Tango Therapeutics, Inc. $TNGX Position Reduced by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs has significantly reduced its position in Tango Therapeutics by 64.6%, owning approximately 0.16% of the company after selling over 314,000 shares in the first quarter.
• Wall Street analysts have a generally positive outlook on Tango Therapeutics, with a consensus target price of $10.50 and multiple reports indicating a "buy" or "overweight" rating.
• Insider selling occurred as major shareholder Rock Ventures Iv L.P. sold 1.1 million shares for $7.01 each, resulting in a total value of about $7.7 million.

Goldman Sachs Group Inc. trimmed its position in Tango Therapeutics, Inc. (NASDAQ:TNGX - Free Report) by 64.6% 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 172,433 shares of the company's stock after selling 314,455 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.16% of Tango Therapeutics worth $236,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Ameriprise Financial Inc. purchased a new stake in shares of Tango Therapeutics in the 4th quarter valued at approximately $35,000. Dynamic Technology Lab Private Ltd lifted its holdings in shares of Tango Therapeutics by 139.7% in the first quarter. Dynamic Technology Lab Private Ltd now owns 25,801 shares of the company's stock valued at $35,000 after purchasing an additional 15,037 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in shares of Tango Therapeutics in the fourth quarter worth $40,000. ADAR1 Capital Management LLC purchased a new position in shares of Tango Therapeutics during the first quarter valued at $57,000. Finally, Russell Investments Group Ltd. grew its holdings in shares of Tango Therapeutics by 2,376.2% during the first quarter. Russell Investments Group Ltd. now owns 51,183 shares of the company's stock valued at $73,000 after buying an additional 49,116 shares in the last quarter. Institutional investors and hedge funds own 78.99% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on TNGX shares. Guggenheim increased their price objective on 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 initiated coverage on Tango Therapeutics in a report on Monday, August 18th. They issued an "overweight" rating and a $11.00 target price on the stock. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $10.50.

Insiders Place Their Bets

In other Tango Therapeutics news, major shareholder Rock Ventures Iv L.P. Third sold 1,100,000 shares of Tango Therapeutics 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 in the company, valued at $110,471,115.75. The trade was a 6.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 2,495,100 shares of company stock worth $17,494,700 over the last 90 days. 7.50% of the stock is currently owned by company insiders.

Tango Therapeutics Trading Up 7.0%

TNGX opened at $8.53 on Monday. The stock has a fifty day moving average price of $6.90 and a 200 day moving average price of $4.28. Tango Therapeutics, Inc. has a 1 year low of $1.03 and a 1 year high of $8.56. The stock has a market cap of $949.05 million, a price-to-earnings ratio of -6.41 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 for the quarter, hitting the consensus estimate of ($0.35). The company had revenue of $3.18 million for the quarter, compared to analyst estimates of $6.41 million. Tango Therapeutics had a negative return on equity of 79.72% and a negative net margin of 599.11%. As a group, sell-side analysts forecast 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.

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