Tango Therapeutics, Inc. $TNGX Shares Acquired by Acadian Asset Management LLC

Key Points

• Acadian Asset Management LLC significantly increased its stake in Tango Therapeutics, purchasing an additional 478,203 shares and raising its total holdings to 973,309 shares, valued at approximately $1.3 million.
• Major shareholder Rock Ventures Iv L.P. Third sold 363,541 shares of Tango Therapeutics for over $2.5 million, reducing its ownership by 2.47%, while insiders have collectively sold nearly 2.5 million shares in the last 90 days.
• Tango Therapeutics shares have recently traded at $7.87, with multiple analysts giving the stock a Buy rating and setting a consensus target price of $10.50.

Acadian Asset Management LLC boosted its position in shares of Tango Therapeutics, Inc. (NASDAQ:TNGX - Free Report) by 96.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 973,309 shares of the company's stock after acquiring an additional 478,203 shares during the period. Acadian Asset Management LLC owned 0.90% of Tango Therapeutics worth $1,327,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Deutsche Bank AG raised its holdings in shares of Tango Therapeutics by 24.1% in the fourth quarter. Deutsche Bank AG now owns 36,653 shares of the company's stock worth $113,000 after buying an additional 7,128 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Tango Therapeutics by 9.9% in the first quarter. Bank of New York Mellon Corp now owns 113,233 shares of the company's stock worth $155,000 after buying an additional 10,213 shares during the last quarter. Ameriprise Financial Inc. purchased a new position in shares of Tango Therapeutics during the fourth quarter worth $35,000. Sherbrooke Park Advisers LLC purchased a new position in shares of Tango Therapeutics during the fourth quarter worth $38,000. Finally, Squarepoint Ops LLC purchased a new position in shares of Tango Therapeutics during the fourth quarter worth $40,000. 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 363,541 shares of the firm's stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $7.04, for a total transaction of $2,559,328.64. Following the sale, the insider owned 14,363,975 shares in the company, valued at approximately $101,122,384. This trade represents a 2.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 2,495,100 shares of company stock worth $17,494,700 in the last quarter. 7.50% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Guggenheim raised their target price on shares of Tango Therapeutics from $8.00 to $10.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Piper Sandler assumed coverage on shares of Tango Therapeutics in a report on Monday, August 18th. They set an "overweight" rating and a $11.00 target price for the company. Five research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Tango Therapeutics has an average rating of "Buy" and a consensus target price of $10.50.

Tango Therapeutics Price Performance

TNGX stock traded down $0.27 during midday trading on Friday, hitting $7.60. 7,841,114 shares of the stock traded hands, compared to its average volume of 2,092,255. The firm has a market cap of $845.58 million, a P/E ratio of -5.71 and a beta of 1.64. The stock's fifty day simple moving average is $6.76 and its 200-day simple moving average is $4.08. Tango Therapeutics, Inc. has a 1-year low of $1.03 and a 1-year high of $8.58.

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 company had revenue of $3.18 million for the quarter, compared to analyst estimates of $6.41 million. Tango Therapeutics had a negative net margin of 599.11% and a negative return on equity of 79.72%. On average, research analysts predict that Tango Therapeutics, Inc. will post -1.19 earnings per share for the current 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.