Siren L.L.C. Cuts Position in Tango Therapeutics, Inc. $TNGX

Key Points

• Siren L.L.C. has reduced its stake in Tango Therapeutics by 1.5%, selling 38,555 shares during the 1st quarter, and now owns 2,565,342 shares valued at approximately $3.5 million.
• Tango Therapeutics reported a quarterly earnings loss of ($0.35) EPS, with revenue of $3.18 million, significantly underperforming analysts' expectations of $6.41 million.
• Analysts are generally optimistic about the stock, with five giving it a Buy rating and a consensus target price of $10.50, following a recent price objective increase by Guggenheim from $8.00 to $10.00.

Siren L.L.C. reduced its stake in shares of Tango Therapeutics, Inc. (NASDAQ:TNGX - Free Report) by 1.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,565,342 shares of the company's stock after selling 38,555 shares during the period. Siren L.L.C. owned about 2.37% of Tango Therapeutics worth $3,515,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Stonebrook Private Inc. bought a new stake in shares of Tango Therapeutics in the fourth quarter valued at approximately $34,000. Ameriprise Financial Inc. bought a new stake in shares of Tango Therapeutics in the fourth quarter valued at approximately $35,000. Sherbrooke Park Advisers LLC bought a new stake in shares of Tango Therapeutics in the fourth quarter valued at approximately $38,000. Squarepoint Ops LLC bought a new stake in shares of Tango Therapeutics in the fourth quarter valued at approximately $40,000. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Tango Therapeutics by 29.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 20,998 shares of the company's stock valued at $65,000 after purchasing an additional 4,813 shares during the period. 78.99% of the stock is owned by institutional investors.

Analyst Ratings Changes

TNGX has been the topic of several research reports. Piper Sandler assumed coverage on shares of Tango Therapeutics in a research report on Monday, August 18th. They issued an "overweight" rating and a $11.00 price target 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 report on Wednesday, August 6th. Five research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $10.50.

Insiders Place Their Bets

In related 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 value of $7,711,000.00. Following the completion of the sale, the insider directly owned 15,759,075 shares of the company's stock, valued at approximately $110,471,115.75. This represents a 6.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 7.50% of the company's stock.

Tango Therapeutics Price Performance

TNGX traded down $0.21 on Wednesday, hitting $6.45. The company had a trading volume of 332,883 shares, compared to its average volume of 1,717,567. Tango Therapeutics, Inc. has a 52-week low of $1.03 and a 52-week high of $11.92. The stock has a fifty day simple moving average of $6.37 and a 200-day simple moving average of $3.63. The firm has a market capitalization of $717.29 million, a P/E ratio of -4.83 and a beta of 1.64.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported ($0.35) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.35). Tango Therapeutics had a negative net margin of 599.11% and a negative return on equity of 79.72%. The business had revenue of $3.18 million during the quarter, compared to analysts' expectations of $6.41 million. Equities research analysts expect that Tango Therapeutics, Inc. will post -1.19 earnings per share for the current fiscal year.

Tango Therapeutics 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.