Tango Therapeutics (NASDAQ:TNGX) Stock Price Crosses Below 200-Day Moving Average - Here's What Happened

Key Points

• Tango Therapeutics shares fell below their 200-day moving average of $22.28, reaching $21.72 and closing at $21.76 on volume of approximately 3.68 million shares.
• Analysts remain broadly positive, with 13 Buy ratings, two Holds and two Sells. The stock has a “Moderate Buy” consensus rating and an average price target of $44.62, including recent targets of $40 to $68.
• The company missed its latest quarterly EPS estimate, reporting a loss of $0.37 per share versus the expected $0.32 loss; meanwhile, insiders sold shares and institutional investors owned 78.99% of the stock.

Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report)'s share price crossed below its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $22.28 and traded as low as $21.72. Tango Therapeutics shares last traded at $21.76, with a volume of 3,681,588 shares changing hands.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Mizuho raised their price target on Tango Therapeutics from $36.00 to $40.00 and gave the company an "outperform" rating in a report on Friday, July 17th. William Blair initiated coverage on Tango Therapeutics in a research report on Friday, October 16th. They set an "outperform" rating for the company. HC Wainwright reissued a "buy" rating and issued a $68.00 target price on shares of Tango Therapeutics in a report on Thursday, October 29th. JPMorgan Chase & Co. assumed coverage on shares of Tango Therapeutics in a research report on Wednesday, July 15th. They set an "overweight" rating and a $46.00 target price on the stock. Finally, Weiss Ratings raised shares of Tango Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, August 11th. Thirteen investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, Tango Therapeutics presently has an average rating of "Moderate Buy" and an average price target of $44.62.

Tango Therapeutics Stock Performance

The company has a market capitalization of $3.67 billion, a P/E ratio of -25.60 and a beta of 1.17. The firm's fifty day moving average is $23.56 and its 200 day moving average is $22.28.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last announced its quarterly earnings data 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 year.

Insider Activity at Tango Therapeutics

In related news, insider Jessica Newcomb sold 8,200 shares of the firm's stock in a transaction that occurred 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 approximately $1,431,910.62. This trade represents a 12.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Adam Crystal sold 27,000 shares of the business's 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 of the company's stock, valued at approximately $2,832,231.21. The trade was a 18.92% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 6.50% of the company's stock.

Institutional Trading of Tango Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in TNGX. Mirae Asset Global Investments Co. Ltd. purchased a new position in Tango Therapeutics in the 3rd quarter worth about $215,000. Profund Advisors LLC lifted its holdings in Tango Therapeutics by 48.8% during the 3rd quarter. Profund Advisors LLC now owns 62,319 shares of the company's stock valued at $1,555,000 after buying an additional 20,430 shares in the last quarter. Vise Technologies Inc. bought a new stake in Tango Therapeutics during the 3rd quarter valued at about $319,000. China Universal Asset Management Co. Ltd. boosted its position in Tango Therapeutics by 28.1% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 37,165 shares of the company's stock valued at $908,000 after buying an additional 8,144 shares during the period. Finally, Sterling Capital Management LLC boosted its position in Tango Therapeutics by 838.8% in the 3rd quarter. Sterling Capital Management LLC now owns 4,647 shares of the company's stock valued at $116,000 after buying an additional 4,152 shares during the period. 78.99% of the stock is currently 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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