Tango Therapeutics (NASDAQ:TNGX) Shares Gap Down - What's Next?

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $4.74, but opened at $4.60. Tango Therapeutics shares last traded at $4.64, with a volume of 762,534 shares trading hands.

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 investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $12.20.

Tango Therapeutics Stock Down 7.1%

The stock has a market capitalization of $508.37 million, a P/E ratio of -3.97 and a beta of 1.24. The stock's 50 day moving average price is $2.02 and its 200-day moving average price is $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 analysts' consensus estimates of ($0.34) by ($0.02). Tango Therapeutics had a negative net margin of 284.42% and a negative return on equity of 49.64%. The company had revenue of $5.39 million during the quarter, compared to analysts' expectations of $6.73 million. Analysts anticipate that Tango Therapeutics, Inc. will post -1.19 earnings per share for the current year.

Institutional Investors Weigh In On Tango Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Teacher Retirement System of Texas grew its holdings in shares of Tango Therapeutics by 35.8% during the fourth quarter. Teacher Retirement System of Texas now owns 14,544 shares of the company's stock valued at $45,000 after buying an additional 3,831 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Tango Therapeutics by 29.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 20,998 shares of the company's stock valued at $65,000 after purchasing an additional 4,813 shares during the period. Deutsche Bank AG raised its stake in shares of Tango Therapeutics by 24.1% in the fourth quarter. Deutsche Bank AG now owns 36,653 shares of the company's stock worth $113,000 after purchasing an additional 7,128 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Tango Therapeutics by 51.7% during the fourth quarter. Wells Fargo & Company MN now owns 22,292 shares of the company's stock worth $69,000 after purchasing an additional 7,599 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in Tango Therapeutics by 9.9% in the 1st quarter. Bank of New York Mellon Corp now owns 113,233 shares of the company's stock worth $155,000 after buying an additional 10,213 shares during the period. 78.99% of the stock is currently 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.