Tango Therapeutics (NASDAQ:TNGX) Stock Price Down 5.6% – Time to Sell?

Tango Therapeutics, Inc. (NASDAQ:TNGX)’s stock price fell 5.6% during mid-day trading on Friday . The company traded as low as $22.21 and last traded at $22.18. Approximately 549,213 shares changed hands during trading, a decline of 84% from the average daily volume of 3,338,186 shares. The stock had previously closed at $23.49.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on TNGX. Leerink Partners increased their target price on Tango Therapeutics from $55.00 to $69.00 and gave the company an “outperform” rating in a report on Monday, June 8th. Mizuho boosted their price objective on Tango Therapeutics from $36.00 to $40.00 and gave the company an “outperform” rating in a research report on Friday, July 17th. Guggenheim increased their price objective on Tango Therapeutics from $32.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. HC Wainwright raised their target price on shares of Tango Therapeutics from $66.00 to $68.00 and gave the stock a “buy” rating in a report on Tuesday, August 18th. Finally, Wolfe Research set a $35.00 target price on shares of Tango Therapeutics and gave the stock an “outperform” rating in a research note on Monday, June 8th. Thirteen investment 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, the company presently has an average rating of “Moderate Buy” and a consensus price target of $43.46.

Tango Therapeutics Stock Down 5.8%

The business has a fifty day moving average of $25.83 and a 200 day moving average of $24.26. The company has a market cap of $3.73 billion, a P/E ratio of -26.05 and a beta of 1.12.

Tango Therapeutics (NASDAQ:TNGX) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.05). On average, sell-side analysts anticipate that Tango Therapeutics, Inc. will post -1.41 EPS for the current fiscal year.

Insider Activity

In related news, insider Adam Crystal sold 27,000 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $29.59, for a total value of $798,930.00. Following the completion of the transaction, the insider directly owned 115,743 shares of the company’s stock, valued at $3,424,835.37. This represents a 18.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 6.50% of the stock is owned by corporate insiders.

Institutional Trading of Tango Therapeutics

Several large investors have recently bought and sold shares of the company. Allworth Financial LP grew its position in Tango Therapeutics by 100.9% in the 2nd quarter. Allworth Financial LP now owns 1,131 shares of the company’s stock worth $35,000 after purchasing an additional 568 shares during the period. Nykredit A S bought a new position in shares of Tango Therapeutics in the second quarter worth about $26,000. SG Americas Securities LLC boosted its holdings in Tango Therapeutics by 10.2% in the 1st quarter. SG Americas Securities LLC now owns 24,257 shares of the company’s stock worth $507,000 after buying an additional 2,251 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Tango Therapeutics by 0.5% during the first quarter. Dimensional Fund Advisors LP now owns 489,348 shares of the company’s stock valued at $10,237,000 after purchasing an additional 2,272 shares in the last quarter. Finally, Global Retirement Partners LLC bought a new position in shares of Tango Therapeutics during the 2nd quarter valued at approximately $122,000. 78.99% of the stock is owned by institutional investors.

About Tango Therapeutics

Tango Therapeutics, Inc is a biotechnology company focused on discovering and developing medicines that target cancer vulnerabilities. The company uses genetic screening, functional genomics and drug-discovery technologies to identify cancer-specific dependencies that may be addressed with targeted therapies.

Tango’s research activities center on precision oncology and immuno-oncology, including programs designed to selectively eliminate tumor cells or improve the ability of the immune system to recognize and attack cancer.