Tango Therapeutics (NASDAQ:TNGX) Stock Price Down 8.4% – What’s Next?

Tango Therapeutics, Inc. (NASDAQ:TNGX) was down 8.4% during mid-day trading on Monday . The company traded as low as $10.57 and last traded at $10.7660. Approximately 226,956 shares were traded during trading, a decline of 93% from the average daily volume of 3,295,999 shares. The stock had previously closed at $11.75.

Wall Street Analyst Weigh In

TNGX has been the topic of several analyst reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Tango Therapeutics in a research note on Wednesday, October 8th. Stifel Nicolaus assumed coverage on shares of Tango Therapeutics in a research report on Wednesday, December 3rd. They issued a “buy” rating and a $15.00 price objective for the company. Guggenheim lifted their price target on Tango Therapeutics from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, October 24th. Wolfe Research started coverage on Tango Therapeutics in a research report on Tuesday, November 18th. They issued a “peer perform” rating for the company. Finally, Wall Street Zen upgraded shares of Tango Therapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, December 13th. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $13.00.

Tango Therapeutics Trading Down 9.3%

The firm has a 50 day moving average price of $9.12 and a 200-day moving average price of $7.76. The firm has a market cap of $1.44 billion, a price-to-earnings ratio of -11.46 and a beta of 1.75.

Tango Therapeutics (NASDAQ:TNGX) last posted its earnings results on Tuesday, November 4th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.12. Tango Therapeutics had a negative net margin of 151.15% and a negative return on equity of 60.80%. The firm had revenue of $53.81 million during the quarter, compared to the consensus estimate of $41.35 million. As a group, equities analysts expect that Tango Therapeutics, Inc. will post -1.19 earnings per share for the current fiscal year.

Insider Activity at Tango Therapeutics

In related news, major shareholder Rock Ventures Iv L.P. Third sold 477,401 shares of Tango Therapeutics stock in a transaction dated Thursday, October 23rd. The stock was sold at an average price of $10.15, for a total transaction of $4,845,620.15. Following the completion of the sale, the insider owned 13,386,574 shares in the company, valued at approximately $135,873,726.10. This trade represents a 3.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 7.50% of the stock is currently owned by insiders.

Institutional Trading of Tango Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Farallon Capital Management LLC boosted its holdings in shares of Tango Therapeutics by 17.5% during the third quarter. Farallon Capital Management LLC now owns 10,757,000 shares of the company’s stock worth $90,359,000 after purchasing an additional 1,600,000 shares during the last quarter. Adage Capital Partners GP L.L.C. acquired a new position in shares of Tango Therapeutics during the 2nd quarter valued at about $30,235,000. Vanguard Group Inc. increased its stake in shares of Tango Therapeutics by 25.5% during the 3rd quarter. Vanguard Group Inc. now owns 5,052,003 shares of the company’s stock valued at $42,437,000 after acquiring an additional 1,025,203 shares during the last quarter. Balyasny Asset Management L.P. lifted its holdings in shares of Tango Therapeutics by 6.9% during the 3rd quarter. Balyasny Asset Management L.P. now owns 3,472,207 shares of the company’s stock worth $29,167,000 after acquiring an additional 224,744 shares during the period. Finally, Nantahala Capital Management LLC boosted its position in shares of Tango Therapeutics by 15.1% in the second quarter. Nantahala Capital Management LLC now owns 3,439,594 shares of the company’s stock worth $17,611,000 after acquiring an additional 451,611 shares during 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.