Tango Therapeutics (NASDAQ:TNGX) Stock Sees Unusually High Call Option Buying

Tango Therapeutics, Inc. (NASDAQ:TNGX) was the recipient of some unusual options trading on Friday. Investors purchased 1,888 call options on the company. This represents an increase of approximately 130% compared to the average daily volume of 822 call options.

Tango Therapeutics Price Performance

NASDAQ:TNGX traded down $5.11 during trading hours on Friday, hitting $22.82. 4,625,847 shares of the company were exchanged, compared to its average volume of 3,430,598. Tango Therapeutics has a 52-week low of $7.12 and a 52-week high of $34.39. The company’s 50 day moving average price is $23.84 and its 200-day moving average price is $25.28. The stock has a market capitalization of $3.85 billion, a price-to-earnings ratio of -27.01 and a beta of 1.17.

Tango Therapeutics (NASDAQ:TNGX) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.05). On average, equities analysts predict that Tango Therapeutics will post -1.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on TNGX. Guggenheim upped their price objective on Tango Therapeutics from $32.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Raymond James Financial lowered Tango Therapeutics to a “hold” rating in a research note on Thursday, June 25th. Canaccord Genuity Group boosted their target price on shares of Tango Therapeutics from $42.00 to $46.00 and gave the stock a “buy” rating in a report on Monday, June 29th. Weiss Ratings raised shares of Tango Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 11th. Finally, HC Wainwright raised their price target on shares of Tango Therapeutics from $66.00 to $68.00 and gave the company a “buy” rating in a report on Tuesday, August 18th. Fourteen investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $43.46.

Insider Activity at Tango Therapeutics

In other Tango Therapeutics news, insider Adam Crystal sold 27,000 shares of the firm’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $24.47, for a total transaction of $660,690.00. Following the transaction, the insider directly owned 115,743 shares in the company, valued at $2,832,231.21. This trade represents a 18.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jessica Newcomb sold 8,200 shares of Tango Therapeutics stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $24.22, for a total value of $198,604.00. Following the sale, the insider directly owned 59,121 shares of the company’s stock, valued at approximately $1,431,910.62. This trade represents a 12.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 6.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Tango Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in TNGX. Sterling Capital Management LLC grew its position in Tango Therapeutics by 838.8% during the third quarter. Sterling Capital Management LLC now owns 4,647 shares of the company’s stock valued at $116,000 after buying an additional 4,152 shares during the period. Guardian Partners Inc. purchased a new stake in shares of Tango Therapeutics during the 3rd quarter worth about $748,000. Assenagon Asset Management S.A. grew its position in shares of Tango Therapeutics by 72.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 595,912 shares of the company’s stock valued at $14,868,000 after acquiring an additional 250,756 shares during the period. Congress Asset Management Co. grew its position in shares of Tango Therapeutics by 25.7% during the 3rd quarter. Congress Asset Management Co. now owns 478,454 shares of the company’s stock valued at $11,937,000 after acquiring an additional 97,708 shares during the period. Finally, Tidal Investments LLC acquired a new stake in shares of Tango Therapeutics during the 2nd quarter valued at about $1,731,000. Institutional investors and hedge funds own 78.99% of the company’s stock.

Tango Therapeutics Company Profile

Tango Therapeutics, Inc is a clinical-stage biotechnology company focused on discovering and developing medicines for cancer. The company uses functional genomics and genetic screening to identify vulnerabilities in tumor cells, including dependencies created by tumor-suppressor gene loss, and to develop targeted therapies designed to selectively attack cancer cells.

Tango’s pipeline includes small-molecule programs for genetically defined solid tumors. Its lead program, TNG462, is an MTA-cooperative PRMT5 inhibitor being developed for cancers with MTAP gene deletions.