Tango Therapeutics (NASDAQ:TNGX) Major Shareholder Rock Ventures Iv L.P. Third Sells 642,906 Shares

Key Points

• Rock Ventures IV L.P. Third has sold 642,906 shares of Tango Therapeutics stock at an average price of $7.00, amounting to a total transaction of $4,500,342, resulting in a 4.16% decrease in their holdings.
• Tango Therapeutics reported a net margin of -599.11% and a negative return on equity of 79.72%, with analysts expecting it to post -1.19 EPS for the current year.
• Analyst ratings show a consensus of "Buy" for Tango Therapeutics, with an average price target of $10.50, following recent increases from Guggenheim and Piper Sandler.

Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report) major shareholder Rock Ventures Iv L.P. Third sold 642,906 shares of the firm's stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $7.00, for a total transaction of $4,500,342.00. Following the completion of the transaction, the insider directly owned 14,813,975 shares in the company, valued at approximately $103,697,825. The trade was a 4.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Major shareholders that own at least 10% of a company's stock are required to disclose their sales and purchases with the SEC.

Rock Ventures Iv L.P. Third also recently made the following trade(s):

• On Monday, September 8th, Rock Ventures Iv L.P. Third sold 86,459 shares of Tango Therapeutics stock. The shares were sold at an average price of $7.04, for a total transaction of $608,671.36.
• On Friday, August 22nd, Rock Ventures Iv L.P. Third sold 302,194 shares of Tango Therapeutics stock. The shares were sold at an average price of $7.00, for a total transaction of $2,115,358.00.
• On Tuesday, August 19th, Rock Ventures Iv L.P. Third sold 1,100,000 shares of Tango Therapeutics stock. The shares were sold at an average price of $7.01, for a total transaction of $7,711,000.00.

Tango Therapeutics Price Performance

TNGX stock traded down $0.25 during midday trading on Friday, hitting $6.60. The company's stock had a trading volume of 1,076,577 shares, compared to its average volume of 1,717,922. Tango Therapeutics, Inc. has a twelve month low of $1.03 and a twelve month high of $10.85. The company's fifty day moving average price is $6.58 and its 200 day moving average price is $3.84. The stock has a market capitalization of $733.76 million, a P/E ratio of -4.96 and a beta of 1.64.

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

Institutional Trading of Tango Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Legal & General Group Plc boosted its stake in Tango Therapeutics by 30.7% during the second quarter. Legal & General Group Plc now owns 6,985 shares of the company's stock valued at $36,000 after buying an additional 1,640 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of Tango Therapeutics by 44.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,473 shares of the company's stock worth $49,000 after acquiring an additional 2,907 shares in the last quarter. CWM LLC boosted its holdings in shares of Tango Therapeutics by 182.2% during the 2nd quarter. CWM LLC now owns 4,905 shares of the company's stock valued at $25,000 after acquiring an additional 3,167 shares during the last quarter. Ameritas Investment Partners Inc. lifted its stake in shares of Tango Therapeutics by 78.8% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 7,830 shares of the company's stock worth $40,000 after purchasing an additional 3,452 shares during the period. Finally, ProShare Advisors LLC lifted its stake in shares of Tango Therapeutics by 30.1% in the 2nd quarter. ProShare Advisors LLC now owns 19,775 shares of the company's stock worth $101,000 after purchasing an additional 4,570 shares during the period. Hedge funds and other institutional investors own 78.99% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on TNGX shares. Piper Sandler started coverage on shares of Tango Therapeutics in a research report on Monday, August 18th. They issued an "overweight" rating and a $11.00 price objective for the company. Guggenheim lifted their price objective on shares of Tango Therapeutics from $8.00 to $10.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Five equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Tango Therapeutics currently has an average rating of "Buy" and an average target price of $10.50.

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.