Walleye Capital LLC Cuts Stock Holdings in Tango Therapeutics, Inc. $TNGX

Key Points

• Walleye Capital LLC reduced its stake in Tango Therapeutics, Inc. by 26.2%, selling 75,255 shares to hold a total of 211,797 shares worth approximately $290,000.
• Major shareholder Rock Ventures Iv L.P. Third sold 302,194 shares at an average price of $7.00, resulting in a total value of over $2.1 million and decreasing their position by 1.92%.
• Tango Therapeutics reported a negative net margin of 599.11% and earnings per share of ($0.35), with analysts predicting a consensus target price of $10.50 for the stock.

Walleye Capital LLC lessened its position in shares of Tango Therapeutics, Inc. (NASDAQ:TNGX - Free Report) by 26.2% in the first quarter, according to its most recent filing with the SEC. The firm owned 211,797 shares of the company's stock after selling 75,255 shares during the quarter. Walleye Capital LLC owned approximately 0.20% of Tango Therapeutics worth $290,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Wells Fargo & Company MN grew its position in shares of Tango Therapeutics by 51.7% during the 4th quarter. Wells Fargo & Company MN now owns 22,292 shares of the company's stock worth $69,000 after buying an additional 7,599 shares during the period. Renaissance Technologies LLC acquired a new stake in Tango Therapeutics in the 4th quarter valued at $66,000. Dimensional Fund Advisors LP lifted its stake in Tango Therapeutics by 83.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 662,776 shares of the company's stock valued at $2,048,000 after acquiring an additional 302,087 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Tango Therapeutics by 29.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 20,998 shares of the company's stock valued at $65,000 after acquiring an additional 4,813 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in Tango Therapeutics by 7.1% during the 4th quarter. Northern Trust Corp now owns 513,079 shares of the company's stock valued at $1,585,000 after acquiring an additional 33,829 shares in the last quarter. Institutional investors and hedge funds own 78.99% of the company's stock.

Insider Buying and Selling at Tango Therapeutics

In other news, major shareholder Rock Ventures Iv L.P. Third sold 302,194 shares of the company's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $7.00, for a total transaction of $2,115,358.00. Following the sale, the insider directly owned 15,456,881 shares in the company, valued at $108,198,167. This represents a 1.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 7.50% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Piper Sandler initiated coverage on Tango Therapeutics in a research note on Monday, August 18th. They set an "overweight" rating and a $11.00 target price on the stock. Guggenheim boosted their price objective on Tango Therapeutics from $8.00 to $10.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Five equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $10.50.

Tango Therapeutics Price Performance

Shares of TNGX traded up $0.05 during midday trading on Tuesday, hitting $6.86. 109,875 shares of the company traded hands, compared to its average volume of 1,722,802. The stock has a 50-day moving average of $6.52 and a 200-day moving average of $3.77. Tango Therapeutics, Inc. has a one year low of $1.03 and a one year high of $10.85. The firm has a market cap of $763.02 million, a P/E ratio of -5.17 and a beta of 1.64.

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