Tango Therapeutics, Inc. (NASDAQ:TNGX) Short Interest Down 17.7% in October

Tango Therapeutics, Inc. (NASDAQ:TNGX) was the target of a significant decrease in short interest during the month of October. As of October 15th, there was short interest totalling 8,900,000 shares, a decrease of 17.7% from the September 30th total of 10,810,000 shares. Based on an average daily volume of 916,600 shares, the short-interest ratio is currently 9.7 days. Currently, 15.4% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

TNGX has been the subject of several recent analyst reports. Jefferies Financial Group initiated coverage on Tango Therapeutics in a research report on Wednesday, July 17th. They issued a “buy” rating and a $19.00 target price for the company. Wedbush raised their price objective 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 reissued an “overweight” rating on shares of Tango Therapeutics in a research report on Tuesday, July 9th. Finally, HC Wainwright restated a “buy” rating and set a $13.00 price target on shares of Tango Therapeutics in a report on Monday. Seven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $15.14.

Tango Therapeutics Price Performance

TNGX traded up $0.08 during midday trading on Tuesday, hitting $6.00. 1,113,527 shares of the company’s stock traded hands, compared to its average volume of 775,032. The company has a market cap of $641.08 million, a PE ratio of -5.31 and a beta of 0.81. The stock’s fifty day simple moving average is $8.51 and its 200-day simple moving average is $8.45. Tango Therapeutics has a one year low of $5.62 and a one year high of $13.01.

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

Insider Activity at Tango Therapeutics

In other news, insider Boxer Capital Management, Llc sold 633,000 shares of the firm’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $6.87, for a total transaction of $4,348,710.00. Following the completion of the sale, the insider now directly owns 6,690,642 shares of the company’s stock, valued at $45,964,710.54. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, major shareholder Rock Ventures Iv L.P. Third sold 135,000 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $9.79, for a total transaction of $1,321,650.00. Following the sale, the insider now owns 17,351,475 shares in the company, valued at $169,870,940.25. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Boxer Capital Management, Llc sold 633,000 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $6.87, for a total transaction of $4,348,710.00. Following the completion of the transaction, the insider now directly owns 6,690,642 shares of the company’s stock, valued at $45,964,710.54. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,925,400 shares of company stock valued at $15,877,582 over the last ninety days. Insiders own 6.20% of the company’s stock.

Institutional Trading of Tango Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position 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 period. Artal Group S.A. acquired a new position in Tango Therapeutics during the 1st quarter worth $17,427,000. Point72 Asset Management L.P. bought a new stake in Tango Therapeutics during the second quarter valued at about $3,836,000. Dimensional Fund Advisors LP grew its position in shares of Tango Therapeutics by 42.5% in the second quarter. Dimensional Fund Advisors LP now owns 335,913 shares of the company’s stock valued at $2,882,000 after purchasing an additional 100,257 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of Tango Therapeutics by 110.8% in the fourth quarter. Wellington Management Group LLP now owns 170,228 shares of the company’s stock worth $1,685,000 after purchasing an additional 89,481 shares during the period. Institutional investors and hedge funds 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.