Tango Therapeutics (NASDAQ:TNGX) Trading Down 6.1% – Here’s Why

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX) traded down 6.1% on Friday . The stock traded as low as $27.25 and last traded at $27.24. 482,758 shares traded hands during trading, a decline of 86% from the average session volume of 3,543,647 shares. The stock had previously closed at $29.00.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on TNGX. Wolfe Research set a $35.00 target price on Tango Therapeutics and gave the company an “outperform” rating in a research report on Monday, June 8th. Jefferies Financial Group raised shares of Tango Therapeutics from a “hold” rating to a “buy” rating and raised their price target for the stock from $27.00 to $60.00 in a research note on Thursday, June 25th. JPMorgan Chase & Co. started coverage on shares of Tango Therapeutics in a research report on Wednesday, July 15th. They issued an “overweight” rating and a $46.00 price objective on the stock. Citigroup restated a “buy” rating on shares of Tango Therapeutics in a report on Monday, April 27th. Finally, B. Riley Financial reaffirmed a “buy” rating on shares of Tango Therapeutics in a research report on Monday, June 8th. Thirteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $42.15.

Tango Therapeutics Stock Down 6.7%

The stock has a market capitalization of $3.92 billion, a P/E ratio of -32.61 and a beta of 1.16. The stock has a 50 day simple moving average of $28.47 and a two-hundred day simple moving average of $21.76.

Tango Therapeutics (NASDAQ:TNGX) last announced its quarterly earnings data on Wednesday, May 13th. The company reported ($0.32) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.32). Sell-side analysts predict that Tango Therapeutics, Inc. will post -1.27 earnings per share for the current fiscal year.

Insider Transactions at Tango Therapeutics

In other Tango Therapeutics news, insider Adam Crystal sold 27,000 shares of the company’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $29.59, for a total transaction of $798,930.00. Following the sale, the insider directly owned 115,743 shares of the company’s stock, valued at approximately $3,424,835.37. This represents a 18.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 6.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Global Retirement Partners LLC acquired a new stake in Tango Therapeutics in the 2nd quarter valued at about $122,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Tango Therapeutics by 148,800.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,467 shares of the company’s stock worth $40,000 after purchasing an additional 4,464 shares during the period. ANTIPODES PARTNERS Ltd acquired a new position in Tango Therapeutics during the fourth quarter worth approximately $40,000. State of Wyoming acquired a new position in Tango Therapeutics during the first quarter worth approximately $128,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in Tango Therapeutics by 52.2% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,544 shares of the company’s stock valued at $58,000 after buying an additional 2,243 shares during the period. 78.99% of the stock is currently 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.