Tango Therapeutics (NASDAQ:TNGX) Sees Strong Trading Volume – Here’s Why

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX) saw strong trading volume on Wednesday . 1,869,533 shares were traded during trading, a decline of 45% from the previous session’s volume of 3,393,770 shares.The stock last traded at $30.5250 and had previously closed at $31.56.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. B. Riley Financial restated a “buy” rating on shares of Tango Therapeutics in a research report on Monday. Piper Sandler lowered Tango Therapeutics from an “overweight” rating to a “neutral” rating and boosted their price objective for the stock from $16.00 to $24.00 in a research report on Thursday, May 14th. Citigroup restated a “buy” rating on shares of Tango Therapeutics in a research report on Monday, April 27th. Jefferies Financial Group lowered Tango Therapeutics from a “buy” rating to a “hold” rating and boosted their price objective for the stock from $18.00 to $27.00 in a research report on Thursday, May 14th. Finally, Wall Street Zen lowered Tango Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, March 21st. Eleven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.42.

Tango Therapeutics Stock Performance

The stock has a market capitalization of $4.28 billion, a price-to-earnings ratio of -35.63 and a beta of 1.19. The company has a fifty day simple moving average of $22.90 and a 200 day simple moving average of $15.99.

Tango Therapeutics (NASDAQ:TNGX) last announced its earnings results on Wednesday, May 13th. The company reported ($0.32) EPS for the quarter, hitting the consensus estimate of ($0.32). Tango Therapeutics had a negative return on equity of 41.54% and a negative net margin of 151.15%. As a group, equities analysts predict that Tango Therapeutics, Inc. will post -1.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Tango Therapeutics news, insider Adam Crystal sold 38,460 shares of Tango Therapeutics stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $25.00, for a total transaction of $961,500.00. Following the transaction, the insider directly owned 112,622 shares of the company’s stock, valued at approximately $2,815,550. The trade was a 25.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last 90 days, insiders sold 131,460 shares of company stock worth $2,965,920. 6.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Farallon Capital Management LLC increased 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 worth $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 shares of Tango Therapeutics by 322.5% in the fourth 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 acquiring an additional 8,096,924 shares in the last quarter. Siren L.L.C. grew its holdings in shares of Tango Therapeutics by 38.8% in the fourth quarter. Siren L.L.C. now owns 8,165,374 shares of the company’s stock valued at $72,345,000 after acquiring an additional 2,282,186 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Tango Therapeutics by 33.6% in the fourth quarter. Vanguard Group Inc. now owns 6,750,977 shares of the company’s stock valued at $59,814,000 after acquiring an additional 1,698,974 shares in the last quarter. Finally, State Street Corp grew its holdings in shares of Tango Therapeutics by 84.8% in the fourth quarter. State Street Corp now owns 6,218,567 shares of the company’s stock valued at $55,097,000 after acquiring 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.