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

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

Analyst Ratings Changes

Several equities analysts have weighed in on TNGX shares. Leerink Partners lifted their target price on Tango Therapeutics from $55.00 to $69.00 and gave the company an “outperform” rating in a research report on Monday, June 8th. Piper Sandler cut shares of Tango Therapeutics from an “overweight” rating to a “neutral” rating and increased their price target for the stock from $16.00 to $24.00 in a research report on Thursday, May 14th. Wall Street Zen lowered shares of Tango Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, March 21st. Weiss Ratings cut shares of Tango Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, June 29th. Finally, Wolfe Research set a $35.00 target price on shares of Tango Therapeutics and gave the stock an “outperform” rating in a research note on Monday, June 8th. Twelve equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $41.50.

Tango Therapeutics Stock Performance

The business has a 50-day simple moving average of $26.09 and a 200-day simple moving average of $19.32. The company has a market cap of $4.12 billion, a price-to-earnings ratio of -34.47 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) EPS for the quarter, hitting analysts’ consensus estimates of ($0.32). Research analysts anticipate that Tango Therapeutics, Inc. will post -1.28 EPS for the current year.

Insider Buying and Selling

In other Tango Therapeutics news, insider Adam Crystal sold 38,460 shares of the stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $25.00, for a total value of $961,500.00. Following the sale, the insider directly owned 112,622 shares of the company’s stock, valued at approximately $2,815,550. This represents a 25.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. In the last ninety days, insiders have sold 119,460 shares of company stock worth $2,951,130. Insiders own 6.50% of the company’s stock.

Hedge Funds Weigh In On Tango Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the company. Farallon Capital Management LLC increased its holdings in Tango Therapeutics by 21.4% in the fourth quarter. Farallon Capital Management LLC now owns 13,061,411 shares of the company’s stock valued at $115,724,000 after buying an additional 2,304,411 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its holdings in Tango Therapeutics by 322.5% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 10,607,924 shares of the company’s stock worth $93,986,000 after buying an additional 8,096,924 shares during the last quarter. Siren L.L.C. lifted its holdings in Tango Therapeutics by 38.8% during the 4th quarter. Siren L.L.C. now owns 8,165,374 shares of the company’s stock worth $72,345,000 after buying an additional 2,282,186 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Tango Therapeutics by 33.6% during the 4th quarter. Vanguard Group Inc. now owns 6,750,977 shares of the company’s stock worth $59,814,000 after acquiring an additional 1,698,974 shares in the last quarter. Finally, State Street Corp boosted its position in shares of Tango Therapeutics by 84.8% during the 4th quarter. State Street Corp now owns 6,218,567 shares of the company’s stock worth $55,097,000 after acquiring an additional 2,853,362 shares in the last quarter. Institutional investors and hedge funds own 78.99% of the company’s stock.

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.