Tango Therapeutics (NASDAQ:TNGX) Shares Gap Down – Time to Sell?

Tango Therapeutics, Inc. (NASDAQ:TNGX) shares gapped down prior to trading on Friday. The stock had previously closed at $27.93, but opened at $25.54. Tango Therapeutics shares last traded at $23.3010, with a volume of 2,970,355 shares trading hands.

Analyst Ratings Changes

A number of equities analysts have issued reports on TNGX shares. Wall Street Zen downgraded Tango Therapeutics from a “sell” rating to a “strong sell” rating in a report on Saturday, August 15th. Guggenheim boosted their target price on shares of Tango Therapeutics from $32.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Weiss Ratings raised shares of Tango Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 11th. Jefferies Financial Group raised shares of Tango Therapeutics from a “hold” rating to a “buy” rating and upped their target price for the stock from $27.00 to $60.00 in a research report on Thursday, June 25th. Finally, Mizuho increased their price target on shares of Tango Therapeutics from $36.00 to $40.00 and gave the stock an “outperform” rating in a research note on Friday, July 17th. Fourteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $43.46.

Tango Therapeutics Trading Down 10.7%

The firm has a market capitalization of $4.21 billion, a PE ratio of -29.30 and a beta of 1.17. The firm has a 50 day simple moving average of $23.84 and a 200 day simple moving average of $25.28.

Tango Therapeutics (NASDAQ:TNGX) last issued its earnings results on Tuesday, August 11th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.05). Research analysts forecast that Tango Therapeutics, Inc. will post -1.41 earnings per share for the current year.

Insider Activity at Tango Therapeutics

In other Tango Therapeutics news, insider Jessica Newcomb sold 8,200 shares of the stock in a transaction that occurred on Tuesday, September 22nd. The shares were sold at an average price of $24.22, for a total value of $198,604.00. Following the transaction, the insider directly owned 59,121 shares in the company, valued at approximately $1,431,910.62. This trade represents a 12.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Adam Crystal sold 27,000 shares of the business’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $24.47, for a total value of $660,690.00. Following the sale, the insider directly owned 115,743 shares of the company’s stock, valued at $2,832,231.21. This represents a 18.92% decrease in their position. The disclosure for this sale is available in the SEC filing. 6.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Tango Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sterling Capital Management LLC boosted its stake in shares of Tango Therapeutics by 838.8% during the 3rd quarter. Sterling Capital Management LLC now owns 4,647 shares of the company’s stock worth $116,000 after purchasing an additional 4,152 shares during the period. Guardian Partners Inc. purchased a new stake in Tango Therapeutics in the 3rd quarter worth about $748,000. Assenagon Asset Management S.A. lifted its stake in Tango Therapeutics by 72.7% in the third quarter. Assenagon Asset Management S.A. now owns 595,912 shares of the company’s stock worth $14,868,000 after purchasing an additional 250,756 shares during the last quarter. Congress Asset Management Co. lifted its stake in Tango Therapeutics by 25.7% in the third quarter. Congress Asset Management Co. now owns 478,454 shares of the company’s stock worth $11,937,000 after purchasing an additional 97,708 shares during the last quarter. Finally, Tidal Investments LLC purchased a new position in shares of Tango Therapeutics during the second quarter valued at approximately $1,731,000. 78.99% of the stock is currently owned by hedge funds and other institutional investors.

Tango Therapeutics Company Profile

Tango Therapeutics, Inc is a clinical-stage biotechnology company focused on discovering and developing medicines for cancer. The company uses functional genomics and genetic screening to identify vulnerabilities in tumor cells, including dependencies created by tumor-suppressor gene loss, and to develop targeted therapies designed to selectively attack cancer cells.

Tango’s pipeline includes small-molecule programs for genetically defined solid tumors. Its lead program, TNG462, is an MTA-cooperative PRMT5 inhibitor being developed for cancers with MTAP gene deletions.