Tango Therapeutics (NASDAQ:TNGX) Shares Down 9.4% - Time to Sell?

Key Points

• Tango Therapeutics shares fell 9.4% to approximately $21.89 in Tuesday trading, with volume down 37% from its average.
• Analyst sentiment remains broadly positive: 13 analysts rate the stock Buy, two Hold, and one Sell, with a consensus price target of $43.46—nearly double the current price.
• The company reported a quarterly EPS loss of $0.37, missing estimates by $0.05, while insiders recently sold shares and institutional investors own nearly 79% of the stock.

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report) traded down 9.4% on Tuesday. The stock traded as low as $22.31 and last traded at $21.8860. Approximately 2,115,333 shares changed hands during mid-day trading, a decline of 37% from the average daily volume of 3,383,568 shares. The stock had previously closed at $24.17.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Guggenheim increased their price objective on Tango Therapeutics from $32.00 to $35.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. Raymond James Financial cut shares of Tango Therapeutics to a "hold" rating in a report on Thursday, June 25th. HC Wainwright boosted their target price on shares of Tango Therapeutics from $66.00 to $68.00 and gave the company a "buy" rating in a report on Tuesday, August 18th. JPMorgan Chase & Co. assumed coverage on shares of Tango Therapeutics in a research report on Wednesday, July 15th. They issued an "overweight" rating and a $46.00 target price on the stock. Finally, Jefferies Financial Group upgraded shares of Tango Therapeutics from a "hold" rating to a "buy" rating and increased their price target for the stock from $27.00 to $60.00 in a research note on Thursday, June 25th. Thirteen analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Tango Therapeutics presently has an average rating of "Moderate Buy" and a consensus price target of $43.46.

Tango Therapeutics Stock Performance

The company has a market capitalization of $3.83 billion, a PE ratio of -26.68 and a beta of 1.17. The company's 50-day moving average is $24.37 and its 200 day moving average is $25.08.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last issued its earnings results on Tuesday, August 11th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.05). On average, analysts forecast that Tango Therapeutics, Inc. will post -1.41 EPS for the current fiscal year.

Insider Activity at Tango Therapeutics

In related news, insider Adam Crystal sold 27,000 shares of the company's stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $24.47, for a total value of $660,690.00. Following the transaction, the insider directly owned 115,743 shares of the company's stock, valued at approximately $2,832,231.21. This represents a 18.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jessica Newcomb sold 8,200 shares of the stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $24.22, for a total value of $198,604.00. Following the sale, the insider 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. Additional details regarding this sale are available in the official SEC disclosure. 6.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. TRV GP IV LLC purchased a new stake in shares of Tango Therapeutics during the second quarter valued at $120,181,383,000. BlackRock Inc. purchased a new position in Tango Therapeutics in the 2nd quarter worth about $388,826,000. Jupiter Topco LLC purchased a new position in Tango Therapeutics in the 2nd quarter worth about $157,989,000. Seven Fleet Capital Management LP lifted its stake in Tango Therapeutics by 302.2% during the 2nd quarter. Seven Fleet Capital Management LP now owns 3,228,144 shares of the company's stock valued at $95,661,000 after acquiring an additional 2,425,484 shares during the period. Finally, Jefferies Financial Group Inc. bought a new position in Tango Therapeutics during the 2nd quarter valued at about $62,849,000. Hedge funds and other institutional investors own 78.99% of the company's stock.

About Tango Therapeutics

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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