Tango Therapeutics (NASDAQ:TNGX) Trading Down 6.7% After Insider Selling

Key Points

• Tango Therapeutics (NASDAQ:TNGX) saw its shares drop 6.7% due to insider selling, with major shareholder Rock Ventures Iv L.P. Third selling a total of 729,365 shares over recent transactions.
• Despite the insider selling, analysts remain optimistic, with Guggenheim raising their target price from $8.00 to $10.00 and a consensus rating of “Buy” among five research analysts.
• The company reported a quarterly earnings per share of ($0.35), meeting expectations, but fell short on revenue with $3.18 million recorded against a forecast of $6.41 million.

Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report) dropped 6.7% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $6.45 and last traded at $6.37. Approximately 361,607 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 1,719,090 shares. The stock had previously closed at $6.82.

Specifically, major shareholder Rock Ventures Iv L.P. Third sold 86,459 shares of Tango Therapeutics stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $7.04, for a total transaction of $608,671.36. Following the transaction, the insider owned 14,727,516 shares in the company, valued at approximately $103,681,712.64. This trade represents a 0.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Rock Ventures Iv L.P. Third sold 642,906 shares of Tango Therapeutics stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $7.00, for a total transaction of $4,500,342.00. Following the sale, the insider directly owned 14,813,975 shares in the company, valued at approximately $103,697,825. The trade was a 4.16% decrease in their position. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

TNGX has been the subject of several analyst reports. Guggenheim increased their price objective on Tango Therapeutics from $8.00 to $10.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Piper Sandler started coverage on Tango Therapeutics in a report on Monday, August 18th. They set an "overweight" rating and a $11.00 price target for the company. Five analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $10.50.

Tango Therapeutics Trading Up 4.4%

The company has a market capitalization of $758.79 million, a PE ratio of -5.13 and a beta of 1.64. The business has a fifty day moving average of $6.60 and a 200 day moving average of $3.89.

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

Institutional Investors Weigh In On Tango Therapeutics

A number of hedge funds have recently added to or reduced their stakes in TNGX. CWM LLC grew its stake in shares of Tango Therapeutics by 182.2% in the second quarter. CWM LLC now owns 4,905 shares of the company's stock worth $25,000 after acquiring an additional 3,167 shares in the last quarter. Legal & General Group Plc boosted its holdings in Tango Therapeutics by 30.7% in the second quarter. Legal & General Group Plc now owns 6,985 shares of the company's stock valued at $36,000 after purchasing an additional 1,640 shares during the period. Ameritas Investment Partners Inc. increased its holdings in Tango Therapeutics by 78.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 7,830 shares of the company's stock worth $40,000 after purchasing an additional 3,452 shares during the period. Tower Research Capital LLC TRC raised its position in Tango Therapeutics by 44.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,473 shares of the company's stock valued at $49,000 after purchasing an additional 2,907 shares in the last quarter. Finally, Northeast Financial Consultants Inc purchased a new position in shares of Tango Therapeutics in the 2nd quarter valued at about $51,000. 78.99% of the stock is currently owned by institutional investors and hedge funds.

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.