Tango Therapeutics, Inc. $TNGX Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA lowered its stake in shares of Tango Therapeutics, Inc. (NASDAQ:TNGX) by 9.7% in the third quarter, Holdings Channel reports. The firm owned 525,665 shares of the company’s stock after selling 56,597 shares during the period. Pictet Asset Management Holding SA’s holdings in Tango Therapeutics were worth $13,115,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Tango Therapeutics in the second quarter worth $388,826,000. TRV GP IV LLC acquired a new position in Tango Therapeutics during the 2nd quarter worth $120,181,383,000. Jupiter Topco LLC bought a new stake in Tango Therapeutics during the second quarter valued at about $157,989,000. Seven Fleet Capital Management LP boosted its holdings in Tango Therapeutics by 302.2% during the second quarter. Seven Fleet Capital Management LP now owns 3,228,144 shares of the company’s stock valued at $95,661,000 after acquiring an additional 2,425,484 shares during the period. Finally, Jefferies Financial Group Inc. bought a new stake in Tango Therapeutics during the second quarter valued at about $62,849,000. 78.99% of the stock is currently owned by institutional investors and hedge funds.

Tango Therapeutics Stock Performance

Shares of TNGX opened at $24.85 on Friday. The company has a 50-day moving average price of $23.47 and a two-hundred day moving average price of $22.72. Tango Therapeutics, Inc. has a 12 month low of $7.49 and a 12 month high of $34.39.

Tango Therapeutics (NASDAQ:TNGX) last issued its quarterly earnings data on Monday, November 9th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.04). Analysts expect that Tango Therapeutics, Inc. will post -1.46 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have issued reports on TNGX shares. William Blair began coverage on Tango Therapeutics in a report on Friday, October 16th. They issued an “outperform” rating on the stock. Mizuho upped their target price on shares of Tango Therapeutics from $36.00 to $40.00 and gave the company an “outperform” rating in a research note on Friday, July 17th. Guggenheim boosted their price objective on shares of Tango Therapeutics from $32.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Stifel Nicolaus set a $55.00 target price on shares of Tango Therapeutics in a research note on Friday, October 23rd. Finally, Wall Street Zen cut Tango Therapeutics from a “sell” rating to a “strong sell” rating in a report on Saturday, August 15th. Thirteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Tango Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $45.54.

Insider Activity

In other news, insider Adam Crystal sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $22.42, for a total transaction of $112,100.00. Following the completion of the sale, the insider owned 115,743 shares of the company’s stock, valued at approximately $2,594,958.06. This trade represents a 4.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jessica Newcomb sold 7,031 shares of the business’s stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $22.42, for a total value of $157,635.02. Following the completion of the transaction, the insider directly owned 52,090 shares in the company, valued at $1,167,857.80. The trade was a 11.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 47,231 shares of company stock worth $1,129,029 over the last ninety days. Insiders own 6.50% of the company’s stock.

Key Stories Impacting Tango Therapeutics

Investors following TNGX have been watching these stories:

• Positive Sentiment: Canaccord Genuity maintained its Buy rating on TNGX, while JPMorgan also issued a positive outlook. Separate coverage linked an analyst upgrade to a recent share-price rally. Canaccord Genuity rating JPMorgan outlook Analyst upgrade and rally
• Positive Sentiment: TNGX shares recently moved above their 50-day moving average, a potentially supportive technical signal, despite the earnings miss. Shares move above 50-day average
• Negative Sentiment: Wedbush cut its price target, adding a less-bullish analyst signal. Separately, Tango’s reported quarterly loss per share was wider than analysts expected. Wedbush target cut

Tango Therapeutics Company Profile

Tango Therapeutics is a biotechnology company focused on discovering and developing precision medicines for cancer. Based in Cambridge, Massachusetts, the company aims to develop treatments that exploit genetic differences between cancer cells and healthy cells. Its research centers on synthetic lethality, an approach that seeks to identify vulnerabilities created when cancer cells lose or alter particular genes. Tango uses this strategy to find drug targets and develop investigational therapies for tumors with specific genetic alterations.