Tango Therapeutics (NASDAQ:TNGX) Trading Down 4.3% - Here's What Happened

Key Points

• Shares slid ~4.3% to $20.71 intraday (low $20.54) on Monday with volume ~806,148 — about 76% below the 3.36M average — while analysts' consensus target sits at $20.67 and the consensus rating is "Moderate Buy" (10 Buys, 1 Hold, 1 Sell).
• Tango beat quarterly EPS estimates (reported ($0.29) vs. ($0.31) expected) but remains unprofitable with negative ROE and a -151% net margin; insiders have sold ~172,884 shares (~$2.54M) in the last 90 days even as large institutions (Adage, Goldman, Logos) substantially increased holdings and institutions now own ~79% of the stock.

Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report) shares were down 4.3% during trading on Monday . The stock traded as low as $20.54 and last traded at $20.7060. Approximately 806,148 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 3,362,471 shares. The stock had previously closed at $21.63.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on TNGX shares. Jefferies Financial Group restated a "buy" rating and set a $18.00 price objective on shares of Tango Therapeutics in a research report on Thursday, March 5th. Canaccord Genuity Group began coverage on Tango Therapeutics in a report on Thursday. They issued a "buy" rating and a $30.00 target price for the company. Wall Street Zen downgraded Tango Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, March 21st. HC Wainwright raised their price target on Tango Therapeutics from $13.00 to $27.00 and gave the stock a "buy" rating in a research report on Friday, March 6th. Finally, Piper Sandler lifted their price objective on shares of Tango Therapeutics from $11.00 to $14.00 and gave the stock an "overweight" rating in a research note on Friday, January 16th. Ten equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $20.67.

Tango Therapeutics Stock Down 4.9%

The company's 50 day simple moving average is $15.14 and its 200-day simple moving average is $11.20. The firm has a market cap of $2.94 billion, a P/E ratio of -23.74 and a beta of 1.31.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last issued its quarterly earnings results on Thursday, March 5th. The company reported ($0.29) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.02. Tango Therapeutics had a negative return on equity of 50.30% and a negative net margin of 151.15%. Equities research analysts predict that Tango Therapeutics, Inc. will post -1.19 EPS for the current year.

Insider Transactions at Tango Therapeutics

In related news, CFO Daniella Beckman sold 10,317 shares of the stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $12.26, for a total value of $126,486.42. Following the transaction, the chief financial officer owned 184,297 shares of the company's stock, valued at $2,259,481.22. This represents a 5.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Barbara Weber sold 30,519 shares of Tango Therapeutics stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $12.26, for a total value of $374,162.94. Following the sale, the director directly owned 1,629,254 shares of the company's stock, valued at approximately $19,974,654.04. This trade represents a 1.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 172,884 shares of company stock worth $2,538,342. Insiders own 7.50% of the company's stock.

Institutional Trading of Tango Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the business. Adage Capital Partners GP L.L.C. increased its position 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 valued at $93,986,000 after purchasing an additional 8,096,924 shares during the period. Caligan Partners LP bought a new position in shares of Tango Therapeutics during the fourth quarter valued at approximately $33,047,000. Goldman Sachs Group Inc. increased its holdings in Tango Therapeutics by 227.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 4,942,414 shares of the company's stock valued at $43,790,000 after buying an additional 3,432,939 shares during the period. Logos Global Management LP raised its stake in Tango Therapeutics by 342.1% in the fourth quarter. Logos Global Management LP now owns 4,200,000 shares of the company's stock worth $37,212,000 after buying an additional 3,250,000 shares in the last quarter. Finally, Paradigm Biocapital Advisors LP bought a new position in Tango Therapeutics in the third quarter worth approximately $25,924,000. 78.99% of the stock is owned by hedge funds and other institutional investors.

Tango Therapeutics Company Profile

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.

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