Tango Therapeutics (NASDAQ:TNGX) Shares Down 5.6% – Here’s What Happened

by · The Cerbat Gem

Tango Therapeutics, Inc. (NASDAQ:TNGX – Get Free Report)’s stock price fell 5.6% during mid-day trading on Friday . The stock traded as low as $22.21 and last traded at $22.18. Approximately 549,213 shares changed hands during trading, a decline of 84% from the average daily volume of 3,338,186 shares. The stock had previously closed at $23.49.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. assumed coverage on Tango Therapeutics in a research note on Wednesday, July 15th. They issued an “overweight” rating and a $46.00 price target for the company. Mizuho boosted their price objective on Tango Therapeutics from $36.00 to $40.00 and gave the stock an “outperform” rating in a report on Friday, July 17th. Wolfe Research set a $35.00 price objective on shares of Tango Therapeutics and gave the stock an “outperform” rating in a report on Monday, June 8th. Wall Street Zen cut shares of Tango Therapeutics from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 15th. Finally, Canaccord Genuity Group boosted their target price on Tango Therapeutics from $42.00 to $46.00 and gave the stock a “buy” rating in a research note on Monday, June 29th. Thirteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Tango Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $43.46.

Read Our Latest Research Report on Tango Therapeutics

Tango Therapeutics Trading Down 5.8%

The firm has a market cap of $3.73 billion, a P/E ratio of -26.05 and a beta of 1.12. The stock’s fifty day moving average is $25.83 and its two-hundred day moving average is $24.26.

Tango Therapeutics (NASDAQ:TNGX – Get Free Report) last announced its earnings results on Tuesday, August 11th. The company reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.05). On average, analysts forecast that Tango Therapeutics, Inc. will post -1.41 EPS for the current year.

Insider Activity at Tango Therapeutics

In related news, insider Adam Crystal sold 27,000 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $29.59, for a total transaction of $798,930.00. Following the transaction, the insider directly owned 115,743 shares of the company’s stock, valued at approximately $3,424,835.37. This trade represents a 18.92% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 6.50% of the company’s stock.

Institutional Trading of Tango Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Tidal Investments LLC purchased a new position in shares of Tango Therapeutics during the second quarter worth approximately $1,731,000. Allworth Financial LP boosted its stake in shares of Tango Therapeutics by 100.9% in the 2nd quarter. Allworth Financial LP now owns 1,131 shares of the company’s stock valued at $35,000 after purchasing an additional 568 shares in the last quarter. Arizona State Retirement System boosted its stake in shares of Tango Therapeutics by 110.9% in the 2nd quarter. Arizona State Retirement System now owns 25,785 shares of the company’s stock valued at $806,000 after purchasing an additional 13,561 shares in the last quarter. Nykredit A S bought a new position in shares of Tango Therapeutics during the 2nd quarter valued at $26,000. Finally, Allianz Asset Management GmbH bought a new position in shares of Tango Therapeutics during the 2nd quarter valued at $656,000. Hedge funds and other institutional investors own 78.99% of the company’s stock.

About Tango Therapeutics

(Get Free Report)

Tango Therapeutics, Inc is a biotechnology company focused on discovering and developing medicines that target cancer vulnerabilities. The company uses genetic screening, functional genomics and drug-discovery technologies to identify cancer-specific dependencies that may be addressed with targeted therapies.

Tango’s research activities center on precision oncology and immuno-oncology, including programs designed to selectively eliminate tumor cells or improve the ability of the immune system to recognize and attack cancer.

Further Reading