Tango Therapeutics (NASDAQ:TNGX) Shares Gap Down - Here's What Happened

Key Points

• Tango Therapeutics shares fell sharply, opening at $25.54 versus a prior close of $27.93 and later trading around $23.30, down 10.7%.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and a $43.46 target price from 14 Buy, two Hold, and one Sell rating; however, the company missed quarterly earnings expectations with a loss of $0.37 per share versus the $0.32 consensus loss.
• Insiders recently sold shares, including transactions by Adam Crystal and Jessica Newcomb, while institutional investors own nearly 79% of the company. Tango is a clinical-stage biotechnology firm developing targeted cancer therapies, including its lead TNG462 program.

Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report)'s stock price gapped down prior to trading on Friday. The stock had previously closed at $27.93, but opened at $25.54. Tango Therapeutics shares last traded at $23.3010, with a volume of 2,970,355 shares trading hands.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Wall Street Zen downgraded Tango Therapeutics from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 15th. HC Wainwright raised their target price on Tango Therapeutics from $66.00 to $68.00 and gave the company a "buy" rating in a research report on Tuesday, August 18th. Canaccord Genuity Group raised their price objective on shares of Tango Therapeutics from $42.00 to $46.00 and gave the stock a "buy" rating in a report on Monday, June 29th. JPMorgan Chase & Co. started coverage on shares of Tango Therapeutics in a research note on Wednesday, July 15th. They issued an "overweight" rating and a $46.00 target price on the stock. Finally, Jefferies Financial Group raised shares of Tango Therapeutics from a "hold" rating to a "buy" rating and increased their target price for the company from $27.00 to $60.00 in a research report on Thursday, June 25th. Fourteen equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Tango Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $43.46.

Tango Therapeutics Trading Down 10.7%

The stock's fifty day moving average price is $23.84 and its 200 day moving average price is $25.28. The stock has a market cap of $4.21 billion, a P/E ratio of -29.30 and a beta of 1.17.

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

Insiders Place Their Bets

In related news, insider Adam Crystal sold 27,000 shares of Tango Therapeutics stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $24.47, for a total value of $660,690.00. Following the transaction, the insider owned 115,743 shares in the company, valued at $2,832,231.21. This trade represents a 18.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jessica Newcomb sold 8,200 shares of the business's stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $24.22, for a total transaction of $198,604.00. Following the completion of the sale, the insider directly owned 59,121 shares of the company's stock, valued at $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 Trading of Tango Therapeutics

Large investors have recently modified their holdings of the business. Nykredit A S bought a new position in shares of Tango Therapeutics during the second quarter valued at approximately $26,000. Allworth Financial LP bought a new position in Tango Therapeutics in the second quarter worth about $35,000. Sterling Capital Management LLC raised its stake in Tango Therapeutics by 838.8% in the third quarter. Sterling Capital Management LLC now owns 4,647 shares of the company's stock worth $116,000 after buying an additional 4,152 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in Tango Therapeutics in the second quarter worth about $122,000. Finally, State of Wyoming purchased a new stake in Tango Therapeutics in the first quarter worth about $128,000. 78.99% of the stock is owned by institutional investors.

About Tango Therapeutics

Tango Therapeutics, Inc is a clinical-stage biotechnology company focused on discovering and developing medicines for cancer. The company uses functional genomics and genetic screening to identify vulnerabilities in tumor cells, including dependencies created by tumor-suppressor gene loss, and to develop targeted therapies designed to selectively attack cancer cells.

Tango's pipeline includes small-molecule programs for genetically defined solid tumors. Its lead program, TNG462, is an MTA-cooperative PRMT5 inhibitor being developed for cancers with MTAP gene deletions.

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