Tango Therapeutics (NASDAQ:TNGX) Shares Down 5.2% - Here's What Happened

Key Points

• Tango Therapeutics shares fell by 5.2% on Monday, trading down from a previous close of $7.60 to $7.20.
• Wall Street analysts maintain an overall "Buy" rating for Tango Therapeutics, with a consensus target price of $10.50.
• Major shareholder Rock Ventures IV L.P. sold 1.1 million shares at an average price of $7.01, reducing their stake in the company by 6.52%.

Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report) shares fell 5.2% during trading on Monday . The stock traded as low as $6.96 and last traded at $7.20. 777,269 shares were traded during mid-day trading, a decline of 57% from the average session volume of 1,795,295 shares. The stock had previously closed at $7.60.

Wall Street Analysts Forecast Growth

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

Tango Therapeutics Stock Performance

The firm has a market capitalization of $828.89 million, a price-to-earnings ratio of -5.60 and a beta of 1.64. The business's 50-day moving average is $6.76 and its two-hundred day moving average is $4.08.

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

Insider Buying and Selling at Tango Therapeutics

In other Tango Therapeutics news, major shareholder Rock Ventures Iv L.P. Third sold 1,100,000 shares of Tango Therapeutics stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $7.01, for a total transaction of $7,711,000.00. Following the completion of the transaction, the insider directly owned 15,759,075 shares of the company's stock, valued at $110,471,115.75. The trade was a 6.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold 2,495,100 shares of company stock valued at $17,494,700 over the last three months. 7.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

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