Tango Therapeutics (NASDAQ:TNGX) Trading Down 14.4% – Here’s What Happened

Tango Therapeutics, Inc. (NASDAQ:TNGX)’s share price dropped 14.4% during trading on Friday . The stock traded as low as $21.73 and last traded at $21.2990. Approximately 618,111 shares changed hands during trading, a decline of 81% from the average daily volume of 3,233,191 shares. The stock had previously closed at $24.87.

Analysts Set New Price Targets

TNGX has been the topic of several recent research reports. Wall Street Zen lowered Tango Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, March 21st. Mizuho increased their price objective on Tango Therapeutics from $20.00 to $30.00 and gave the company an “outperform” rating in a research report on Friday. HC Wainwright increased their target price on Tango Therapeutics from $13.00 to $27.00 and gave the company a “buy” rating in a report on Friday, March 6th. Leerink Partners increased their target price on Tango Therapeutics from $28.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday. Finally, UBS Group set a $55.00 target price on Tango Therapeutics in a report on Thursday. Ten equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Tango Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $32.27.

Tango Therapeutics Trading Down 21.8%

The firm has a fifty day moving average of $21.41 and a two-hundred day moving average of $14.20. The company has a market capitalization of $2.80 billion, a PE ratio of -23.52 and a beta of 1.22.

Tango Therapeutics (NASDAQ:TNGX) last released its quarterly earnings data on Wednesday, May 13th. The company reported ($0.32) earnings per share for the quarter, hitting the consensus estimate of ($0.32). Tango Therapeutics had a negative return on equity of 50.17% and a negative net margin of 151.15%. On average, equities analysts expect that Tango Therapeutics, Inc. will post -1.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other Tango Therapeutics news, insider Adam Crystal sold 27,000 shares of the stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $21.23, for a total value of $573,210.00. Following the completion of the sale, the insider owned 115,743 shares in the company, valued at approximately $2,457,223.89. This trade represents a 18.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last three months, insiders sold 179,056 shares of company stock valued at $3,346,181. Company insiders own 6.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Legal & General Group Plc raised its position in shares of Tango Therapeutics by 30.7% in the 2nd quarter. Legal & General Group Plc now owns 6,985 shares of the company’s stock worth $36,000 after acquiring an additional 1,640 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of Tango Therapeutics by 26.7% in the 4th quarter. Russell Investments Group Ltd. now owns 9,794 shares of the company’s stock worth $87,000 after acquiring an additional 2,065 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Tango Therapeutics by 52.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,544 shares of the company’s stock worth $58,000 after acquiring an additional 2,243 shares in the last quarter. SG Americas Securities LLC raised its position in shares of Tango Therapeutics by 10.2% in 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. Finally, 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 worth $10,237,000 after acquiring an additional 2,272 shares in the last quarter. Institutional investors own 78.99% of the company’s stock.

Tango Therapeutics Company Profile

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.