Tango Therapeutics, Inc. (NASDAQ:TNGX) Sees Significant Increase in Short Interest

Tango Therapeutics, Inc. (NASDAQ:TNGX) was the target of a large increase in short interest in February. As of February 28th, there was short interest totalling 7,040,000 shares, an increase of 18.5% from the February 13th total of 5,940,000 shares. Approximately 11.9% of the shares of the stock are short sold. Based on an average trading volume of 967,300 shares, the days-to-cover ratio is presently 7.3 days.

Tango Therapeutics Trading Down 2.5 %

Shares of NASDAQ TNGX opened at $1.73 on Thursday. Tango Therapeutics has a one year low of $1.71 and a one year high of $12.02. The business has a 50-day moving average price of $2.54 and a two-hundred day moving average price of $4.50. The firm has a market capitalization of $186.49 million, a PE ratio of -1.46 and a beta of 0.87.

Tango Therapeutics (NASDAQ:TNGX) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.03). The company had revenue of $4.12 million for the quarter, compared to analyst estimates of $7.84 million. Tango Therapeutics had a negative return on equity of 49.64% and a negative net margin of 284.42%. Research analysts anticipate that Tango Therapeutics will post -1.19 EPS for the current year.

Insider Transactions at Tango Therapeutics

In other news, CEO Barbara Weber sold 9,778 shares of the company’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $2.99, for a total transaction of $29,236.22. Following the completion of the sale, the chief executive officer now directly owns 1,631,264 shares of the company’s stock, valued at $4,877,479.36. This represents a 0.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold a total of 24,268 shares of company stock valued at $72,561 in the last three months. 6.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tango Therapeutics

A number of hedge funds have recently modified their holdings of the stock. GSA Capital Partners LLP acquired a new stake in Tango Therapeutics during the third quarter valued at $349,000. Quest Partners LLC lifted its holdings in shares of Tango Therapeutics by 1,448.4% during the 3rd quarter. Quest Partners LLC now owns 10,885 shares of the company’s stock valued at $84,000 after buying an additional 10,182 shares during the last quarter. Intech Investment Management LLC bought a new stake in shares of Tango Therapeutics in the 3rd quarter valued at approximately $238,000. Charles Schwab Investment Management Inc. increased its holdings in Tango Therapeutics by 18.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 487,237 shares of the company’s stock worth $3,752,000 after buying an additional 76,540 shares during the last quarter. Finally, Walleye Capital LLC bought a new position in Tango Therapeutics during the third quarter valued at approximately $1,098,000. 78.99% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Tango Therapeutics in a research note on Thursday, December 5th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $12.33.

About Tango Therapeutics

Tango Therapeutics, Inc, a biotechnology company, discovers and develops drugs for the treatment of cancer. Its lead program is TNG908, a synthetic lethal small molecule inhibitor of protein arginine methyltransferase 5 that is being developed as a treatment for cancers with methylthioadenosine phosphorylase deletions.