Tango Therapeutics (NASDAQ:TNGX) Shares Down 3% After Insider Selling

Tango Therapeutics, Inc. (NASDAQ:TNGX) shares traded down 3% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $10.78 and last traded at $10.78. 226,121 shares were traded during mid-day trading, a decline of 67% from the average session volume of 681,251 shares. The stock had previously closed at $11.11.

Specifically, major shareholder Rock Ventures Iv L.P. Third sold 150,000 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $10.09, for a total transaction of $1,513,500.00. Following the completion of the transaction, the insider now owns 17,201,475 shares of the company’s stock, valued at approximately $173,562,882.75. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Rock Ventures Iv L.P. Third sold 135,000 shares of Tango Therapeutics stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $9.79, for a total transaction of $1,321,650.00. Following the completion of the sale, the insider now owns 17,351,475 shares in the company, valued at $169,870,940.25. The disclosure for this sale can be found here.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Barclays decreased their target price on shares of Tango Therapeutics from $18.00 to $13.00 and set an “overweight” rating for the company in a research report on Friday, May 24th. Guggenheim raised shares of Tango Therapeutics to a “strong-buy” rating in a research report on Tuesday, May 28th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Tango Therapeutics in a report on Tuesday, July 9th. Jefferies Financial Group assumed coverage on Tango Therapeutics in a report on Wednesday, July 17th. They set a “buy” rating and a $19.00 price target for the company. Finally, HC Wainwright restated a “buy” rating and issued a $13.00 price objective on shares of Tango Therapeutics in a research note on Tuesday, July 9th. Seven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Tango Therapeutics has an average rating of “Buy” and a consensus price target of $15.14.

Tango Therapeutics Stock Down 3.2 %

The stock has a fifty day moving average price of $9.32 and a two-hundred day moving average price of $8.96. The company has a market cap of $1.15 billion, a price-to-earnings ratio of -9.83 and a beta of 0.83.

Tango Therapeutics (NASDAQ:TNGX) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.10. Tango Therapeutics had a negative net margin of 299.88% and a negative return on equity of 44.35%. The firm had revenue of $19.88 million during the quarter, compared to the consensus estimate of $7.39 million. Analysts predict that Tango Therapeutics, Inc. will post -1.33 earnings per share for the current fiscal year.

Institutional Trading of Tango Therapeutics

Several large investors have recently modified their holdings of TNGX. Price T Rowe Associates Inc. MD boosted its stake in Tango Therapeutics by 12.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 12,771 shares of the company’s stock valued at $102,000 after buying an additional 1,426 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Tango Therapeutics by 8.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 29,511 shares of the company’s stock worth $253,000 after acquiring an additional 2,218 shares during the last quarter. SG Americas Securities LLC raised its position in Tango Therapeutics by 16.0% during the 1st quarter. SG Americas Securities LLC now owns 30,429 shares of the company’s stock worth $242,000 after purchasing an additional 4,203 shares during the last quarter. AJOVista LLC bought a new stake in Tango Therapeutics in the fourth quarter valued at approximately $61,000. Finally, Point72 DIFC Ltd acquired a new stake in shares of Tango Therapeutics during the second quarter worth $54,000. 78.99% of the stock is owned by institutional investors and hedge funds.

Tango Therapeutics Company Profile

Tango Therapeutics, Inc, a biotechnology company, discovers and develops drugs for the treatment of cancer. Its lead program is TNG908, a synthetic lethal small molecule inhibitor of protein arginine methyltransferase 5 that is being developed as a treatment for cancers with methylthioadenosine phosphorylase deletions.