Insider Selling: Tango Therapeutics (NASDAQ:TNGX) Major Shareholder Sells 363,541 Shares of Stock

Key Points

• Major shareholder Rock Ventures Iv L.P. Third sold 363,541 shares of Tango Therapeutics stock for approximately $2.56 million, reducing their ownership by 2.47%.
• Tango Therapeutics stock is currently trading at $7.62, with a strong average price target of $10.50 from analysts, reflecting recent ratings upgrades.
• Despite the increases, the company reported a disappointing $3.18 million in quarterly revenue, missing estimates significantly, and has a projected EPS of -$1.19 for the current year.

Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report) major shareholder Rock Ventures Iv L.P. Third sold 363,541 shares of the business's stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $7.04, for a total transaction of $2,559,328.64. Following the completion of the sale, the insider owned 14,363,975 shares in the company, valued at approximately $101,122,384. This trade represents a 2.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Large shareholders that own 10% or more of a company's shares 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 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 shares were 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 Stock Down 3.4%

Shares of NASDAQ:TNGX traded down $0.27 during mid-day trading on Friday, reaching $7.60. 7,841,114 shares of the stock were exchanged, compared to its average volume of 2,092,255. The stock's 50 day simple moving average is $6.76 and its 200-day simple moving average is $4.08. The company has a market cap of $845.58 million, a P/E ratio of -5.71 and a beta of 1.64. Tango Therapeutics, Inc. has a one year low of $1.03 and a one year high of $8.58.

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

Institutional Trading of Tango Therapeutics

Several institutional investors have recently made changes to their positions in TNGX. CWM LLC grew its stake in shares of 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 acquiring an additional 3,167 shares in the last quarter. Ameriprise Financial Inc. bought a new position in Tango Therapeutics during the fourth quarter valued at about $35,000. Dynamic Technology Lab Private Ltd grew its position in Tango Therapeutics by 139.7% during the first quarter. Dynamic Technology Lab Private Ltd now owns 25,801 shares of the company's stock valued at $35,000 after buying an additional 15,037 shares during the period. Legal & General Group Plc grew its position 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. Finally, Sherbrooke Park Advisers LLC bought a new position in Tango Therapeutics in the 4th quarter worth approximately $38,000. Institutional investors own 78.99% of the company's stock.

Wall Street Analysts Forecast Growth

TNGX has been the topic of a number of research reports. Piper Sandler began coverage on shares of Tango Therapeutics in a report on Monday, August 18th. They set an "overweight" rating and a $11.00 target price on the stock. Guggenheim upped their price objective on shares of Tango Therapeutics from $8.00 to $10.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Five research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target 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.