Tango Therapeutics (NASDAQ:TNGX) Shares Down 8.7% – Here’s Why

Tango Therapeutics, Inc. (NASDAQ:TNGX) shares traded down 8.7% during trading on Monday . The stock traded as low as $28.33 and last traded at $28.3490. 1,561,403 shares were traded during trading, a decline of 58% from the average session volume of 3,745,211 shares. The stock had previously closed at $31.06.

Wall Street Analysts Forecast Growth

TNGX has been the topic of a number of recent research reports. Jefferies Financial Group raised shares of Tango Therapeutics from a “hold” rating to a “buy” rating and lifted their target price for the company from $27.00 to $60.00 in a report on Thursday, June 25th. B. Riley Financial reiterated a “buy” rating on shares of Tango Therapeutics in a research note on Monday, June 8th. Weiss Ratings downgraded shares of Tango Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, June 29th. Wolfe Research set a $35.00 price objective on shares of Tango Therapeutics and gave the company an “outperform” rating in a research note on Monday, June 8th. Finally, HC Wainwright upped their target price on shares of Tango Therapeutics from $27.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday, June 9th. 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. According to data from MarketBeat.com, Tango Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $41.85.

Tango Therapeutics Stock Up 4.5%

The company has a fifty day moving average of $26.34 and a two-hundred day moving average of $19.61. The stock has a market capitalization of $4.29 billion, a price-to-earnings ratio of -35.72 and a beta of 1.12.

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, meeting the consensus estimate of ($0.32). Equities analysts anticipate that Tango Therapeutics, Inc. will post -1.28 earnings per share for the current fiscal year.

Insider Buying and Selling at Tango Therapeutics

In other news, insider Adam Crystal sold 27,000 shares of Tango Therapeutics 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 sale, the insider owned 115,743 shares of the company’s stock, valued at $3,424,835.37. The trade was a 18.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 81,000 shares of company stock valued at $1,989,630 over the last quarter. 6.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Legal & General Group Plc grew its position in Tango Therapeutics by 30.7% during the second quarter. Legal & General Group Plc now owns 6,985 shares of the company’s stock worth $36,000 after buying an additional 1,640 shares during the period. Russell Investments Group Ltd. increased its position in Tango Therapeutics by 26.7% during the fourth quarter. Russell Investments Group Ltd. now owns 9,794 shares of the company’s stock worth $87,000 after buying an additional 2,065 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of 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 worth $58,000 after acquiring an additional 2,243 shares during the last quarter. SG Americas Securities LLC lifted its position in shares of Tango Therapeutics by 10.2% in the first quarter. SG Americas Securities LLC now owns 24,257 shares of the company’s stock valued at $507,000 after acquiring an additional 2,251 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Tango Therapeutics by 0.5% in the first quarter. Dimensional Fund Advisors LP now owns 489,348 shares of the company’s stock valued at $10,237,000 after acquiring an additional 2,272 shares in the last quarter. 78.99% of the stock is owned by hedge funds and other institutional investors.

About Tango Therapeutics

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.