Tango Therapeutics (NASDAQ:TNGX) Stock Price Down 5.4% – Should You Sell?

Tango Therapeutics, Inc. (NASDAQ:TNGX)’s share price dropped 5.4% during trading on Friday. The stock traded as low as $23.19 and last traded at $23.14. Approximately 2,524,478 shares were traded during trading, a decline of 25% from the average daily volume of 3,374,453 shares. The stock had previously closed at $24.45.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Weiss Ratings upgraded Tango Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 11th. Mizuho boosted their target price on shares of Tango Therapeutics from $36.00 to $40.00 and gave the company an “outperform” rating in a research note on Friday, July 17th. Wall Street Zen lowered shares of Tango Therapeutics from a “sell” rating to a “strong sell” rating in a report on Saturday, August 15th. Canaccord Genuity Group increased their target price on shares of Tango Therapeutics from $42.00 to $46.00 and gave the stock a “buy” rating in a research report on Monday, June 29th. Finally, Leerink Partners boosted their price target on shares of Tango Therapeutics from $55.00 to $69.00 and gave the company an “outperform” rating in a research report on Monday, June 8th. Thirteen research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Tango Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $43.46.

Tango Therapeutics Stock Down 4.9%

The stock has a fifty day moving average of $24.92 and a 200-day moving average of $24.89. The firm has a market capitalization of $3.92 billion, a P/E ratio of -27.39 and a beta of 1.17.

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

Insiders Place Their Bets

In other Tango Therapeutics news, insider Jessica Newcomb sold 8,200 shares of the stock in a transaction on Tuesday, September 22nd. The stock was 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 6.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tango Therapeutics

Large investors have recently made changes to their positions in the company. Tidal Investments LLC acquired a new position in Tango Therapeutics during the 2nd quarter valued at about $1,731,000. Allworth Financial LP grew its position in shares of Tango Therapeutics by 100.9% during the 2nd quarter. Allworth Financial LP now owns 1,131 shares of the company’s stock worth $35,000 after buying an additional 568 shares during the period. Arizona State Retirement System raised its stake in shares of Tango Therapeutics by 110.9% during the second quarter. Arizona State Retirement System now owns 25,785 shares of the company’s stock worth $806,000 after buying an additional 13,561 shares during the last quarter. Nykredit A S bought a new stake in shares of Tango Therapeutics during the second quarter worth approximately $26,000. Finally, Allianz Asset Management GmbH acquired a new position in Tango Therapeutics in the second quarter valued at approximately $656,000. Institutional investors and hedge funds own 78.99% of the company’s stock.

About Tango Therapeutics

Tango Therapeutics, Inc is a clinical-stage biotechnology company focused on discovering and developing medicines that target cancer vulnerabilities and activate the immune system against tumors. The company uses functional genomics, including CRISPR-based screening, to identify genetic dependencies that may be selectively targeted in cancer cells while limiting effects on healthy tissue.

Tango’s research and development programs include small-molecule therapies and immuno-oncology candidates designed to address genetically defined cancers.