Tango Therapeutics (NASDAQ:TNGX) Shares Gap Down on Insider Selling

Tango Therapeutics, Inc. (NASDAQ:TNGX)’s stock price gapped down prior to trading on Monday following insider selling activity. The stock had previously closed at $10.89, but opened at $9.00. Tango Therapeutics shares last traded at $8.48, with a volume of 392,176 shares.

Specifically, major shareholder Rock Ventures Iv L.P. Third sold 75,000 shares of the stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $11.56, for a total transaction of $867,000.00. Following the transaction, the insider now directly owns 16,926,475 shares in the company, valued at approximately $195,670,051. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Rock Ventures Iv L.P. Third sold 175,000 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $11.60, for a total transaction of $2,030,000.00. Following the completion of the sale, the insider now owns 17,001,475 shares in the company, valued at $197,217,110. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. HC Wainwright reissued a “buy” rating and set a $13.00 target price on shares of Tango Therapeutics in a research report on Tuesday. Guggenheim raised Tango Therapeutics to a “strong-buy” rating in a report on Tuesday, May 28th. Barclays lowered their price objective on Tango Therapeutics from $18.00 to $13.00 and set an “overweight” rating on the stock in a research report on Friday, May 24th. Wedbush lifted their target price on shares of Tango Therapeutics from $11.00 to $13.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Finally, Jefferies Financial Group began coverage on shares of Tango Therapeutics in a report on Wednesday, July 17th. They set a “buy” rating and a $19.00 price target on the stock. Seven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $15.14.

Tango Therapeutics Stock Down 0.8 %

The stock has a 50-day moving average of $9.91 and a 200 day moving average of $8.85. The stock has a market cap of $971.23 million, a PE ratio of -8.04 and a beta of 0.84.

Tango Therapeutics (NASDAQ:TNGX) last posted its earnings results on Wednesday, August 7th. The company reported ($0.24) EPS for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.10. The company had revenue of $19.88 million for the quarter, compared to analysts’ expectations of $7.39 million. Tango Therapeutics had a negative net margin of 274.04% and a negative return on equity of 44.73%. Research analysts forecast that Tango Therapeutics, Inc. will post -1.27 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. New York State Common Retirement Fund boosted its holdings in Tango Therapeutics by 135.8% in the fourth quarter. New York State Common Retirement Fund now owns 22,096 shares of the company’s stock valued at $219,000 after purchasing an additional 12,726 shares in the last quarter. Victory Capital Management Inc. acquired a new position in shares of Tango Therapeutics in the 4th quarter valued at $719,000. Massachusetts Financial Services Co. MA purchased a new position in shares of Tango Therapeutics in the 4th quarter valued at $237,000. Integrity Wealth Solutions LLC purchased a new position in shares of Tango Therapeutics in the 4th quarter valued at $329,000. Finally, Cowen AND Company LLC acquired a new stake in Tango Therapeutics during the 4th quarter worth $99,000. 78.99% of the stock is currently owned by hedge funds and other institutional investors.

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.