Tango Therapeutics (NASDAQ:TNGX) Shares Gap Down – Should You Sell?

Tango Therapeutics, Inc. (NASDAQ:TNGX)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $25.51, but opened at $23.53. Tango Therapeutics shares last traded at $24.0870, with a volume of 510,427 shares changing hands.

Analyst Upgrades and Downgrades

Several equities analysts have commented on TNGX shares. Wedbush upped their price objective on shares of Tango Therapeutics from $19.00 to $33.00 and gave the company an “outperform” rating in a report on Thursday. Guggenheim upped their price target on shares of Tango Therapeutics from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, March 6th. Mizuho raised their price objective on shares of Tango Therapeutics from $19.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 11th. Weiss Ratings upgraded Tango Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday. Finally, Piper Sandler upped their target price on Tango Therapeutics from $11.00 to $14.00 and gave the company an “overweight” rating in a research report on Friday, January 16th. Ten analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.00.

Tango Therapeutics Trading Down 11.7%

The stock’s 50-day simple moving average is $21.14 and its 200-day simple moving average is $14.07. The stock has a market cap of $3.25 billion, a price-to-earnings ratio of -25.91 and a beta of 1.22.

Tango Therapeutics (NASDAQ:TNGX) last released its quarterly earnings results on Wednesday, May 13th. The company reported ($0.32) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.32). Tango Therapeutics had a negative net margin of 151.15% and a negative return on equity of 50.30%. On average, equities research analysts forecast that Tango Therapeutics, Inc. will post -1.35 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Adam Crystal sold 54,345 shares of the company’s stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $12.77, for a total transaction of $693,985.65. Following the completion of the sale, the insider directly owned 132,873 shares in the company, valued at approximately $1,696,788.21. This represents a 29.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 179,056 shares of company stock valued at $3,346,181. 6.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of TNGX. State of Wyoming acquired a new stake in Tango Therapeutics during the first quarter worth about $128,000. Dimensional Fund Advisors LP raised its position in shares of Tango Therapeutics by 0.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 489,348 shares of the company’s stock valued at $10,237,000 after buying an additional 2,272 shares in the last quarter. Bleakley Financial Group LLC bought a new stake in shares of Tango Therapeutics during the 1st quarter worth approximately $259,000. Candriam S.C.A. boosted its position in shares of Tango Therapeutics by 79.1% during the 1st quarter. Candriam S.C.A. now owns 1,269,246 shares of the company’s stock worth $26,553,000 after acquiring an additional 560,434 shares in the last quarter. Finally, SG Americas Securities LLC boosted its position in shares of Tango Therapeutics by 10.2% during the 1st quarter. SG Americas Securities LLC now owns 24,257 shares of the company’s stock worth $507,000 after acquiring an additional 2,251 shares in the last quarter. Institutional investors and hedge funds own 78.99% of the company’s stock.

About Tango Therapeutics

Tango Therapeutics is a clinical-stage biotechnology company dedicated to developing precision medicines that exploit genetic vulnerabilities in cancer cells. Leveraging a proprietary synthetic lethality platform, the company identifies and targets tumor-specific dependencies in DNA damage response and related pathways. By focusing on tumor cell collateral sensitivities, Tango aims to bring differentiated small-molecule therapies to patients with genetic alterations that confer increased susceptibility to targeted inhibition.

The company’s lead pipeline comprises several early-stage programs, including inhibitors designed to selectively disable DNA repair proteins in tumor cells while sparing normal tissues.