Russell Investments Group Ltd. Increases Position in Tango Therapeutics, Inc. $TNGX

Key Points

• Russell Investments Group Ltd. significantly increased its stake in Tango Therapeutics by 2,376.2%, acquiring an additional 49,116 shares, bringing its total holdings to 51,183 shares valued at approximately $73,000.
• Insider Rock Ventures Iv L.P. sold 1,100,000 shares at an average price of $7.01, decreasing its ownership by 6.52% and resulting in a post-sale valuation of about $110 million.
• Wall Street analysts have a consensus "Buy" rating for Tango Therapeutics, with target prices ranging from $10.00 to $11.00, highlighting a strong investment sentiment in the stock.

Russell Investments Group Ltd. boosted its stake in shares of Tango Therapeutics, Inc. (NASDAQ:TNGX - Free Report) by 2,376.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 51,183 shares of the company's stock after buying an additional 49,116 shares during the quarter. Russell Investments Group Ltd.'s holdings in Tango Therapeutics were worth $73,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Farallon Capital Management LLC purchased a new position in Tango Therapeutics during the fourth quarter worth about $12,360,000. Balyasny Asset Management L.P. boosted its stake in shares of Tango Therapeutics by 22.0% in the fourth quarter. Balyasny Asset Management L.P. now owns 3,279,196 shares of the company's stock valued at $10,133,000 after purchasing an additional 592,000 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Tango Therapeutics by 83.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 662,776 shares of the company's stock valued at $2,048,000 after purchasing an additional 302,087 shares during the period. Orbimed Advisors LLC purchased a new position in shares of Tango Therapeutics in the fourth quarter valued at approximately $1,700,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Tango Therapeutics by 6.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 548,014 shares of the company's stock valued at $751,000 after purchasing an additional 34,585 shares during the period. Hedge funds and other institutional investors own 78.99% of the company's stock.

Insider Buying and Selling

In related news, major shareholder Rock Ventures Iv L.P. Third sold 302,194 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $7.00, for a total value of $2,115,358.00. Following the sale, the insider directly owned 15,456,881 shares of the company's stock, valued at approximately $108,198,167. This represents a 1.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 7.50% of the company's stock.

Tango Therapeutics Price Performance

Shares of NASDAQ:TNGX traded up $0.09 during trading on Tuesday, hitting $6.90. 98,545 shares of the company were exchanged, compared to its average volume of 1,722,715. The stock has a market capitalization of $767.47 million, a P/E ratio of -5.18 and a beta of 1.64. Tango Therapeutics, Inc. has a 12-month low of $1.03 and a 12-month high of $10.85. The firm's 50 day moving average price is $6.52 and its 200-day moving average price is $3.77.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported ($0.35) EPS for the quarter, meeting the consensus estimate of ($0.35). The firm had revenue of $3.18 million during 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%. As a group, equities research analysts anticipate that Tango Therapeutics, Inc. will post -1.19 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Guggenheim raised their price objective on shares of Tango Therapeutics from $8.00 to $10.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. 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 target for the company. Five research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $10.50.

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.