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

Tango Therapeutics, Inc. (NASDAQ:TNGX) gapped down prior to trading on Monday after an insider sold shares in the company. The stock had previously closed at $10.89, but opened at $9.00. Tango Therapeutics shares last traded at $8.48, with a volume of 392,176 shares trading hands.

Specifically, major shareholder Rock Ventures Iv L.P. Third sold 75,000 shares of Tango Therapeutics stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $11.56, for a total transaction of $867,000.00. Following the completion of the sale, the insider now owns 16,926,475 shares of the company’s stock, valued at $195,670,051. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Rock Ventures Iv L.P. Third sold 175,000 shares of the firm’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $11.60, for a total value of $2,030,000.00. Following the sale, the insider now directly owns 17,001,475 shares of the company’s stock, valued at $197,217,110. The disclosure for this sale can be found here.

Analyst Ratings Changes

Several analysts have commented on TNGX shares. HC Wainwright reissued a “buy” rating and issued a $13.00 target price on shares of Tango Therapeutics in a research report on Tuesday. Guggenheim raised Tango Therapeutics to a “strong-buy” rating in a research report on Tuesday, May 28th. Cantor Fitzgerald reissued an “overweight” rating on shares of Tango Therapeutics in a research note on Tuesday, July 9th. Barclays decreased their target price on Tango Therapeutics from $18.00 to $13.00 and set an “overweight” rating for the company in a research report on Friday, May 24th. Finally, Jefferies Financial Group initiated coverage on shares of Tango Therapeutics in a research note on Wednesday, July 17th. They issued a “buy” rating and a $19.00 price objective for the company. Seven 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 stock has a consensus rating of “Buy” and an average price target of $15.14.

Tango Therapeutics Price Performance

The company has a market capitalization of $971.23 million, a price-to-earnings ratio of -8.04 and a beta of 0.84. The business has a fifty day moving average price of $9.91 and a 200 day moving average price of $8.85.

Tango Therapeutics (NASDAQ:TNGX) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.24) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.10. The firm had revenue of $19.88 million during the quarter, compared to the consensus estimate of $7.39 million. Tango Therapeutics had a negative net margin of 274.04% and a negative return on equity of 44.73%. As a group, sell-side analysts predict that Tango Therapeutics, Inc. will post -1.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tango Therapeutics

Large investors have recently added to or reduced their stakes in the company. Boxer Capital LLC increased its position in shares of Tango Therapeutics by 15.1% during the fourth quarter. Boxer Capital LLC now owns 8,198,642 shares of the company’s stock valued at $81,167,000 after purchasing an additional 1,075,000 shares during the period. Mass General Brigham Inc bought a new stake in Tango Therapeutics in the 1st quarter valued at $2,812,000. Fisher Asset Management LLC acquired a new position in shares of Tango Therapeutics in the 4th quarter valued at $997,000. Victory Capital Management Inc. acquired a new position in shares of Tango Therapeutics in the 4th quarter valued at $719,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of Tango Therapeutics during the 4th quarter worth about $136,000. Institutional investors and hedge funds own 78.99% of the company’s stock.

Tango Therapeutics Company Profile

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.