Tango Therapeutics (NASDAQ:TNGX) Shares Down 7%

Tango Therapeutics, Inc. (NASDAQ:TNGX) fell 7% during mid-day trading on Thursday . The stock traded as low as $7.18 and last traded at $7.22. 178,537 shares traded hands during trading, a decline of 72% from the average session volume of 643,188 shares. The stock had previously closed at $7.76.

Analyst Ratings Changes

Several brokerages have recently issued reports on TNGX. Wedbush reiterated an “outperform” rating and set a $18.00 price objective on shares of Tango Therapeutics in a research report on Monday, March 18th. Piper Sandler initiated coverage on Tango Therapeutics in a research report on Monday, February 12th. They set an “overweight” rating and a $18.00 price objective for the company. Cantor Fitzgerald initiated coverage on Tango Therapeutics in a research report on Thursday, April 4th. They issued an “overweight” rating for the company. Finally, HC Wainwright upped their target price on Tango Therapeutics from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Tango Therapeutics presently has a consensus rating of “Buy” and a consensus target price of $17.25.

Tango Therapeutics Stock Performance

The business has a 50-day moving average price of $8.98 and a 200 day moving average price of $9.33.

Tango Therapeutics (NASDAQ:TNGX) last announced its quarterly earnings data on Monday, March 18th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.04). Tango Therapeutics had a negative return on equity of 41.96% and a negative net margin of 278.55%. The firm had revenue of $5.43 million for the quarter, compared to analysts’ expectations of $7.86 million. Sell-side analysts forecast that Tango Therapeutics, Inc. will post -1.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Tango Therapeutics news, CEO Barbara Weber sold 4,681 shares of the stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $12.56, for a total transaction of $58,793.36. Following the transaction, the chief executive officer now directly owns 1,539,624 shares of the company’s stock, valued at $19,337,677.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Tango Therapeutics news, major shareholder Rock Ventures Iv L.P. Third sold 162,500 shares of the stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $12.00, for a total transaction of $1,950,000.00. Following the transaction, the insider now directly owns 19,201,475 shares of the company’s stock, valued at $230,417,700. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Barbara Weber sold 4,681 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $12.56, for a total value of $58,793.36. Following the completion of the sale, the chief executive officer now directly owns 1,539,624 shares in the company, valued at $19,337,677.44. The disclosure for this sale can be found here. Insiders have sold 174,731 shares of company stock valued at $2,103,703 over the last three months. 6.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tango Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. RTW Investments LP bought a new stake in shares of Tango Therapeutics in the fourth quarter valued at about $19,471,000. FMR LLC lifted its stake in shares of Tango Therapeutics by 12.3% in the third quarter. FMR LLC now owns 11,645,741 shares of the company’s stock valued at $131,131,000 after buying an additional 1,276,945 shares during the period. Boxer Capital LLC lifted its stake in shares of Tango Therapeutics by 15.1% in the fourth quarter. Boxer Capital LLC now owns 8,198,642 shares of the company’s stock valued at $81,167,000 after buying an additional 1,075,000 shares during the period. Deerfield Management Company L.P. Series C bought a new stake in shares of Tango Therapeutics in the third quarter valued at about $8,937,000. Finally, Invesco Ltd. lifted its stake in Tango Therapeutics by 3,247.3% during the third quarter. Invesco Ltd. now owns 774,738 shares of the company’s stock worth $8,724,000 after purchasing an additional 751,593 shares during the period. 78.99% of the stock is owned by institutional investors and hedge funds.

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.