Tango Therapeutics (NASDAQ:TNGX) Shares Down 7% Following Insider Selling

Tango Therapeutics, Inc. (NASDAQ:TNGX)’s share price dropped 7% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $8.36 and last traded at $8.37. Approximately 431,280 shares changed hands during trading, a decline of 36% from the average daily volume of 668,761 shares. The stock had previously closed at $9.00.

Specifically, insider Mva Investors, Llc sold 60,000 shares of the stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $7.61, for a total transaction of $456,600.00. Following the completion of the transaction, the insider now owns 483,524 shares in the company, valued at $3,679,617.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 337,731 shares of company stock valued at $2,700,684 over the last three months. Company insiders own 6.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on TNGX. Barclays cut their price objective on Tango Therapeutics from $18.00 to $13.00 and set an “overweight” rating for the company in a report on Friday, May 24th. HC Wainwright decreased their target price on Tango Therapeutics from $16.00 to $13.00 and set a “buy” rating on the stock in a research report on Tuesday, May 28th. Cantor Fitzgerald began coverage on shares of Tango Therapeutics in a research report on Thursday, April 4th. They set an “overweight” rating on the stock. Guggenheim upgraded shares of Tango Therapeutics to a “strong-buy” rating in a research note on Tuesday, May 28th. Finally, Wedbush decreased their target price on shares of Tango Therapeutics from $18.00 to $11.00 and set an “outperform” rating on the stock in a research report on Thursday, May 23rd. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $14.17.

Tango Therapeutics Stock Performance

The firm’s 50-day simple moving average is $7.87 and its 200 day simple moving average is $9.26.

Tango Therapeutics (NASDAQ:TNGX) last released its quarterly earnings data on Wednesday, May 8th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.04). Tango Therapeutics had a negative return on equity of 44.35% and a negative net margin of 299.88%. The company had revenue of $6.47 million for the quarter, compared to analyst estimates of $7.13 million. Equities research analysts anticipate that Tango Therapeutics, Inc. will post -1.31 EPS for the current year.

Institutional Trading of Tango Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Artal Group S.A. acquired a new stake in Tango Therapeutics during the 1st quarter worth approximately $17,427,000. RTW Investments LP acquired a new position in shares of Tango Therapeutics during the fourth quarter worth $19,471,000. Boxer Capital LLC grew its stake in shares of Tango Therapeutics by 15.1% in the fourth quarter. Boxer Capital LLC now owns 8,198,642 shares of the company’s stock worth $81,167,000 after purchasing an additional 1,075,000 shares during the last quarter. Invesco Ltd. raised its position in Tango Therapeutics by 3,247.3% during the 3rd quarter. Invesco Ltd. now owns 774,738 shares of the company’s stock worth $8,724,000 after purchasing an additional 751,593 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. lifted its holdings in Tango Therapeutics by 47.5% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,754,852 shares of the company’s stock worth $19,760,000 after buying an additional 564,971 shares during the period. 78.99% of the stock is currently owned by institutional investors.

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.