Balyasny Asset Management L.P. Purchases 592,000 Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX)

Balyasny Asset Management L.P. grew its stake in shares of Tango Therapeutics, Inc. (NASDAQ:TNGX - Free Report) by 22.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,279,196 shares of the company's stock after acquiring an additional 592,000 shares during the period. Balyasny Asset Management L.P. owned about 3.05% of Tango Therapeutics worth $10,133,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd purchased a new stake in Tango Therapeutics in the 4th quarter worth about $33,000. Ameriprise Financial Inc. purchased a new stake in Tango Therapeutics in the 4th quarter worth about $35,000. Teacher Retirement System of Texas increased its holdings in Tango Therapeutics by 35.8% in the 4th quarter. Teacher Retirement System of Texas now owns 14,544 shares of the company's stock worth $45,000 after acquiring an additional 3,831 shares during the last quarter. Sequoia Financial Advisors LLC bought a new position in Tango Therapeutics in the 4th quarter worth about $45,000. Finally, Price T Rowe Associates Inc. MD boosted its stake in Tango Therapeutics by 29.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 20,998 shares of the company's stock worth $65,000 after purchasing an additional 4,813 shares during the period. Hedge funds and other institutional investors own 78.99% of the company's stock.

Wall Street Analyst Weigh In

Separately, HC Wainwright restated a "buy" rating and issued a $13.00 target price on shares of Tango Therapeutics in a research note on Monday, April 14th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $12.33.

Tango Therapeutics Stock Performance

NASDAQ TNGX traded down $0.02 during trading hours on Wednesday, hitting $1.38. The company had a trading volume of 403,094 shares, compared to its average volume of 1,078,952. The firm has a market capitalization of $149.19 million, a price-to-earnings ratio of -1.17 and a beta of 1.02. The firm has a 50 day simple moving average of $1.48 and a 200 day simple moving average of $2.62. Tango Therapeutics, Inc. has a 52 week low of $1.03 and a 52 week high of $12.02.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last issued its quarterly earnings results on Monday, May 12th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.34) by ($0.02). The business had revenue of $5.39 million for the quarter, compared to the consensus estimate of $6.73 million. Tango Therapeutics had a negative net margin of 284.42% and a negative return on equity of 49.64%. On average, research analysts forecast that Tango Therapeutics, Inc. will post -1.19 earnings per share for the current year.

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.