Tango Therapeutics (NASDAQ:TNGX) Sets New 52-Week Low Following Insider Selling

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX) hit a new 52-week low during mid-day trading on Tuesday following insider selling activity. The stock traded as low as $5.72 and last traded at $5.72, with a volume of 12973 shares. The stock had previously closed at $5.92.

Specifically, insider Boxer Capital Management, Llc sold 633,000 shares of the stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $6.87, for a total transaction of $4,348,710.00. Following the transaction, the insider now owns 6,690,642 shares in the company, valued at $45,964,710.54. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Boxer Capital Management, Llc sold 625,000 shares of the firm’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $7.05, for a total value of $4,406,250.00. Following the completion of the sale, the insider now directly owns 7,573,642 shares in the company, valued at approximately $53,394,176.10. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

TNGX has been the topic of several research analyst reports. Cantor Fitzgerald restated an “overweight” rating on shares of Tango Therapeutics in a research note on Tuesday, July 9th. HC Wainwright reiterated a “buy” rating and issued a $13.00 price objective on shares of Tango Therapeutics in a research note on Monday. Wedbush increased their target price on shares of Tango Therapeutics from $11.00 to $13.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. Finally, Jefferies Financial Group initiated coverage on Tango Therapeutics in a report on Wednesday, July 17th. They set a “buy” rating and a $19.00 price target for the company. Seven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Tango Therapeutics currently has a consensus rating of “Buy” and an average price target of $15.14.

Tango Therapeutics Trading Up 1.4 %

The stock has a market capitalization of $641.08 million, a P/E ratio of -5.31 and a beta of 0.81. The company has a fifty day simple moving average of $8.51 and a two-hundred day simple moving average of $8.45.

Tango Therapeutics (NASDAQ:TNGX) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.24) EPS 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 the consensus estimate of $7.39 million. Tango Therapeutics had a negative return on equity of 44.73% and a negative net margin of 274.04%. As a group, analysts forecast that Tango Therapeutics, Inc. will post -1.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tango Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Point72 DIFC Ltd bought a new stake in Tango Therapeutics during the 2nd quarter worth approximately $54,000. Paloma Partners Management Co bought a new position in Tango Therapeutics in the 1st quarter valued at about $80,000. Principal Financial Group Inc. bought a new position in shares of Tango Therapeutics during the second quarter worth approximately $90,000. Quarry LP bought a new position in Tango Therapeutics during the 2nd quarter worth $99,000. Finally, Price T Rowe Associates Inc. MD increased its position in Tango Therapeutics by 12.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 12,771 shares of the company’s stock worth $102,000 after acquiring an additional 1,426 shares during the period. 78.99% of the stock is 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.