Tango Therapeutics (NASDAQ:TNGX) Trading Down 5.1% - Time to Sell?

Key Points

• Tango Therapeutics' stock price declined by 5.1%, trading at $6.32 after previously closing at $6.66, with trading volume down 72% from its average.
• Several investment firms have rated Tango Therapeutics with an average rating of "Buy" and a target price of $10.50, including a recent boost from Guggenheim to $10.00.
• The company reported earnings of (-$0.35) per share, missing consensus estimates, with revenues at $3.18 million against an expected $6.41 million.

Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report)'s stock price was down 5.1% during trading on Wednesday . The company traded as low as $6.33 and last traded at $6.32. Approximately 474,181 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 1,718,547 shares. The stock had previously closed at $6.66.

Wall Street Analyst Weigh In

Several research firms recently issued reports on TNGX. Piper Sandler initiated coverage on shares of Tango Therapeutics in a report on Monday, August 18th. They set an "overweight" rating and a $11.00 price objective for the company. Guggenheim boosted their target price on shares of Tango Therapeutics from $8.00 to $10.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Tango Therapeutics presently has an average rating of "Buy" and an average target price of $10.50.

Tango Therapeutics Price Performance

The firm has a market cap of $750.23 million, a P/E ratio of -5.07 and a beta of 1.64. The company's 50 day moving average is $6.37 and its two-hundred day moving average is $3.63.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($0.35) EPS for the quarter, hitting analysts' consensus estimates of ($0.35). The company had revenue of $3.18 million during the quarter, compared to the consensus estimate of $6.41 million. Tango Therapeutics had a negative return on equity of 79.72% and a negative net margin of 599.11%. Research analysts predict that Tango Therapeutics, Inc. will post -1.19 EPS for the current year.

Insider Transactions at Tango Therapeutics

In other Tango Therapeutics news, major shareholder Rock Ventures Iv L.P. Third sold 302,194 shares of the business's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $7.00, for a total value of $2,115,358.00. Following the sale, the insider owned 15,456,881 shares of the company's stock, valued at $108,198,167. The trade was a 1.92% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 7.50% of the stock is owned by company insiders.

Institutional Trading of Tango Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Adage Capital Partners GP L.L.C. acquired a new stake in shares of Tango Therapeutics during the 2nd quarter worth about $30,235,000. Farallon Capital Management LLC bought a new stake in Tango Therapeutics during the fourth quarter worth about $12,360,000. Commodore Capital LP bought a new position in shares of Tango Therapeutics in the second quarter valued at approximately $7,680,000. Soleus Capital Management L.P. bought a new position in shares of Tango Therapeutics in the second quarter valued at approximately $3,738,000. Finally, Candriam S.C.A. acquired a new position in shares of Tango Therapeutics in the 2nd quarter worth approximately $3,629,000. Institutional investors own 78.99% of the company's stock.

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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