Tango Therapeutics (NASDAQ:TNGX) Major Shareholder Rock Ventures Iv L.P. Third Sells 500,000 Shares

Key Points

• Rock Ventures Iv L.P. Third, a major shareholder of Tango Therapeutics, sold 500,000 shares for a total of $4,010,000, reducing their ownership by 3.48%.
• Tango Therapeutics' stock recently traded at $8.44, reflecting a 1.1% decline in value, with a 12-month range between $1.03 and $8.80.
• Analysts give Tango Therapeutics an average rating of "Buy" with a target price around $10.50, indicating potential growth opportunities.

Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report) major shareholder Rock Ventures Iv L.P. Third sold 500,000 shares of Tango Therapeutics stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $8.02, for a total value of $4,010,000.00. Following the sale, the insider directly owned 13,863,975 shares in the company, valued at approximately $111,189,079.50. This trade represents a 3.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.

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

• On Tuesday, September 16th, Rock Ventures Iv L.P. Third sold 363,541 shares of Tango Therapeutics stock. The stock was sold at an average price of $7.04, for a total value of $2,559,328.64.
• On Monday, September 8th, Rock Ventures Iv L.P. Third sold 86,459 shares of Tango Therapeutics stock. The stock was sold at an average price of $7.04, for a total value of $608,671.36.
• On Friday, September 5th, Rock Ventures Iv L.P. Third sold 642,906 shares of Tango Therapeutics stock. The stock was sold at an average price of $7.00, for a total value of $4,500,342.00.
• On Friday, August 22nd, Rock Ventures Iv L.P. Third sold 302,194 shares of Tango Therapeutics stock. The stock was sold at an average price of $7.00, for a total value 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 stock was sold at an average price of $7.01, for a total value of $7,711,000.00.

Tango Therapeutics Trading Down 1.1%

TNGX stock traded down $0.09 during trading on Monday, reaching $8.44. 2,543,684 shares of the stock were exchanged, compared to its average volume of 1,819,912. Tango Therapeutics, Inc. has a twelve month low of $1.03 and a twelve month high of $8.80. The company has a market capitalization of $939.03 million, a P/E ratio of -6.35 and a beta of 1.64. The stock has a 50 day simple moving average of $6.90 and a 200-day simple moving average of $4.28.

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

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. CWM LLC raised its position in Tango Therapeutics by 182.2% in the 2nd quarter. CWM LLC now owns 4,905 shares of the company's stock worth $25,000 after purchasing an additional 3,167 shares during the last quarter. Ameriprise Financial Inc. bought a new position in Tango Therapeutics in the 4th quarter worth approximately $35,000. Dynamic Technology Lab Private Ltd raised its position in Tango Therapeutics by 139.7% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 25,801 shares of the company's stock worth $35,000 after purchasing an additional 15,037 shares during the last quarter. Legal & General Group Plc raised its position in Tango Therapeutics by 30.7% in the 2nd quarter. Legal & General Group Plc now owns 6,985 shares of the company's stock worth $36,000 after purchasing an additional 1,640 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new stake in shares of Tango Therapeutics during the 4th quarter valued at $40,000. Institutional investors own 78.99% of the company's stock.

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.

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