Tango Therapeutics (NASDAQ:TNGX) Shares Gap Down – Here’s Why

Tango Therapeutics, Inc. (NASDAQ:TNGX) gapped down prior to trading on Thursday . The stock had previously closed at $25.51, but opened at $23.53. Tango Therapeutics shares last traded at $24.0870, with a volume of 510,427 shares changing hands.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Piper Sandler raised their price target on Tango Therapeutics from $11.00 to $14.00 and gave the stock an “overweight” rating in a research report on Friday, January 16th. Canaccord Genuity Group initiated coverage on Tango Therapeutics in a research note on Thursday, April 2nd. They issued a “buy” rating and a $30.00 target price on the stock. B. Riley Financial restated a “buy” rating on shares of Tango Therapeutics in a research report on Friday, March 27th. Wedbush upped their price target on Tango Therapeutics from $19.00 to $33.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Jefferies Financial Group downgraded shares of Tango Therapeutics from a “buy” rating to a “hold” rating and set a $27.00 price target on the stock. in a research report on Thursday. Ten research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Tango Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $25.00.

Tango Therapeutics Stock Performance

The firm has a market cap of $3.25 billion, a P/E ratio of -25.91 and a beta of 1.22. The stock’s 50-day moving average is $21.14 and its 200 day moving average is $14.07.

Tango Therapeutics (NASDAQ:TNGX) last posted its earnings results on Wednesday, May 13th. The company reported ($0.32) earnings per share for the quarter, hitting the consensus estimate of ($0.32). Tango Therapeutics had a negative return on equity of 50.30% and a negative net margin of 151.15%. On average, research analysts anticipate that Tango Therapeutics, Inc. will post -1.35 EPS for the current year.

Insider Buying and Selling at Tango Therapeutics

In related news, insider Adam Crystal sold 54,345 shares of the business’s stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $12.77, for a total value of $693,985.65. Following the completion of the transaction, the insider directly owned 132,873 shares in the company, valued at approximately $1,696,788.21. The trade was a 29.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders sold 179,056 shares of company stock worth $3,346,181. Insiders own 6.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Global Retirement Partners LLC acquired a new stake in shares of Tango Therapeutics during the fourth quarter worth $35,000. Dynamic Technology Lab Private Ltd increased its position in shares of Tango Therapeutics by 139.7% in the first quarter. Dynamic Technology Lab Private Ltd now owns 25,801 shares of the company’s stock valued at $35,000 after acquiring an additional 15,037 shares during the last quarter. Legal & General Group Plc raised its stake in shares of Tango Therapeutics by 30.7% during the 2nd quarter. Legal & General Group Plc now owns 6,985 shares of the company’s stock worth $36,000 after purchasing an additional 1,640 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Tango Therapeutics by 148,800.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,467 shares of the company’s stock valued at $40,000 after acquiring an additional 4,464 shares during the last quarter. Finally, ANTIPODES PARTNERS Ltd bought a new position in Tango Therapeutics during the fourth quarter worth about $40,000. Institutional investors 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.