Tango Therapeutics (NASDAQ:TNGX) Trading Down 9.7% – Here’s What Happened

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX) dropped 9.7% during mid-day trading on Wednesday . The stock traded as low as $23.04 and last traded at $22.7130. Approximately 1,488,571 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 3,274,104 shares. The stock had previously closed at $25.14.

Analyst Upgrades and Downgrades

TNGX has been the subject of a number of research analyst reports. HC Wainwright upped their target price on shares of Tango Therapeutics from $13.00 to $27.00 and gave the stock a “buy” rating in a research note on Friday, March 6th. Mizuho boosted their price target on shares of Tango Therapeutics from $19.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 11th. Weiss Ratings reissued a “sell (e+)” rating on shares of Tango Therapeutics in a research report on Monday, April 20th. Jefferies Financial Group reissued a “buy” rating and set a $18.00 price target on shares of Tango Therapeutics in a research report on Thursday, March 5th. Finally, Stifel Nicolaus boosted their price target on shares of Tango Therapeutics from $24.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday. Eleven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $22.44.

Tango Therapeutics Stock Performance

The stock’s fifty day moving average price is $19.12 and its 200-day moving average price is $13.15. The company has a market capitalization of $3.18 billion, a P/E ratio of -25.36 and a beta of 1.31.

Tango Therapeutics (NASDAQ:TNGX) last issued its earnings results on Thursday, March 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.02. Tango Therapeutics had a negative net margin of 151.15% and a negative return on equity of 50.30%. On average, research analysts predict that Tango Therapeutics, Inc. will post -1.34 EPS for the current fiscal year.

Insider Activity

In other Tango Therapeutics news, CFO Daniella Beckman sold 10,317 shares of the stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $12.26, for a total value of $126,486.42. Following the transaction, the chief financial officer directly owned 184,297 shares of the company’s stock, valued at $2,259,481.22. This represents a 5.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Barbara Weber sold 30,519 shares of the stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $12.26, for a total transaction of $374,162.94. Following the transaction, the director owned 1,629,254 shares in the company, valued at approximately $19,974,654.04. The trade was a 1.84% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 211,344 shares of company stock valued at $3,499,842. 7.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Farallon Capital Management LLC grew its position in shares of Tango Therapeutics by 17.5% during the 3rd quarter. Farallon Capital Management LLC now owns 10,757,000 shares of the company’s stock worth $90,359,000 after purchasing an additional 1,600,000 shares in the last quarter. Tudor Investment Corp ET AL acquired a new position in shares of Tango Therapeutics during the 3rd quarter worth approximately $450,000. Rafferty Asset Management LLC acquired a new position in shares of Tango Therapeutics during the 3rd quarter worth approximately $1,221,000. Mass General Brigham Inc acquired a new position in shares of Tango Therapeutics during the 4th quarter worth approximately $3,138,000. Finally, Great Lakes Advisors LLC acquired a new position in shares of Tango Therapeutics during the 3rd quarter worth approximately $3,560,000. Institutional investors and hedge funds own 78.99% of the company’s stock.

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.