Tango Therapeutics (NASDAQ:TNGX) Shares Down 8.7% - Here's What Happened

Key Points

• Tango Therapeutics shares fell 8.7% in mid-day trading Monday, dropping from a prior close of $31.06 to around $28.35 on lighter-than-normal volume.
• Analyst sentiment remained mostly positive despite some mixed calls: the stock has 12 Buy ratings, 2 Holds, and 1 Sell, with an average target price of $41.50. Recent updates included Leerink Partners raising its target to $69 and Piper Sandler lowering its rating to Neutral while increasing its target to $24.
• The company reported in-line quarterly results, posting EPS of -$0.32, matching consensus estimates. Insider selling also continued, with Adam Crystal selling 38,460 shares, and insiders selling 119,460 shares total over the last 90 days.

Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report) shares dropped 8.7% during mid-day trading on Monday . The stock traded as low as $28.33 and last traded at $28.3490. Approximately 1,561,403 shares traded hands during trading, a decline of 58% from the average daily volume of 3,745,211 shares. The stock had previously closed at $31.06.

Analyst Ratings Changes

Several equities analysts have weighed in on TNGX shares. Leerink Partners lifted their target price on Tango Therapeutics from $55.00 to $69.00 and gave the company an "outperform" rating in a research report on Monday, June 8th. Piper Sandler cut shares of Tango Therapeutics from an "overweight" rating to a "neutral" rating and increased their price target for the stock from $16.00 to $24.00 in a research report on Thursday, May 14th. Wall Street Zen lowered shares of Tango Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, March 21st. Weiss Ratings cut shares of Tango Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a report on Monday, June 29th. Finally, Wolfe Research set a $35.00 target price on shares of Tango Therapeutics and gave the stock an "outperform" rating in a research note on Monday, June 8th. Twelve equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $41.50.

Tango Therapeutics Stock Performance

The business has a 50-day simple moving average of $26.09 and a 200-day simple moving average of $19.32. The company has a market cap of $4.12 billion, a price-to-earnings ratio of -34.47 and a beta of 1.12.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last announced its quarterly earnings data on Wednesday, May 13th. The company reported ($0.32) EPS for the quarter, hitting analysts' consensus estimates of ($0.32). Research analysts anticipate that Tango Therapeutics, Inc. will post -1.28 EPS for the current year.

Insider Buying and Selling

In other Tango Therapeutics news, insider Adam Crystal sold 38,460 shares of the stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $25.00, for a total value of $961,500.00. Following the sale, the insider directly owned 112,622 shares of the company's stock, valued at approximately $2,815,550. This represents a 25.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. In the last ninety days, insiders have sold 119,460 shares of company stock worth $2,951,130. Insiders own 6.50% of the company's stock.

Hedge Funds Weigh In On Tango Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the company. Farallon Capital Management LLC increased its holdings in Tango Therapeutics by 21.4% in the fourth quarter. Farallon Capital Management LLC now owns 13,061,411 shares of the company's stock valued at $115,724,000 after buying an additional 2,304,411 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its holdings in Tango Therapeutics by 322.5% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 10,607,924 shares of the company's stock worth $93,986,000 after buying an additional 8,096,924 shares during the last quarter. Siren L.L.C. lifted its holdings in Tango Therapeutics by 38.8% during the 4th quarter. Siren L.L.C. now owns 8,165,374 shares of the company's stock worth $72,345,000 after buying an additional 2,282,186 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Tango Therapeutics by 33.6% during the 4th quarter. Vanguard Group Inc. now owns 6,750,977 shares of the company's stock worth $59,814,000 after acquiring an additional 1,698,974 shares in the last quarter. Finally, State Street Corp boosted its position in shares of Tango Therapeutics by 84.8% during the 4th quarter. State Street Corp now owns 6,218,567 shares of the company's stock worth $55,097,000 after acquiring an additional 2,853,362 shares in the last quarter. Institutional investors and hedge funds own 78.99% of the company's stock.

About Tango Therapeutics

Tango Therapeutics is a clinical-stage biotechnology company dedicated to developing precision medicines that exploit genetic vulnerabilities in cancer cells. Leveraging a proprietary synthetic lethality platform, the company identifies and targets tumor-specific dependencies in DNA damage response and related pathways. By focusing on tumor cell collateral sensitivities, Tango aims to bring differentiated small-molecule therapies to patients with genetic alterations that confer increased susceptibility to targeted inhibition.

The company's lead pipeline comprises several early-stage programs, including inhibitors designed to selectively disable DNA repair proteins in tumor cells while sparing normal tissues.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.