Bank of New York Mellon Corp Reduces Stock Position in Tango Therapeutics, Inc. (NASDAQ:TNGX)

Bank of New York Mellon Corp lessened its holdings in shares of Tango Therapeutics, Inc. (NASDAQ:TNGX) by 7.8% during the 4th quarter, HoldingsChannel reports. The fund owned 103,020 shares of the company’s stock after selling 8,715 shares during the quarter. Bank of New York Mellon Corp’s holdings in Tango Therapeutics were worth $318,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Quest Partners LLC lifted its holdings in Tango Therapeutics by 1,448.4% in the 3rd quarter. Quest Partners LLC now owns 10,885 shares of the company’s stock worth $84,000 after purchasing an additional 10,182 shares in the last quarter. Congress Asset Management Co. increased its stake in Tango Therapeutics by 9.0% in the 4th quarter. Congress Asset Management Co. now owns 227,989 shares of the company’s stock worth $704,000 after buying an additional 18,919 shares during the period. Catalina Capital Group LLC bought a new position in shares of Tango Therapeutics during the 4th quarter worth $82,000. Intech Investment Management LLC bought a new position in shares of Tango Therapeutics during the third quarter valued at approximately $238,000. Finally, Verition Fund Management LLC bought a new stake in Tango Therapeutics during the third quarter valued at about $247,000. 78.99% of the stock is owned by hedge funds and other institutional investors.

Tango Therapeutics Stock Down 8.7 %

Shares of TNGX stock opened at $1.47 on Friday. The stock has a market cap of $158.92 million, a PE ratio of -1.25 and a beta of 0.87. The business has a 50-day simple moving average of $2.37 and a 200-day simple moving average of $4.09. Tango Therapeutics, Inc. has a 52-week low of $1.43 and a 52-week high of $12.02.

Tango Therapeutics (NASDAQ:TNGX) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.03). The firm had revenue of $4.12 million for the quarter, compared to analyst estimates of $7.84 million. Tango Therapeutics had a negative net margin of 284.42% and a negative return on equity of 49.64%. Sell-side analysts anticipate that Tango Therapeutics, Inc. will post -1.19 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Barbara Weber sold 9,778 shares of the business’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $2.99, for a total transaction of $29,236.22. Following the completion of the sale, the chief executive officer now directly owns 1,631,264 shares in the company, valued at approximately $4,877,479.36. The trade was a 0.60 % 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 the SEC website. Insiders have sold 24,268 shares of company stock worth $72,561 in the last ninety days. Company insiders own 6.30% of the company’s stock.

Analysts Set New Price Targets

Separately, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Tango Therapeutics in a research report on Thursday, December 5th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Tango Therapeutics currently has an average rating of “Buy” and an average target price of $12.33.

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.