Tango Therapeutics (NASDAQ:TNGX) Trading Down 6.7% on 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.

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report) traded down 6.7% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $6.45 and last traded at $6.37. 361,607 shares were traded during trading, a decline of 79% from the average session 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 the stock in a transaction dated 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 of the company's stock, valued at approximately $103,681,712.64. This represents a 0.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Rock Ventures Iv L.P. Third sold 642,906 shares of the firm's stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $7.00, for a total value of $4,500,342.00. Following the completion of the sale, the insider directly owned 14,813,975 shares in the company, valued at $103,697,825. This trade represents a 4.16% decrease in their position. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on TNGX shares. Guggenheim raised their target price on Tango Therapeutics from $8.00 to $10.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Piper Sandler started coverage on Tango Therapeutics in a report on Monday, August 18th. They issued an "overweight" rating and a $11.00 target price on the stock. Five research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Tango Therapeutics currently has a consensus rating of "Buy" and an average price target of $10.50.

Tango Therapeutics Stock Performance

The firm has a market cap of $704.16 million, a P/E ratio of -4.79 and a beta of 1.64. The company has a 50-day moving average of $6.54 and a 200 day moving average of $3.79.

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

Institutional Investors Weigh In On Tango Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. Deutsche Bank AG increased its holdings in Tango Therapeutics by 24.1% during the 4th quarter. Deutsche Bank AG now owns 36,653 shares of the company's stock valued at $113,000 after purchasing an additional 7,128 shares in the last quarter. Ameriprise Financial Inc. acquired a new stake in Tango Therapeutics during the 4th quarter valued at $35,000. Squarepoint Ops LLC acquired a new stake in Tango Therapeutics during the 4th quarter valued at $40,000. Northern Trust Corp increased its holdings in Tango Therapeutics by 7.1% during the 4th quarter. Northern Trust Corp now owns 513,079 shares of the company's stock valued at $1,585,000 after purchasing an additional 33,829 shares in the last quarter. Finally, Millennium Management LLC acquired a new stake in Tango Therapeutics during the 4th quarter valued at $771,000. 78.99% of the stock is 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.

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