Southpoint Capital Advisors LP Cuts Stock Position in Tango Therapeutics, Inc. (NASDAQ:TNGX)

Southpoint Capital Advisors LP cut its position in Tango Therapeutics, Inc. (NASDAQ:TNGX) by 5.2% in the third quarter, HoldingsChannel.com reports. The firm owned 5,000,000 shares of the company’s stock after selling 276,699 shares during the period. Southpoint Capital Advisors LP’s holdings in Tango Therapeutics were worth $38,500,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Verition Fund Management LLC acquired a new position in shares of Tango Therapeutics during the third quarter worth $247,000. Walleye Capital LLC acquired a new position in Tango Therapeutics during the 3rd quarter valued at about $1,098,000. Charles Schwab Investment Management Inc. raised its stake in Tango Therapeutics by 18.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 487,237 shares of the company’s stock valued at $3,752,000 after buying an additional 76,540 shares during the last quarter. Intech Investment Management LLC acquired a new stake in Tango Therapeutics in the third quarter worth about $238,000. Finally, Quest Partners LLC grew its stake in shares of Tango Therapeutics by 1,448.4% during the third quarter. Quest Partners LLC now owns 10,885 shares of the company’s stock worth $84,000 after acquiring an additional 10,182 shares during the last quarter. 78.99% of the stock is owned by hedge funds and other institutional investors.

Tango Therapeutics Price Performance

NASDAQ:TNGX opened at $3.94 on Friday. The company has a 50 day moving average price of $5.59 and a 200-day moving average price of $7.88. Tango Therapeutics, Inc. has a 1-year low of $2.70 and a 1-year high of $13.01. The firm has a market cap of $423.23 million, a price-to-earnings ratio of -3.34 and a beta of 0.88.

Wall Street Analysts Forecast Growth

TNGX has been the subject of a number of recent analyst reports. B. Riley lowered their target price on shares of Tango Therapeutics from $16.00 to $8.00 and set a “buy” rating for the company in a research note on Monday, November 11th. Guggenheim dropped their price objective on shares of Tango Therapeutics from $18.00 to $8.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Wedbush upped their target price 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, HC Wainwright reaffirmed a “buy” rating and set a $13.00 price target on shares of Tango Therapeutics in a research report on Friday, November 8th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $13.14.

Insider Activity at Tango Therapeutics

In other news, major shareholder Rock Ventures Iv L.P. Third sold 67,400 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $10.53, for a total transaction of $709,722.00. Following the sale, the insider now directly owns 16,859,075 shares of the company’s stock, valued at $177,526,059.75. This represents a 0.40 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Boxer Capital Management, Llc sold 3,080,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $3.14, for a total value of $9,671,200.00. Following the sale, the insider now owns 3,610,642 shares in the company, valued at $11,337,415.88. This trade represents a 46.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,480,400 shares of company stock worth $20,002,882. 6.30% of the stock is owned by company insiders.

Tango Therapeutics 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.