Tango Therapeutics (NASDAQ:TNGX) Stock Breaks Below 200-Day Moving Average – Here’s What Happened

Tango Therapeutics, Inc. (NASDAQ:TNGX)’s share price passed below its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $22.28 and traded as low as $21.72. Tango Therapeutics shares last traded at $21.76, with a volume of 3,681,588 shares changing hands.

Key Stories Impacting Tango Therapeutics

Here are the key news stories impacting Tango Therapeutics this week:

• Positive Sentiment: Tango and Erasca opened enrollment in a Phase 1/2 study combining Tango’s oral PRMT5 inhibitor vopimetostat with Erasca’s pan-RAS molecular glue ERAS-0015. The trial will evaluate patients with MTAP-deleted pancreatic cancer and MTAP-deleted/RAS-mutant non-small cell lung cancer. The partnership expands investigation of Tango’s drug into RAS-driven cancers, though the announcement did not report results from this specific study. Article
• Neutral Sentiment: CEO Malte Peters is scheduled to participate in a fireside chat at Guggenheim’s Healthcare Innovation Conference on November 10. The event could provide an opportunity for company updates, but no new clinical or financial information was announced. Article
• Negative Sentiment: Two insiders reported selling shares on November 2 at an average price of $22.42. Jessica Newcomb sold 7,031 shares and Adam Crystal sold 5,000; both retained substantial holdings after the transactions. Insider sales can raise concern, although the filings do not explain the reason for the sales. SEC filing for Jessica Newcomb SEC filing for Adam Crystal

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on TNGX shares. Stifel Nicolaus set a $55.00 target price on Tango Therapeutics in a research report on Friday, October 23rd. Weiss Ratings upgraded Tango Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, August 11th. Zacks Research lowered Tango Therapeutics from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 27th. Mizuho lifted their price target on Tango Therapeutics from $36.00 to $40.00 and gave the company an “outperform” rating in a research report on Friday, July 17th. Finally, JPMorgan Chase & Co. started coverage on Tango Therapeutics in a research note on Wednesday, July 15th. They issued an “overweight” rating and a $46.00 price target on the stock. Thirteen equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Tango Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $44.62.

Tango Therapeutics Price Performance

The firm has a market cap of $3.91 billion, a P/E ratio of -27.27 and a beta of 1.26. The firm’s 50 day moving average is $23.50 and its 200 day moving average is $22.39.

Tango Therapeutics (NASDAQ:TNGX) last announced its 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 expect that Tango Therapeutics, Inc. will post -1.41 EPS for the current year.

Insider Activity at Tango Therapeutics

In related news, insider Jessica Newcomb sold 7,031 shares of the firm’s stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $22.42, for a total transaction of $157,635.02. Following the completion of the transaction, the insider owned 52,090 shares of the company’s stock, valued at $1,167,857.80. This trade represents a 11.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Adam Crystal sold 5,000 shares of Tango Therapeutics stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $22.42, for a total value of $112,100.00. Following the transaction, the insider owned 115,743 shares of the company’s stock, valued at $2,594,958.06. The trade was a 4.14% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 47,231 shares of company stock worth $1,129,029 in the last 90 days. 6.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Tango Therapeutics

A number of institutional investors have recently modified their holdings of TNGX. BlackRock Inc. bought a new position in shares of Tango Therapeutics in the second quarter worth approximately $388,826,000. TRV GP IV LLC purchased a new stake in shares of Tango Therapeutics during the second quarter valued at approximately $120,181,383,000. Jupiter Topco LLC purchased a new stake in shares of Tango Therapeutics during the second quarter valued at approximately $157,989,000. Seven Fleet Capital Management LP increased its position in shares of Tango Therapeutics by 302.2% during the second quarter. Seven Fleet Capital Management LP now owns 3,228,144 shares of the company’s stock valued at $95,661,000 after acquiring an additional 2,425,484 shares in the last quarter. Finally, Jefferies Financial Group Inc. bought a new stake in shares of Tango Therapeutics during the second quarter valued at approximately $62,849,000. 78.99% of the stock is owned by hedge funds and other institutional investors.

Tango Therapeutics Company Profile

Tango Therapeutics, Inc is a clinical-stage biotechnology company focused on discovering and developing medicines for cancer. The company uses functional genomics and genetic screening to identify vulnerabilities in tumor cells, including dependencies created by tumor-suppressor gene loss, and to develop targeted therapies designed to selectively attack cancer cells.

Tango’s pipeline includes small-molecule programs for genetically defined solid tumors. Its lead program, TNG462, is an MTA-cooperative PRMT5 inhibitor being developed for cancers with MTAP gene deletions.