closed at $5.15.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. 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. Cantor Fitzgerald restated an “overweight” rating on shares of Tango Therapeutics in a research report on Tuesday, July 9th. HC Wainwright restated a “buy” rating and issued a $13.00 price objective on shares of Tango Therapeutics in a research report on Monday, October 28th. Finally, 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. Seven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Tango Therapeutics presently has an average rating of “Buy” and an average target price of $15.14.

Tango Therapeutics Stock Performance

The business has a fifty day moving average price of $8.17 and a 200 day moving average price of $8.41. The company has a market capitalization of $558.22 million, a PE ratio of -4.52 and a beta of 0.88.

Tango Therapeutics (NASDAQ:TNGX) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.10. The company 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%. Research analysts forecast that Tango Therapeutics, Inc. will post -1.27 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Boxer Capital Management, Llc sold 633,000 shares of the stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $6.87, for a total value of $4,348,710.00. Following the completion of the sale, the insider now owns 6,690,642 shares in the company, valued at approximately $45,964,710.54. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, major shareholder Rock Ventures Iv L.P. Third sold 150,000 shares of the stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $10.09, for a total value of $1,513,500.00. Following the completion of the sale, the insider now owns 17,201,475 shares in the company, valued at approximately $173,562,882.75. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Boxer Capital Management, Llc sold 633,000 shares of the stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $6.87, for a total value of $4,348,710.00. Following the completion of the sale, the insider now owns 6,690,642 shares of the company’s stock, valued at approximately $45,964,710.54. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,885,400 shares of company stock worth $15,485,582. 6.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tango Therapeutics

A number of hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD grew its stake in Tango Therapeutics by 12.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,771 shares of the company’s stock valued at $102,000 after purchasing an additional 1,426 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake 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 purchasing an additional 2,218 shares in the last quarter. SG Americas Securities LLC grew its stake in Tango Therapeutics by 16.0% during the 1st quarter. SG Americas Securities LLC now owns 30,429 shares of the company’s stock valued at $242,000 after purchasing an additional 4,203 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in Tango Therapeutics during the 2nd quarter valued at approximately $54,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in Tango Therapeutics by 32.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 28,964 shares of the company’s stock valued at $230,000 after purchasing an additional 7,128 shares in the last quarter. Institutional investors and hedge funds 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.