Tango Therapeutics (NASDAQ:TNGX) Shares Down 8.3% - Should You Sell?

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report) were down 8.3% on Wednesday . The company traded as low as $4.84 and last traded at $4.92. Approximately 2,788,046 shares traded hands during mid-day trading, an increase of 84% from the average daily volume of 1,518,937 shares. The stock had previously closed at $5.36.

Wall Street Analyst Weigh In

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

Tango Therapeutics Price Performance

The stock has a market cap of $538.72 million, a PE ratio of -4.07 and a beta of 1.24. The company's fifty day moving average is $2.53 and its 200-day moving average is $2.46.

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 analysts' consensus estimates of ($0.34) by ($0.02). Tango Therapeutics had a negative return on equity of 62.75% and a negative net margin of 322.67%. The firm had revenue of $5.39 million for the quarter, compared to analysts' expectations of $6.73 million. Analysts expect that Tango Therapeutics, Inc. will post -1.19 EPS for the current year.

Hedge Funds Weigh In On Tango Therapeutics

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

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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