Tango Therapeutics, Inc. $TNGX Shares Sold by Bank of America Corp DE

Key Points

• Bank of America cut its Tango Therapeutics stake by 31.6% in the first quarter, selling 150,918 shares and retaining 327,144 shares valued at approximately $6.84 million. Institutional investors collectively own 78.99% of TNGX.
• Tango Therapeutics reported a quarterly loss of $0.37 per share, missing analyst expectations of a $0.32 loss. Analysts forecast a full-year loss of $1.38 per share.
• Despite mixed analyst actions, TNGX holds a “Moderate Buy” consensus rating from MarketBeat, with an average price target of $43.46 versus a recent share price of $24.77.

Bank of America Corp DE trimmed its stake in Tango Therapeutics, Inc. (NASDAQ:TNGX - Free Report) by 31.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 327,144 shares of the company's stock after selling 150,918 shares during the quarter. Bank of America Corp DE owned approximately 0.23% of Tango Therapeutics worth $6,844,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of TNGX. Invesco Ltd. raised its stake in Tango Therapeutics by 138.8% during the first quarter. Invesco Ltd. now owns 70,517 shares of the company's stock worth $97,000 after purchasing an additional 40,983 shares during the period. AQR Capital Management LLC acquired a new position in Tango Therapeutics during the 1st quarter worth approximately $195,000. Dynamic Technology Lab Private Ltd lifted its position in shares of Tango Therapeutics by 139.7% during the first quarter. Dynamic Technology Lab Private Ltd now owns 25,801 shares of the company's stock worth $35,000 after purchasing an additional 15,037 shares in the last quarter. Woodline Partners LP boosted its position in Tango Therapeutics by 28.3% in the 1st quarter. Woodline Partners LP now owns 506,188 shares of the company's stock valued at $693,000 after buying an additional 111,791 shares during the last quarter. Finally, Jane Street Group LLC boosted its holdings in Tango Therapeutics by 270.6% in the first quarter. Jane Street Group LLC now owns 352,897 shares of the company's stock valued at $483,000 after purchasing an additional 257,668 shares during the last quarter. Hedge funds and other institutional investors own 78.99% of the company's stock.

Tango Therapeutics Trading Up 1.1%

Shares of Tango Therapeutics stock opened at $24.77 on Wednesday. The company's fifty day simple moving average is $28.03 and its 200-day simple moving average is $22.95. Tango Therapeutics, Inc. has a 1 year low of $6.25 and a 1 year high of $34.39. The company has a market cap of $4.18 billion, a price-to-earnings ratio of -29.14 and a beta of 1.16.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last released its quarterly earnings data 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, research analysts forecast that Tango Therapeutics, Inc. will post -1.38 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have commented on TNGX. Wall Street Zen downgraded Tango Therapeutics from a "sell" rating to a "strong sell" rating in a report on Saturday, August 15th. Raymond James Financial lowered shares of Tango Therapeutics to a "hold" rating in a research note on Thursday, June 25th. Piper Sandler cut Tango Therapeutics from an "overweight" rating to a "neutral" rating and increased their price target for the stock from $16.00 to $24.00 in a research note on Thursday, May 14th. Weiss Ratings upgraded shares of Tango Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, August 11th. Finally, HC Wainwright boosted their price target on shares of Tango Therapeutics from $66.00 to $68.00 and gave the stock a "buy" rating in a research report on Tuesday, August 18th. Thirteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $43.46.

Insider Transactions at Tango Therapeutics

In other Tango Therapeutics news, insider Adam Crystal sold 27,000 shares of the stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $29.59, for a total transaction of $798,930.00. Following the completion of the transaction, the insider owned 115,743 shares in the company, valued at approximately $3,424,835.37. This represents a 18.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 6.50% of the company's stock.

Tango Therapeutics Company Profile

Tango Therapeutics is a clinical-stage biotechnology company dedicated to developing precision medicines that exploit genetic vulnerabilities in cancer cells. Leveraging a proprietary synthetic lethality platform, the company identifies and targets tumor-specific dependencies in DNA damage response and related pathways. By focusing on tumor cell collateral sensitivities, Tango aims to bring differentiated small-molecule therapies to patients with genetic alterations that confer increased susceptibility to targeted inhibition.

The company's lead pipeline comprises several early-stage programs, including inhibitors designed to selectively disable DNA repair proteins in tumor cells while sparing normal tissues.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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