Tango Therapeutics (NASDAQ:TNGX) Trading Down 9.7% - Here's What Happened

Key Points

• Shares fell ~9.7% midday to about $22.71 (intraday low $23.04) on ~1.49M shares traded, roughly 55% below the stock's average daily volume and down from a prior close of $25.14.
• Analysts remain largely positive with 11 Buy, 1 Hold and 1 Sell ratings, an average rating of "Moderate Buy" and an average price target of $22.44, roughly in line with the current share price.
• Tango is a clinical‑stage biotech with negative earnings (EPS of -$0.29 last quarter), a market cap of $3.18B, and notable insider selling—211,344 shares worth ~$3.5M sold in the past 90 days (insiders own 7.5%).

Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report)'s stock price was down 9.7% during mid-day trading on Wednesday . The company traded as low as $23.04 and last traded at $22.7130. Approximately 1,488,571 shares traded hands during mid-day trading, a decline of 55% from the average daily volume of 3,274,104 shares. The stock had previously closed at $25.14.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on TNGX shares. Weiss Ratings reiterated a "sell (e+)" rating on shares of Tango Therapeutics in a research note on Monday, April 20th. HC Wainwright lifted their target price on shares of Tango Therapeutics from $13.00 to $27.00 and gave the company a "buy" rating in a research note on Friday, March 6th. Canaccord Genuity Group started coverage on shares of Tango Therapeutics in a research note on Thursday, April 2nd. They issued a "buy" rating and a $30.00 target price for the company. Citigroup reiterated a "buy" rating on shares of Tango Therapeutics in a research note on Monday. Finally, B. Riley Financial reiterated a "buy" rating on shares of Tango Therapeutics in a research note on Friday, March 27th. Eleven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $22.44.

Tango Therapeutics Stock Performance

The firm's 50-day moving average is $19.12 and its two-hundred day moving average is $13.15. The stock has a market cap of $3.18 billion, a P/E ratio of -25.36 and a beta of 1.31.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last posted its quarterly earnings data 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 net margin of 151.15% and a negative return on equity of 50.30%. As a group, research analysts forecast that Tango Therapeutics, Inc. will post -1.34 EPS for the current year.

Insider Buying and Selling at Tango Therapeutics

In other Tango Therapeutics news, CFO Daniella Beckman sold 10,317 shares of the company's stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $12.26, for a total transaction of $126,486.42. Following the completion of the sale, the chief financial officer owned 184,297 shares in the company, valued at approximately $2,259,481.22. The trade was a 5.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Adam Crystal sold 38,460 shares of the company's stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $25.00, for a total transaction of $961,500.00. Following the sale, the insider owned 112,622 shares of the company's stock, valued at $2,815,550. The trade was a 25.46% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 211,344 shares of company stock worth $3,499,842. Insiders own 7.50% of the company's stock.

Hedge Funds Weigh In On Tango Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Global Retirement Partners LLC acquired a new position in shares of Tango Therapeutics in the 4th quarter valued at $35,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Tango Therapeutics by 148,800.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,467 shares of the company's stock valued at $40,000 after buying an additional 4,464 shares during the period. ANTIPODES PARTNERS Ltd acquired a new position in shares of Tango Therapeutics in the 4th quarter valued at $40,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Tango Therapeutics by 52.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,544 shares of the company's stock valued at $58,000 after buying an additional 2,243 shares during the period. Finally, Legal & General Group Plc grew its holdings in shares of Tango Therapeutics by 30.7% in the 2nd quarter. Legal & General Group Plc now owns 6,985 shares of the company's stock valued at $36,000 after buying an additional 1,640 shares during the period. Institutional investors and hedge funds own 78.99% of the company's stock.

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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