Tango Therapeutics (NASDAQ:TNGX) Issues Quarterly Earnings Results

Tango Therapeutics (NASDAQ:TNGX) issued its quarterly earnings data on Wednesday. The company reported ($0.27) EPS for the quarter, topping the consensus estimate of ($0.34) by $0.07, reports. The business had revenue of $11.61 million during the quarter, compared to analyst estimates of $8.04 million. Tango Therapeutics had a negative net margin of 274.04% and a negative return on equity of 44.73%.

Tango Therapeutics Stock Down 12.7 %

NASDAQ TNGX opened at $2.83 on Friday. The company has a fifty day moving average of $7.59 and a two-hundred day moving average of $8.31. The firm has a market capitalization of $303.22 million, a price-to-earnings ratio of -2.40 and a beta of 0.88. Tango Therapeutics has a 52 week low of $2.77 and a 52 week high of $13.01.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Wedbush increased their price target on shares of Tango Therapeutics from $11.00 to $13.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. Guggenheim decreased their price target on shares of Tango Therapeutics from $18.00 to $8.00 and set a “buy” rating for the company in a research note on Thursday. HC Wainwright reissued a “buy” rating and set a $13.00 price objective on shares of Tango Therapeutics in a research report on Monday, October 28th. Finally, Jefferies Financial Group initiated coverage on shares of Tango Therapeutics in a research report on Wednesday, July 17th. They set a “buy” rating and a $19.00 price objective on the stock. Eight analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average target price of $14.29.

Insiders Place Their Bets

In other news, major shareholder Rock Ventures Iv L.P. Third sold 150,000 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $10.09, for a total transaction of $1,513,500.00. Following the completion of the sale, the insider now directly owns 17,201,475 shares of the company’s stock, valued at approximately $173,562,882.75. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, major shareholder Rock Ventures Iv L.P. Third sold 150,000 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $10.09, for a total transaction of $1,513,500.00. Following the completion of the sale, the insider now directly owns 17,201,475 shares of the company’s stock, valued at approximately $173,562,882.75. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Boxer Capital Management, Llc sold 3,080,000 shares of Tango Therapeutics stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $3.14, for a total value of $9,671,200.00. Following the completion of the sale, the insider now owns 3,610,642 shares of the company’s stock, valued at $11,337,415.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 4,965,400 shares of company stock valued at $25,156,782 over the last three months. 6.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tango Therapeutics

A number of large investors have recently added to or reduced their stakes in the company. Artal Group S.A. purchased a new stake in shares of Tango Therapeutics during the first quarter worth about $17,427,000. Point72 Asset Management L.P. purchased a new stake in shares of Tango Therapeutics during the second quarter worth about $3,836,000. Vanguard Group Inc. grew its stake in shares of Tango Therapeutics by 3.4% during the first quarter. Vanguard Group Inc. now owns 3,080,885 shares of the company’s stock worth $24,462,000 after acquiring an additional 101,673 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Tango Therapeutics by 42.5% during the second quarter. Dimensional Fund Advisors LP now owns 335,913 shares of the company’s stock worth $2,882,000 after acquiring an additional 100,257 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in shares of Tango Therapeutics during the third quarter worth about $349,000. 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.