Jacobs Levy Equity Management Inc. Boosts Stock Position in Tango Therapeutics, Inc. $TNGX

Key Points

• Jacobs Levy Equity Management Inc. increased its stake in Tango Therapeutics by 42.6% during the first quarter, acquiring an additional 220,529 shares, totaling 737,955 shares owned.
• Analysts have given Tango Therapeutics a "Buy" rating with a price target increase to $10.00 by Guggenheim and an $11.00 target by Piper Sandler, reflecting confidence in the company's future performance.
• Major shareholder Rock Ventures Iv L.P. sold 1.1 million shares of Tango stock for approximately $7.71 million, decreasing its ownership stake by 6.52%.

Jacobs Levy Equity Management Inc. increased its stake in shares of Tango Therapeutics, Inc. (NASDAQ:TNGX - Free Report) by 42.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 737,955 shares of the company's stock after purchasing an additional 220,529 shares during the period. Jacobs Levy Equity Management Inc. owned approximately 0.68% of Tango Therapeutics worth $1,011,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. AQR Capital Management LLC purchased a new stake in Tango Therapeutics during the 1st quarter valued at $195,000. ADAR1 Capital Management LLC bought a new stake in shares of Tango Therapeutics in the first quarter worth $57,000. Nantahala Capital Management LLC increased its position 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 valued at $4,094,000 after acquiring an additional 183,573 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in Tango Therapeutics by 2,376.2% in the first quarter. Russell Investments Group Ltd. now owns 51,183 shares of the company's stock valued at $73,000 after acquiring an additional 49,116 shares during the period. Finally, Nuveen LLC purchased a new position in Tango Therapeutics in the first quarter worth about $277,000. Hedge funds and other institutional investors own 78.99% of the company's stock.

Analyst Upgrades and Downgrades

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

Insider Transactions at Tango Therapeutics

In other news, major shareholder Rock Ventures Iv L.P. Third sold 363,541 shares of Tango Therapeutics stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $7.04, for a total transaction of $2,559,328.64. Following the sale, the insider owned 14,363,975 shares in the company, valued at $101,122,384. This trade represents a 2.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Over the last ninety days, insiders have sold 2,495,100 shares of company stock worth $17,494,700. Company insiders own 7.50% of the company's stock.

Tango Therapeutics Stock Up 3.7%

TNGX stock traded up $0.27 during trading on Wednesday, reaching $7.62. The company's stock had a trading volume of 4,108,311 shares, compared to its average volume of 1,468,505. The company's fifty day moving average is $6.69 and its 200-day moving average is $3.97. Tango Therapeutics, Inc. has a 1 year low of $1.03 and a 1 year high of $8.98. The company has a market capitalization of $847.80 million, a P/E ratio of -5.73 and a beta of 1.64.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported ($0.35) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.35). Tango Therapeutics had a negative return on equity of 79.72% and a negative net margin of 599.11%.The firm had revenue of $3.18 million during the quarter, compared to analyst estimates of $6.41 million. Analysts anticipate that Tango Therapeutics, Inc. will post -1.19 earnings per share 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.