Jacobs Levy Equity Management Inc. Purchases 220,529 Shares of 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. boosted its position in shares of Tango Therapeutics, Inc. (NASDAQ:TNGX - Free Report) by 42.6% during the 1st quarter, according to its most recent 13F filing with the Securities and 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 about 0.68% of Tango Therapeutics worth $1,011,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Deutsche Bank AG grew its holdings in Tango Therapeutics by 24.1% during the 4th quarter. Deutsche Bank AG now owns 36,653 shares of the company's stock valued at $113,000 after purchasing an additional 7,128 shares during the last quarter. Ameriprise Financial Inc. bought a new position in Tango Therapeutics in the 4th quarter worth about $35,000. Squarepoint Ops LLC bought a new position in Tango Therapeutics in the 4th quarter worth about $40,000. Northern Trust Corp grew its stake in Tango Therapeutics by 7.1% in the 4th quarter. Northern Trust Corp now owns 513,079 shares of the company's stock worth $1,585,000 after acquiring an additional 33,829 shares in the last quarter. Finally, Millennium Management LLC bought a new position in Tango Therapeutics in the 4th quarter worth about $771,000. 78.99% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Guggenheim upped their target price 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 assumed coverage on shares of Tango Therapeutics in a research note on Monday, August 18th. They issued an "overweight" rating and a $11.00 target price on the stock. Five analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Tango Therapeutics has an average rating of "Buy" and an average price target of $10.50.

Insider Activity

In other news, major shareholder Rock Ventures Iv L.P. Third sold 1,100,000 shares of the stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $7.01, for a total transaction of $7,711,000.00. Following the transaction, the insider directly owned 15,759,075 shares in the company, valued at approximately $110,471,115.75. This trade represents a 6.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 2,131,559 shares of company stock worth $14,935,371 in the last 90 days. 7.50% of the stock is currently owned by company insiders.

Tango Therapeutics Stock Performance

NASDAQ TNGX opened at $6.84 on Friday. The firm's 50 day moving average price is $6.58 and its 200-day moving average price is $3.84. Tango Therapeutics, Inc. has a 52-week low of $1.03 and a 52-week high of $10.85. The company has a market cap of $761.02 million, a PE ratio of -5.14 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 (EPS) for the quarter, meeting analysts' consensus estimates of ($0.35). Tango Therapeutics had a negative net margin of 599.11% and a negative return on equity of 79.72%. The firm had revenue of $3.18 million for the quarter, compared to the consensus estimate of $6.41 million. On average, analysts forecast that Tango Therapeutics, Inc. will post -1.19 earnings per share for the current fiscal year.

About Tango Therapeutics

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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