Squarepoint Ops LLC Sells 155,357 Shares of Tango Therapeutics, Inc. $TNGX

Key Points

• Squarepoint Ops LLC reduced its Tango Therapeutics stake by 86.8%, selling 155,357 shares and retaining 23,558 shares valued at approximately $736,000. Institutional investors collectively own 78.99% of TNGX.
• Tango Therapeutics reported a quarterly loss of $0.37 per share, missing analysts’ expected loss of $0.32. Analysts expect the company to post a full-year loss of $1.41 per share.
• Shares opened at $21.75, below the company’s 50-day and 200-day moving averages, while Wall Street maintains a “Moderate Buy” consensus with an average price target of $43.46.

Squarepoint Ops LLC trimmed its holdings in Tango Therapeutics, Inc. (NASDAQ:TNGX - Free Report) by 86.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,558 shares of the company's stock after selling 155,357 shares during the quarter. Squarepoint Ops LLC's holdings in Tango Therapeutics were worth $736,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in TNGX. Allworth Financial LP boosted its holdings in shares of Tango Therapeutics by 100.9% during the 2nd quarter. Allworth Financial LP now owns 1,131 shares of the company's stock worth $35,000 after buying an additional 568 shares in the last quarter. Arizona State Retirement System boosted its stake in Tango Therapeutics by 110.9% during the second quarter. Arizona State Retirement System now owns 25,785 shares of the company's stock worth $806,000 after acquiring an additional 13,561 shares in the last quarter. Nykredit A S acquired a new stake in Tango Therapeutics in the second quarter worth $26,000. Allianz Asset Management GmbH acquired a new stake in Tango Therapeutics in the second quarter worth $656,000. Finally, Corient Private Wealth LP bought a new stake in Tango Therapeutics in the second quarter valued at $1,218,000. Institutional investors own 78.99% of the company's stock.

Tango Therapeutics Price Performance

Shares of NASDAQ TNGX opened at $21.75 on Friday. The company has a 50-day moving average price of $25.65 and a 200-day moving average price of $24.25. The stock has a market capitalization of $3.67 billion, a P/E ratio of -25.59 and a beta of 1.12. Tango Therapeutics, Inc. has a 1 year low of $6.69 and a 1 year high of $34.39.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last posted its earnings results on Tuesday, August 11th. The company reported ($0.37) earnings per share for the quarter, missing analysts' consensus estimates of ($0.32) by ($0.05). As a group, equities research analysts anticipate that Tango Therapeutics, Inc. will post -1.41 earnings per share for the current fiscal year.

Insider Buying and Selling at Tango Therapeutics

In other news, insider Adam Crystal sold 27,000 shares of the firm's stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $29.59, for a total value of $798,930.00. Following the transaction, the insider owned 115,743 shares in the company, valued at $3,424,835.37. This trade represents a 18.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 6.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on TNGX. Mizuho increased their price objective on shares of Tango Therapeutics from $36.00 to $40.00 and gave the stock an "outperform" rating in a research report on Friday, July 17th. Jefferies Financial Group raised Tango Therapeutics from a "hold" rating to a "buy" rating and boosted their target price for the company from $27.00 to $60.00 in a research report on Thursday, June 25th. B. Riley Financial reaffirmed a "buy" rating on shares of Tango Therapeutics in a research note on Monday, June 8th. Wall Street Zen lowered Tango Therapeutics from a "sell" rating to a "strong sell" rating in a report on Saturday, August 15th. Finally, Raymond James Financial cut Tango Therapeutics to a "hold" rating in a research note on Thursday, June 25th. Thirteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Tango Therapeutics has an average rating of "Moderate Buy" and a consensus target price of $43.46.

Tango Therapeutics Company Profile

Tango Therapeutics, Inc is a biotechnology company focused on discovering and developing medicines that target cancer vulnerabilities. The company uses genetic screening, functional genomics and drug-discovery technologies to identify cancer-specific dependencies that may be addressed with targeted therapies.

Tango's research activities center on precision oncology and immuno-oncology, including programs designed to selectively eliminate tumor cells or improve the ability of the immune system to recognize and attack cancer.

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