Tango Therapeutics (NASDAQ:TNGX) Shares Down 9.4% – Here’s What Happened

Tango Therapeutics, Inc. (NASDAQ:TNGX)’s stock price fell 9.4% during trading on Tuesday. The stock traded as low as $22.31 and last traded at $21.8860. 2,115,333 shares traded hands during mid-day trading, a decline of 37% from the average session volume of 3,383,568 shares. The stock had previously closed at $24.17.

Analysts Set New Price Targets

TNGX has been the topic of a number of recent research reports. Jefferies Financial Group upgraded Tango Therapeutics from a “hold” rating to a “buy” rating and increased their target price for the stock from $27.00 to $60.00 in a research note on Thursday, June 25th. Mizuho increased their target price on Tango Therapeutics from $36.00 to $40.00 and gave the stock an “outperform” rating in a report on Friday, July 17th. Wall Street Zen cut shares of Tango Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. Guggenheim lifted their price target on Tango Therapeutics from $32.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Finally, JPMorgan Chase & Co. began coverage on Tango Therapeutics in a research report on Wednesday, July 15th. They issued an “overweight” rating and a $46.00 target price on the stock. Thirteen equities research 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’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $43.46.

Tango Therapeutics Trading Up 1.5%

The stock’s 50-day moving average price is $24.10 and its 200-day moving average price is $25.11. The stock has a market cap of $3.80 billion, a price-to-earnings ratio of -26.54 and a beta of 1.17.

Tango Therapeutics (NASDAQ:TNGX) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.05). As a group, analysts predict that Tango Therapeutics, Inc. will post -1.41 earnings per share for the current year.

Insider Activity at Tango Therapeutics

In other news, insider Jessica Newcomb sold 8,200 shares of the business’s stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $24.22, for a total transaction of $198,604.00. Following the completion of the sale, the insider owned 59,121 shares in the company, valued at $1,431,910.62. The trade was a 12.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Adam Crystal sold 27,000 shares of the business’s stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $24.47, for a total transaction of $660,690.00. Following the sale, the insider owned 115,743 shares of the company’s stock, valued at $2,832,231.21. This trade represents a 18.92% decrease in their position. The SEC filing for this sale provides additional information. 6.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Tango Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Congress Asset Management Co. grew its holdings in shares of Tango Therapeutics by 25.7% during the third quarter. Congress Asset Management Co. now owns 478,454 shares of the company’s stock worth $11,937,000 after purchasing an additional 97,708 shares in the last quarter. Tidal Investments LLC bought a new position in shares of Tango Therapeutics in the 2nd quarter worth $1,731,000. Allworth Financial LP increased its stake in Tango Therapeutics by 100.9% in the second quarter. Allworth Financial LP now owns 1,131 shares of the company’s stock valued at $35,000 after acquiring an additional 568 shares during the last quarter. Arizona State Retirement System boosted its holdings in shares of Tango Therapeutics by 110.9% in the 2nd quarter. Arizona State Retirement System now owns 25,785 shares of the company’s stock worth $806,000 after purchasing an additional 13,561 shares in the last quarter. Finally, Nykredit A S bought a new stake in Tango Therapeutics in the 2nd quarter worth approximately $26,000. Hedge funds and other institutional investors own 78.99% of the company’s stock.

Tango Therapeutics Company Profile

Tango Therapeutics, Inc is a clinical-stage biotechnology company focused on discovering and developing medicines that target cancer vulnerabilities and activate the immune system against tumors. The company uses functional genomics, including CRISPR-based screening, to identify genetic dependencies that may be selectively targeted in cancer cells while limiting effects on healthy tissue.

Tango’s research and development programs include small-molecule therapies and immuno-oncology candidates designed to address genetically defined cancers.