Tango Therapeutics (NASDAQ:TNGX) Trading Down 8.6% – What’s Next?

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX) fell 8.6% on Thursday . The stock traded as low as $29.10 and last traded at $29.52. 1,671,253 shares changed hands during trading, a decline of 53% from the average session volume of 3,523,725 shares. The stock had previously closed at $32.29.

Analysts Set New Price Targets

Several brokerages have weighed in on TNGX. Leerink Partners raised their price objective on shares of Tango Therapeutics from $55.00 to $69.00 and gave the stock an “outperform” rating in a report on Monday, June 8th. B. Riley Financial reissued a “buy” rating on shares of Tango Therapeutics in a report on Monday, June 8th. Mizuho set a $36.00 price objective on shares of Tango Therapeutics in a report on Monday, June 8th. HC Wainwright raised their price objective on shares of Tango Therapeutics from $27.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. Finally, Wolfe Research set a $35.00 price objective on shares of Tango Therapeutics and gave the stock an “outperform” rating in a report on Monday, June 8th. Eleven 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.com, Tango Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.42.

Tango Therapeutics Stock Down 12.3%

The stock has a 50 day simple moving average of $24.13 and a 200 day simple moving average of $16.87. The company has a market capitalization of $4.10 billion, a price-to-earnings ratio of -34.01 and a beta of 1.19.

Tango Therapeutics (NASDAQ:TNGX) last issued its earnings results on Wednesday, May 13th. The company reported ($0.32) EPS for the quarter, meeting analysts’ consensus estimates 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, analysts forecast that Tango Therapeutics, Inc. will post -1.28 EPS for the current year.

Insiders Place Their Bets

In related news, insider Adam Crystal sold 27,000 shares of Tango Therapeutics stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $22.87, for a total value of $617,490.00. Following the sale, the insider directly owned 115,743 shares in the company, valued at $2,647,042.41. This trade represents a 18.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders have sold 131,460 shares of company stock valued at $2,965,920. Company insiders own 6.50% of the company’s stock.

Institutional Trading of Tango Therapeutics

Several hedge funds have recently bought and sold shares of TNGX. Adage Capital Partners GP L.L.C. lifted its position in Tango Therapeutics by 322.5% in the 4th 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 purchasing an additional 8,096,924 shares during the last quarter. Caligan Partners LP bought a new stake in Tango Therapeutics in the 4th quarter valued at about $33,047,000. Goldman Sachs Group Inc. lifted its position in Tango Therapeutics by 227.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 4,942,414 shares of the company’s stock valued at $43,790,000 after purchasing an additional 3,432,939 shares during the last quarter. Logos Global Management LP lifted its position in Tango Therapeutics by 342.1% in the 4th quarter. Logos Global Management LP now owns 4,200,000 shares of the company’s stock valued at $37,212,000 after purchasing an additional 3,250,000 shares during the last quarter. Finally, Paradigm Biocapital Advisors LP bought a new stake in Tango Therapeutics in the 3rd quarter valued at about $25,924,000. 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.