Tango Therapeutics (NASDAQ:TNGX) Trading Down 8.6% – What’s Next?

Tango Therapeutics, Inc. (NASDAQ:TNGX)’s stock price fell 8.6% on Thursday . The company traded as low as $29.10 and last traded at $29.52. 1,671,253 shares were traded during trading, a decline of 53% from the average session volume of 3,523,725 shares. The stock had previously closed at $32.29.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on TNGX shares. Mizuho set a $36.00 target price on shares of Tango Therapeutics in a research note on Monday, June 8th. B. Riley Financial reissued a “buy” rating on shares of Tango Therapeutics in a research note on Monday, June 8th. Weiss Ratings raised shares of Tango Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, June 12th. Canaccord Genuity Group raised their target price on shares of Tango Therapeutics from $30.00 to $42.00 and gave the company a “buy” rating in a research note on Tuesday, June 9th. Finally, Guggenheim raised their target price on shares of Tango Therapeutics from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, March 6th. Eleven research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Tango Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $38.42.

Tango Therapeutics Trading Down 12.3%

The stock’s 50 day moving average price is $24.13 and its 200 day moving average price is $16.87. The firm has a market cap of $4.10 billion, a PE ratio of -34.01 and a beta of 1.19.

Tango Therapeutics (NASDAQ:TNGX) last issued its earnings results on Wednesday, May 13th. The company reported ($0.32) EPS for the quarter, meeting analysts’ consensus estimates of ($0.32). Tango Therapeutics had a negative net margin of 151.15% and a negative return on equity of 41.54%. Analysts forecast that Tango Therapeutics, Inc. will post -1.28 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Adam Crystal sold 27,000 shares of the firm’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $22.87, for a total transaction of $617,490.00. Following the completion of the sale, the insider directly owned 115,743 shares of the company’s stock, valued at approximately $2,647,042.41. This trade represents a 18.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last ninety days, insiders have sold 131,460 shares of company stock worth $2,965,920. 6.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Tango Therapeutics

A number of large investors have recently added to or reduced their stakes in the company. Farallon Capital Management LLC grew its holdings in Tango Therapeutics by 21.4% during the 4th quarter. Farallon Capital Management LLC now owns 13,061,411 shares of the company’s stock valued at $115,724,000 after purchasing an additional 2,304,411 shares in the last quarter. Adage Capital Partners GP L.L.C. grew its holdings in Tango Therapeutics by 322.5% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 10,607,924 shares of the company’s stock valued at $93,986,000 after purchasing an additional 8,096,924 shares in the last quarter. Siren L.L.C. grew its holdings in Tango Therapeutics by 38.8% during the 4th quarter. Siren L.L.C. now owns 8,165,374 shares of the company’s stock valued at $72,345,000 after purchasing an additional 2,282,186 shares in the last quarter. Vanguard Group Inc. grew its holdings in Tango Therapeutics by 33.6% during 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 in the last quarter. Finally, State Street Corp grew its holdings in Tango Therapeutics by 84.8% during the 4th quarter. State Street Corp now owns 6,218,567 shares of the company’s stock valued at $55,097,000 after purchasing an additional 2,853,362 shares in the last quarter. 78.99% of the stock is owned by institutional investors and hedge funds.

Tango Therapeutics Company Profile

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.