ADAR1 Capital Management LLC Invests $2.40 Million in Tango Therapeutics, Inc. $TNGX

Key Points

• ADAR1 Capital Management initiated a $2.4 million position in Tango Therapeutics by purchasing 76,761 shares during the second quarter. Institutional investors and hedge funds collectively own 78.99% of TNGX.
• Analysts remain broadly positive, with 13 Buy, two Hold, and one Sell rating. The consensus rating is “Moderate Buy,” with an average price target of $43.46.
• TNGX recently traded at $24.77, while Tango reported a quarterly loss of $0.37 per share, missing the $0.32 consensus estimate. An insider also sold 27,000 shares for approximately $798,930.

ADAR1 Capital Management LLC bought a new position in shares of Tango Therapeutics, Inc. (NASDAQ:TNGX - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 76,761 shares of the company's stock, valued at approximately $2,400,000.

A number of other institutional investors have also made changes to their positions in TNGX. Invesco Ltd. raised its stake in Tango Therapeutics by 138.8% in the 1st quarter. Invesco Ltd. now owns 70,517 shares of the company's stock valued at $97,000 after acquiring an additional 40,983 shares during the period. AQR Capital Management LLC bought a new position in Tango Therapeutics during the first quarter worth $195,000. Dynamic Technology Lab Private Ltd boosted its position in Tango Therapeutics by 139.7% during the first quarter. Dynamic Technology Lab Private Ltd now owns 25,801 shares of the company's stock worth $35,000 after purchasing an additional 15,037 shares during the period. Woodline Partners LP increased its holdings in shares of Tango Therapeutics by 28.3% in the first quarter. Woodline Partners LP now owns 506,188 shares of the company's stock valued at $693,000 after purchasing an additional 111,791 shares during the last quarter. Finally, Jane Street Group LLC increased its holdings in shares of Tango Therapeutics by 270.6% in the first quarter. Jane Street Group LLC now owns 352,897 shares of the company's stock valued at $483,000 after purchasing an additional 257,668 shares during the last quarter. 78.99% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Guggenheim increased their price objective on shares of Tango Therapeutics from $32.00 to $35.00 and gave the company a "buy" rating in a research report on Wednesday, August 12th. HC Wainwright upped their price target on shares of Tango Therapeutics from $66.00 to $68.00 and gave the company a "buy" rating in a research note on Tuesday, August 18th. UBS Group set a $55.00 price target on shares of Tango Therapeutics in a report on Thursday, May 14th. JPMorgan Chase & Co. began coverage on shares of Tango Therapeutics in a report on Wednesday, July 15th. They issued an "overweight" rating and a $46.00 price target on the stock. Finally, Wolfe Research set a $35.00 price objective on shares of Tango Therapeutics and gave the stock an "outperform" rating in a research report on Monday, June 8th. Thirteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $43.46.

Insider Activity

In other news, insider Adam Crystal sold 27,000 shares of the firm's stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $29.59, for a total transaction of $798,930.00. Following the transaction, the insider directly owned 115,743 shares of the company's stock, valued at approximately $3,424,835.37. This trade represents a 18.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 6.50% of the stock is currently owned by insiders.

Tango Therapeutics Stock Performance

TNGX stock opened at $24.77 on Wednesday. The company's 50-day simple moving average is $28.03 and its 200 day simple moving average is $22.95. Tango Therapeutics, Inc. has a 52 week low of $6.25 and a 52 week high of $34.39. The company has a market capitalization of $4.18 billion, a PE ratio of -29.14 and a beta of 1.16.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.37) EPS for the quarter, missing analysts' consensus estimates of ($0.32) by ($0.05). On average, analysts forecast that Tango Therapeutics, Inc. will post -1.38 EPS for the current year.

About Tango Therapeutics

Tango Therapeutics is a clinical-stage biotechnology company dedicated to developing precision medicines that exploit genetic vulnerabilities in cancer cells. Leveraging a proprietary synthetic lethality platform, the company identifies and targets tumor-specific dependencies in DNA damage response and related pathways. By focusing on tumor cell collateral sensitivities, Tango aims to bring differentiated small-molecule therapies to patients with genetic alterations that confer increased susceptibility to targeted inhibition.

The company's lead pipeline comprises several early-stage programs, including inhibitors designed to selectively disable DNA repair proteins in tumor cells while sparing normal tissues.

Want to see what other hedge funds are holding TNGX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tango Therapeutics, Inc. (NASDAQ:TNGX - Free Report).

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