Tango Therapeutics (NASDAQ:TNGX) Trading Down 7.4% - Here's What Happened

Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report)'s share price fell 7.4% during mid-day trading on Friday . The stock traded as low as $4.72 and last traded at $4.68. 1,483,483 shares were traded during trading, a decline of 6% from the average session volume of 1,580,920 shares. The stock had previously closed at $5.05.

Analyst Ratings Changes

Separately, HC Wainwright restated a "buy" rating and set a $13.00 price objective on shares of Tango Therapeutics in a research report on Monday, April 14th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Tango Therapeutics has a consensus rating of "Buy" and a consensus target price of $12.20.

Tango Therapeutics Stock Performance

The stock has a market capitalization of $508.37 million, a price-to-earnings ratio of -3.97 and a beta of 1.24. The firm has a fifty day moving average of $2.02 and a 200-day moving average of $2.40.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last announced its quarterly earnings results on Monday, May 12th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.34) by ($0.02). The company had revenue of $5.39 million during the quarter, compared to analyst estimates of $6.73 million. Tango Therapeutics had a negative net margin of 284.42% and a negative return on equity of 49.64%. On average, analysts predict that Tango Therapeutics, Inc. will post -1.19 EPS for the current year.

Hedge Funds Weigh In On Tango Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd bought a new position in shares of Tango Therapeutics during the fourth quarter worth about $33,000. Stonebrook Private Inc. acquired a new stake in shares of Tango Therapeutics in the fourth quarter valued at approximately $34,000. Ameriprise Financial Inc. bought a new stake in shares of Tango Therapeutics during the fourth quarter valued at approximately $35,000. Sherbrooke Park Advisers LLC acquired a new position in shares of Tango Therapeutics during the fourth quarter worth approximately $38,000. Finally, Squarepoint Ops LLC bought a new position in Tango Therapeutics in the 4th quarter worth approximately $40,000. 78.99% of the stock is owned by hedge funds and other institutional investors.

Tango Therapeutics Company Profile

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.