Tango Therapeutics (NASDAQ:TNGX) Shares Down 5.2% - Should You Sell?

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)'s stock price dropped 5.2% during mid-day trading on Monday . The stock traded as low as $6.96 and last traded at $7.20. Approximately 777,269 shares traded hands during trading, a decline of 57% from the average daily volume of 1,795,295 shares. The stock had previously closed at $7.60.

Wall Street Analysts Forecast Growth

TNGX has been the subject of several analyst reports. Guggenheim raised their target price on Tango Therapeutics from $8.00 to $10.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Piper Sandler began coverage on Tango Therapeutics in a research report on Monday, August 18th. They set an "overweight" rating and a $11.00 target price for the company. Five research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Tango Therapeutics currently has a consensus rating of "Buy" and a consensus price target of $10.50.

Tango Therapeutics Trading Down 2.9%

The business has a fifty day simple moving average of $6.79 and a 200 day simple moving average of $4.12. The stock has a market capitalization of $804.97 million, a P/E ratio of -5.44 and a beta of 1.64.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last posted its 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 company had revenue of $3.18 million for the quarter, compared to analyst estimates of $6.41 million. As a group, research analysts forecast that Tango Therapeutics, Inc. will post -1.19 earnings per share for the current year.

Insider Buying and Selling at Tango Therapeutics

In other news, major shareholder Rock Ventures Iv L.P. Third sold 1,100,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $7.01, for a total value of $7,711,000.00. Following the transaction, the insider owned 15,759,075 shares in the company, valued at $110,471,115.75. This trade represents a 6.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 2,495,100 shares of company stock valued at $17,494,700 in the last 90 days. 7.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. CWM LLC boosted 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 buying an additional 3,167 shares during the last quarter. Legal & General Group Plc boosted its stake in shares of 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 buying an additional 1,640 shares during the last quarter. Ameritas Investment Partners Inc. boosted 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 buying an additional 3,452 shares during the last quarter. Tower Research Capital LLC TRC boosted 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 buying an additional 2,907 shares during the last quarter. Finally, Northeast Financial Consultants Inc purchased a new position in shares of Tango Therapeutics in the 2nd quarter worth approximately $51,000. 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.