Tango Therapeutics (NASDAQ:TNGX) Sees Strong Trading Volume – Here’s Why

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX) saw strong trading volume on Wednesday . 1,869,533 shares traded hands during mid-day trading, a decline of 45% from the previous session’s volume of 3,393,770 shares.The stock last traded at $30.5250 and had previously closed at $31.56.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Jefferies Financial Group lowered Tango Therapeutics from a “buy” rating to a “hold” rating and upped their target price for the company from $18.00 to $27.00 in a report on Thursday, May 14th. Mizuho set a $36.00 target price on Tango Therapeutics in a report on Monday. Piper Sandler lowered Tango Therapeutics from an “overweight” rating to a “neutral” rating and upped their target price for the company from $16.00 to $24.00 in a report on Thursday, May 14th. Stifel Nicolaus upped their target price on Tango Therapeutics from $24.00 to $40.00 and gave the company a “buy” rating in a report on Monday, April 27th. Finally, Wedbush upped their target price on Tango Therapeutics from $19.00 to $33.00 and gave the company an “outperform” rating in a report on Thursday, May 14th. Eleven research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $38.42.

Tango Therapeutics Stock Down 6.3%

The firm has a 50 day moving average of $22.90 and a 200 day moving average of $15.99. The firm has a market cap of $4.28 billion, a PE ratio of -35.63 and a beta of 1.19.

Tango Therapeutics (NASDAQ:TNGX) last posted its quarterly earnings data on Wednesday, May 13th. The company reported ($0.32) EPS for the quarter, meeting the consensus estimate of ($0.32). Tango Therapeutics had a negative return on equity of 41.54% and a negative net margin of 151.15%. On average, research analysts anticipate that Tango Therapeutics, Inc. will post -1.29 EPS for the current year.

Insider Buying and Selling

In related news, insider Adam Crystal sold 38,460 shares of the company’s stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $25.00, for a total value of $961,500.00. Following the transaction, the insider owned 112,622 shares in the company, valued at approximately $2,815,550. This represents a 25.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 131,460 shares of company stock valued at $2,965,920 in the last quarter. 6.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tango Therapeutics

Institutional investors have recently bought and sold shares of the company. Invesco Ltd. lifted its position in shares of Tango Therapeutics by 138.8% during the first quarter. Invesco Ltd. now owns 70,517 shares of the company’s stock worth $97,000 after acquiring an additional 40,983 shares in the last quarter. AQR Capital Management LLC purchased a new stake in shares of Tango Therapeutics during the first quarter worth $195,000. Dynamic Technology Lab Private Ltd lifted its position in shares of Tango Therapeutics by 139.7% during the first quarter. Dynamic Technology Lab Private Ltd now owns 25,801 shares of the company’s stock worth $35,000 after acquiring an additional 15,037 shares in the last quarter. Woodline Partners LP lifted its position in shares of Tango Therapeutics by 28.3% during the first quarter. Woodline Partners LP now owns 506,188 shares of the company’s stock worth $693,000 after acquiring an additional 111,791 shares in the last quarter. Finally, Jane Street Group LLC lifted its position in shares of Tango Therapeutics by 270.6% during the first quarter. Jane Street Group LLC now owns 352,897 shares of the company’s stock worth $483,000 after acquiring an additional 257,668 shares in the last quarter. Hedge funds and other 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.