Tango Therapeutics (NASDAQ:TNGX) Trading Down 12.4%

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX) fell 12.4% on Monday . The company traded as low as $8.87 and last traded at $9.20. Approximately 901,710 shares changed hands during trading, an increase of 26% from the average session volume of 716,029 shares. The stock had previously closed at $10.50.

Wall Street Analysts Forecast Growth

TNGX has been the topic of a number of recent research reports. Jefferies Financial Group began coverage on Tango Therapeutics in a research note on Wednesday, July 17th. They issued a “buy” rating and a $19.00 target price on the stock. Guggenheim raised shares of Tango Therapeutics to a “strong-buy” rating in a research report on Tuesday, May 28th. Barclays decreased their target price on shares of Tango Therapeutics from $18.00 to $13.00 and set an “overweight” rating for the company in a report on Friday, May 24th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Tango Therapeutics in a report on Tuesday, July 9th. Finally, Wedbush raised their price target on shares of Tango Therapeutics from $11.00 to $13.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Seven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Tango Therapeutics has a consensus rating of “Buy” and a consensus price target of $15.14.

Tango Therapeutics Stock Down 3.9 %

The stock has a market capitalization of $884.68 million, a PE ratio of -7.33 and a beta of 0.84. The firm’s fifty day moving average price is $9.98 and its two-hundred day moving average price is $8.79.

Tango Therapeutics (NASDAQ:TNGX) last announced its 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 business had revenue of $19.88 million during the quarter, compared to analyst estimates 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, analysts predict that Tango Therapeutics, Inc. will post -1.27 EPS for the current year.

Insider Buying and Selling at Tango Therapeutics

In other news, major shareholder Rock Ventures Iv L.P. Third sold 175,000 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $11.60, for a total transaction of $2,030,000.00. Following the completion of the sale, the insider now owns 17,001,475 shares of the company’s stock, valued at approximately $197,217,110. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, major shareholder Rock Ventures Iv L.P. Third sold 175,000 shares of the firm’s stock in a transaction on 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 transaction, the insider now directly owns 17,001,475 shares of the company’s stock, valued at approximately $197,217,110. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Mva Investors, Llc sold 110,731 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $8.87, for a total value of $982,183.97. Following the completion of the transaction, the insider now directly owns 203,793 shares in the company, valued at approximately $1,807,643.91. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,820,042 shares of company stock valued at $18,273,107. 6.20% of the stock is owned by company insiders.

Institutional Trading of Tango Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of TNGX. Point72 DIFC Ltd purchased a new stake in Tango Therapeutics in the 2nd quarter worth $54,000. Paloma Partners Management Co bought a new position in shares of Tango Therapeutics in the first quarter worth about $80,000. Principal Financial Group Inc. purchased a new stake in shares of Tango Therapeutics during the second quarter worth about $90,000. Quarry LP bought a new stake in Tango Therapeutics during the 2nd quarter valued at approximately $99,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Tango Therapeutics by 12.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,771 shares of the company’s stock worth $102,000 after purchasing an additional 1,426 shares in the last quarter. 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.