ADAR1 Capital Management LLC Makes New Investment in Tango Therapeutics, Inc. $TNGX

Key Points

• ADAR1 Capital Management LLC made a new investment in Tango Therapeutics, acquiring 41,346 shares valued at approximately $57,000 during the first quarter.
• Wall Street analysts show confidence in Tango Therapeutics, with a majority rating the stock as a "Buy" and setting an average price target of $10.50.
• Significant insider activity occurred with Rock Ventures Iv L.P. selling 1,100,000 shares at an average price of $7.01, decreasing their ownership by 6.52%.

ADAR1 Capital Management LLC acquired a new position in shares of Tango Therapeutics, Inc. (NASDAQ:TNGX - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 41,346 shares of the company's stock, valued at approximately $57,000.

A number of other large investors have also recently bought and sold shares of the company. Farallon Capital Management LLC acquired a new stake in Tango Therapeutics during the fourth quarter worth about $12,360,000. Balyasny Asset Management L.P. grew its stake in Tango Therapeutics by 22.0% during the fourth quarter. Balyasny Asset Management L.P. now owns 3,279,196 shares of the company's stock worth $10,133,000 after buying an additional 592,000 shares in the last quarter. Nantahala Capital Management LLC grew its stake in Tango Therapeutics by 6.5% during the first quarter. Nantahala Capital Management LLC now owns 2,987,983 shares of the company's stock worth $4,094,000 after buying an additional 183,573 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Tango Therapeutics by 83.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 662,776 shares of the company's stock worth $2,048,000 after buying an additional 302,087 shares in the last quarter. Finally, Orbimed Advisors LLC acquired a new stake in Tango Therapeutics during the fourth quarter worth about $1,700,000. 78.99% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Guggenheim increased their price objective on shares of Tango Therapeutics from $8.00 to $10.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Piper Sandler began coverage on shares of Tango Therapeutics in a research note on Monday, August 18th. They issued an "overweight" rating and a $11.00 price target on the stock. Five research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $10.50.

Insider Transactions at Tango Therapeutics

In related news, major shareholder Rock Ventures Iv L.P. Third sold 1,100,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $7.01, for a total value of $7,711,000.00. Following the completion of the transaction, the insider owned 15,759,075 shares in the company, valued at $110,471,115.75. This trade represents a 6.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 7.50% of the stock is currently owned by company insiders.

Tango Therapeutics Trading Down 0.7%

TNGX opened at $6.66 on Wednesday. The company's 50 day moving average is $6.37 and its 200-day moving average is $3.63. Tango Therapeutics, Inc. has a 1-year low of $1.03 and a 1-year high of $11.92. The company has a market cap of $740.99 million, a P/E ratio of -5.01 and a beta of 1.64.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported ($0.35) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.35). The company had revenue of $3.18 million for the quarter, compared to the consensus estimate of $6.41 million. Tango Therapeutics had a negative net margin of 599.11% and a negative return on equity of 79.72%. On average, equities analysts forecast that Tango Therapeutics, Inc. will post -1.19 EPS for the current year.

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.

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