Tango Therapeutics (NASDAQ:TNGX) Trading Down 14.4% – Here’s What Happened

Tango Therapeutics, Inc. (NASDAQ:TNGX) dropped 14.4% during trading on Friday . The stock traded as low as $21.73 and last traded at $21.2990. Approximately 618,111 shares were traded during trading, a decline of 81% from the average daily volume of 3,233,191 shares. The stock had previously closed at $24.87.

Wall Street Analyst Weigh In

TNGX has been the subject of several recent research reports. HC Wainwright boosted their price objective on Tango Therapeutics from $13.00 to $27.00 and gave the company a “buy” rating in a report on Friday, March 6th. Wall Street Zen downgraded Tango Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, March 21st. Stifel Nicolaus upped their price target on Tango Therapeutics from $24.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, April 27th. Piper Sandler downgraded Tango Therapeutics from an “overweight” rating to a “neutral” rating and upped their price target for the stock from $16.00 to $24.00 in a report on Thursday. Finally, Citigroup reiterated a “buy” rating on shares of Tango Therapeutics in a report on Monday, April 27th. Ten analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Tango Therapeutics has an average rating of “Moderate Buy” and an average target price of $32.27.

Tango Therapeutics Stock Down 21.8%

The company has a 50-day simple moving average of $21.41 and a two-hundred day simple moving average of $14.20. The firm has a market cap of $2.80 billion, a PE ratio of -23.52 and a beta of 1.22.

Tango Therapeutics (NASDAQ:TNGX) last posted its quarterly earnings data 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 50.17% and a negative net margin of 151.15%. As a group, equities analysts predict that Tango Therapeutics, Inc. will post -1.35 earnings per share for the current year.

Insiders Place Their Bets

In other Tango Therapeutics news, insider Adam Crystal sold 54,345 shares of the company’s stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $12.77, for a total value of $693,985.65. Following the transaction, the insider directly owned 132,873 shares in the company, valued at $1,696,788.21. This represents a 29.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders sold 179,056 shares of company stock valued at $3,346,181. 6.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tango Therapeutics

Institutional investors have recently added to or reduced their stakes in the business. Global Retirement Partners LLC bought a new position in shares of Tango Therapeutics during the 4th quarter valued at about $35,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Tango Therapeutics by 148,800.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,467 shares of the company’s stock valued at $40,000 after purchasing an additional 4,464 shares during the last quarter. ANTIPODES PARTNERS Ltd bought a new position in shares of Tango Therapeutics during the 4th quarter valued at about $40,000. State of Wyoming bought a new position in shares of Tango Therapeutics during the 1st quarter valued at about $128,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of Tango Therapeutics by 52.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,544 shares of the company’s stock valued at $58,000 after purchasing an additional 2,243 shares during the last quarter. 78.99% of the stock is currently owned by institutional investors.

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.