Short Interest in Tango Therapeutics, Inc. (NASDAQ:TNGX) Expands By 29.4%

Tango Therapeutics, Inc. (NASDAQ:TNGX) was the recipient of a large growth in short interest in March. As of March 15th, there was short interest totalling 9,110,000 shares, a growth of 29.4% from the February 28th total of 7,040,000 shares. Currently, 15.4% of the shares of the stock are short sold. Based on an average trading volume of 873,500 shares, the days-to-cover ratio is currently 10.4 days.

Analysts Set New Price Targets

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

Insider Buying and Selling at Tango Therapeutics

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. TCG Crossover Management LLC purchased a new stake in Tango Therapeutics in the fourth quarter valued at approximately $33,174,000. Boxer Capital Management LLC acquired a new position in shares of Tango Therapeutics in the 4th quarter valued at $32,077,000. Gilead Sciences Inc. purchased a new stake in shares of Tango Therapeutics during the 4th quarter valued at $15,000,000. Farallon Capital Management LLC acquired a new stake in shares of Tango Therapeutics during the 4th quarter worth $12,360,000. Finally, Nantahala Capital Management LLC purchased a new position in shares of Tango Therapeutics in the 4th quarter worth $8,666,000. 78.99% of the stock is currently owned by hedge funds and other institutional investors.

Tango Therapeutics Price Performance

TNGX traded up $0.07 during trading on Wednesday, hitting $1.35. The company’s stock had a trading volume of 243,193 shares, compared to its average volume of 1,062,962. Tango Therapeutics has a twelve month low of $1.24 and a twelve month high of $12.02. The stock has a market cap of $145.41 million, a PE ratio of -1.12 and a beta of 0.87. The firm’s 50 day moving average price is $2.30 and its 200-day moving average price is $3.89.

Tango Therapeutics (NASDAQ:TNGX) last released its 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). Tango Therapeutics had a negative net margin of 284.42% and a negative return on equity of 49.64%. The business had revenue of $4.12 million during the quarter, compared to analyst estimates of $7.84 million. Equities analysts anticipate that Tango Therapeutics will post -1.19 earnings per share for the current year.

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.