Tango Therapeutics (NASDAQ:TNGX) Shares Down 5.4% - Here's Why

Key Points

• Tango Therapeutics shares fell 5.4% to approximately $23.14, with trading volume below its average session level.
• The company reported a quarterly loss of $0.37 per share, missing analysts’ estimate of a $0.32 loss; analysts expect a full-year loss of $1.41 per share.
• Despite the decline, Wall Street remains broadly positive, with a “Moderate Buy” consensus rating and an average price target of $43.46. An insider also sold 8,200 shares for approximately $198,604.

Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report) shares fell 5.4% during trading on Friday. The stock traded as low as $23.19 and last traded at $23.14. Approximately 2,524,478 shares traded hands during mid-day trading, a decline of 25% from the average session volume of 3,374,453 shares. The stock had previously closed at $24.45.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on TNGX shares. Leerink Partners upped their price target on shares of Tango Therapeutics from $55.00 to $69.00 and gave the company an "outperform" rating in a report on Monday, June 8th. JPMorgan Chase & Co. initiated coverage on Tango Therapeutics in a research note on Wednesday, July 15th. They issued an "overweight" rating and a $46.00 price objective on the stock. Guggenheim increased their target price on Tango Therapeutics from $32.00 to $35.00 and gave the company a "buy" rating in a research note on Wednesday, August 12th. Jefferies Financial Group raised Tango Therapeutics from a "hold" rating to a "buy" rating and raised their target price for the company from $27.00 to $60.00 in a report on Thursday, June 25th. Finally, Weiss Ratings raised Tango Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, August 11th. Thirteen research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Tango Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus target price of $43.46.

Tango Therapeutics Stock Down 4.9%

The stock's 50-day moving average price is $24.92 and its 200 day moving average price is $24.89. The firm has a market cap of $3.92 billion, a price-to-earnings ratio of -27.39 and a beta of 1.17.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last released 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). On average, research analysts predict that Tango Therapeutics, Inc. will post -1.41 EPS for the current year.

Insider Activity

In related news, insider Jessica Newcomb sold 8,200 shares of the company's stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $24.22, for a total value of $198,604.00. Following the completion of the transaction, the insider directly owned 59,121 shares in the company, valued at approximately $1,431,910.62. This represents a 12.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 6.50% of the company's stock.

Institutional Investors Weigh In On Tango Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of TNGX. Nykredit A S bought a new position in shares of Tango Therapeutics during the 2nd quarter worth about $26,000. Allworth Financial LP acquired a new position in Tango Therapeutics in the second quarter worth about $35,000. Global Retirement Partners LLC acquired a new position in Tango Therapeutics in the second quarter worth about $122,000. State of Wyoming bought a new position in Tango Therapeutics during the first quarter worth about $128,000. Finally, Susquehanna Fundamental Investments LLC bought a new position in Tango Therapeutics during the second quarter worth about $205,000. Institutional investors own 78.99% of the company's stock.

Tango Therapeutics Company Profile

Tango Therapeutics, Inc is a clinical-stage biotechnology company focused on discovering and developing medicines that target cancer vulnerabilities and activate the immune system against tumors. The company uses functional genomics, including CRISPR-based screening, to identify genetic dependencies that may be selectively targeted in cancer cells while limiting effects on healthy tissue.

Tango's research and development programs include small-molecule therapies and immuno-oncology candidates designed to address genetically defined cancers.

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