Tango Therapeutics (NASDAQ:TNGX) Trading Down 6.1% - What's Next?

Key Points

• Tango Therapeutics shares fell 6.1% to about $27.24 in midday trading, with volume down 86% from the stock’s average daily level.
• Analyst views remain broadly positive: 13 analysts rate the stock a Buy, two recommend Hold and one recommends Sell, producing a “Moderate Buy” consensus and an average price target of $42.15.
• The company reported quarterly EPS of -$0.32, in line with expectations, while institutional investors own nearly 79% of shares; an insider recently sold 27,000 shares at an average price of $29.59.

Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report)'s share price dropped 6.1% during mid-day trading on Friday . The company traded as low as $27.25 and last traded at $27.24. Approximately 482,758 shares traded hands during trading, a decline of 86% from the average daily volume of 3,543,647 shares. The stock had previously closed at $29.00.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on TNGX. Piper Sandler lowered shares of Tango Therapeutics from an "overweight" rating to a "neutral" rating and boosted their price objective for the company from $16.00 to $24.00 in a report on Thursday, May 14th. Mizuho increased their price objective on Tango Therapeutics from $36.00 to $40.00 and gave the company an "outperform" rating in a report on Friday, July 17th. JPMorgan Chase & Co. assumed coverage on Tango Therapeutics in a report on Wednesday, July 15th. They set an "overweight" rating and a $46.00 target price for the company. Weiss Ratings downgraded shares of Tango Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a report on Monday, June 29th. Finally, UBS Group set a $55.00 price objective on shares of Tango Therapeutics in a research note on Thursday, May 14th. Thirteen 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 data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $42.15.

Tango Therapeutics Stock Performance

The firm has a market cap of $3.90 billion, a price-to-earnings ratio of -32.48 and a beta of 1.16. The business's 50 day moving average price is $28.37 and its 200 day moving average price is $21.73.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last posted its earnings results on Wednesday, May 13th. The company reported ($0.32) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.32). Sell-side analysts anticipate that Tango Therapeutics, Inc. will post -1.27 earnings per share for the current fiscal year.

Insider Activity at Tango Therapeutics

In other news, insider Adam Crystal sold 27,000 shares of the firm's stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $29.59, for a total transaction of $798,930.00. Following the sale, the insider directly owned 115,743 shares in the company, valued at $3,424,835.37. This trade represents a 18.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 6.50% of the stock is owned by company insiders.

Institutional Trading of Tango Therapeutics

Several institutional investors have recently bought and sold shares of TNGX. Tudor Investment Corp ET AL purchased a new position in shares of Tango Therapeutics in the third quarter valued at approximately $450,000. Mass General Brigham Inc purchased a new stake in shares of Tango Therapeutics during the fourth quarter worth approximately $3,138,000. Candriam S.C.A. raised its stake in Tango Therapeutics by 79.1% in the 1st quarter. Candriam S.C.A. now owns 1,269,246 shares of the company's stock valued at $26,553,000 after purchasing an additional 560,434 shares during the last quarter. Vanguard Group Inc. raised its stake in Tango Therapeutics by 33.6% in the 4th quarter. Vanguard Group Inc. now owns 6,750,977 shares of the company's stock valued at $59,814,000 after purchasing an additional 1,698,974 shares during the last quarter. Finally, Seven Fleet Capital Management LP purchased a new position in Tango Therapeutics in the 4th quarter valued at $1,906,000. 78.99% of the stock is owned by institutional investors and hedge funds.

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.

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