Candriam S.C.A. Sells 1,152,632 Shares of Tango Therapeutics, Inc. $TNGX

Key Points

• Candriam S.C.A. cut its Tango Therapeutics stake by 70.7% in the third quarter, selling 1,152,632 shares and ending the period with 477,921 shares valued at about $12.0 million.
• Tango reported a quarterly loss of $0.39 per share, missing analysts’ expected loss of $0.35; analysts project a full-year loss of $1.41 per share.
• Analysts’ consensus rating was “Moderate Buy”, with an average price target of $44.62. Institutional investors and hedge funds owned 78.99% of the company’s stock.

Candriam S.C.A. lowered its holdings in Tango Therapeutics, Inc. (NASDAQ:TNGX - Free Report) by 70.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 477,921 shares of the company's stock after selling 1,152,632 shares during the period. Candriam S.C.A. owned about 0.28% of Tango Therapeutics worth $11,968,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in TNGX. Nykredit A S acquired a new stake in Tango Therapeutics during the second quarter valued at approximately $26,000. Allworth Financial LP bought a new stake in Tango Therapeutics during the second quarter worth approximately $35,000. Sterling Capital Management LLC grew its position in Tango Therapeutics by 838.8% in the third quarter. Sterling Capital Management LLC now owns 4,647 shares of the company's stock worth $116,000 after buying an additional 4,152 shares during the last quarter. Global Retirement Partners LLC acquired a new position in Tango Therapeutics in the second quarter worth approximately $122,000. Finally, State of Wyoming bought a new position in shares of Tango Therapeutics in the first quarter valued at $128,000. Institutional investors and hedge funds own 78.99% of the company's stock.

Tango Therapeutics Stock Performance

TNGX stock opened at $22.74 on Tuesday. The firm has a 50 day simple moving average of $23.32 and a 200 day simple moving average of $22.53. Tango Therapeutics, Inc. has a 52 week low of $7.49 and a 52 week high of $34.39.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last posted its quarterly earnings results on Monday, November 9th. The company reported ($0.39) earnings per share for the quarter, missing analysts' consensus estimates of ($0.35) by ($0.04). On average, sell-side analysts forecast that Tango Therapeutics, Inc. will post -1.41 earnings per share for the current year.

Analyst Upgrades and Downgrades

TNGX has been the subject of a number of recent research reports. JPMorgan Chase & Co. initiated coverage on Tango Therapeutics in a research report on Wednesday, July 15th. They set an "overweight" rating and a $46.00 price objective for the company. Stifel Nicolaus set a $55.00 target price on Tango Therapeutics in a research report on Friday, October 23rd. HC Wainwright reiterated a "buy" rating and issued a $68.00 price target on shares of Tango Therapeutics in a research report on Thursday, October 29th. Wall Street Zen cut Tango Therapeutics from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 15th. Finally, William Blair assumed coverage on Tango Therapeutics in a report on Friday, October 16th. They set an "outperform" rating on the stock. Thirteen investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, Tango Therapeutics has an average rating of "Moderate Buy" and a consensus target price of $44.62.

Insider Buying and Selling

In related news, insider Jessica Newcomb sold 7,031 shares of Tango Therapeutics stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $22.42, for a total value of $157,635.02. Following the completion of the sale, the insider owned 52,090 shares of the company's stock, valued at approximately $1,167,857.80. The trade was a 11.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Adam Crystal sold 5,000 shares of the firm's stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $22.42, for a total value of $112,100.00. Following the transaction, the insider owned 115,743 shares in the company, valued at approximately $2,594,958.06. This trade represents a 4.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 47,231 shares of company stock valued at $1,129,029 over the last quarter. Corporate insiders own 6.50% of the company's stock.

Tango Therapeutics Company Profile

Tango Therapeutics is a biotechnology company focused on discovering and developing precision medicines for cancer. Based in Cambridge, Massachusetts, the company aims to develop treatments that exploit genetic differences between cancer cells and healthy cells.

Its research centers on synthetic lethality, an approach that seeks to identify vulnerabilities created when cancer cells lose or alter particular genes. Tango uses this strategy to find drug targets and develop investigational therapies for tumors with specific genetic alterations.

Founded in 2017, Tango was established to apply advances in cancer genetics and functional genomics to drug discovery.

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