Tango Therapeutics (NASDAQ:TNGX) Shares Down 8.6% – Here’s What Happened

Tango Therapeutics, Inc. (NASDAQ:TNGX)’s stock price traded down 8.6% on Thursday . The stock traded as low as $29.10 and last traded at $29.52. 1,671,253 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 3,523,725 shares. The stock had previously closed at $32.29.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on TNGX. Wall Street Zen lowered shares of Tango Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, March 21st. B. Riley Financial reiterated a “buy” rating on shares of Tango Therapeutics in a research report on Monday, June 8th. Jefferies Financial Group cut shares of Tango Therapeutics from a “buy” rating to a “hold” rating and lifted their price target for the stock from $18.00 to $27.00 in a research note on Thursday, May 14th. Weiss Ratings raised shares of Tango Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, June 12th. Finally, Stifel Nicolaus upped their price objective on Tango Therapeutics from $24.00 to $40.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. Eleven equities 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 MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.42.

Tango Therapeutics Stock Performance

The stock has a 50 day moving average of $24.46 and a 200-day moving average of $17.07. The company has a market capitalization of $4.05 billion, a P/E ratio of -33.70 and a beta of 1.19.

Tango Therapeutics (NASDAQ:TNGX) last released its earnings results on Wednesday, May 13th. The company reported ($0.32) EPS for the quarter, hitting analysts’ consensus estimates of ($0.32). Tango Therapeutics had a negative net margin of 151.15% and a negative return on equity of 41.54%. As a group, sell-side analysts expect that Tango Therapeutics, Inc. will post -1.28 EPS for the current fiscal year.

Insider Activity

In other news, insider Adam Crystal sold 27,000 shares of the firm’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $22.87, for a total transaction of $617,490.00. Following the sale, the insider directly owned 115,743 shares in the company, valued at $2,647,042.41. This trade represents a 18.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 131,460 shares of company stock valued at $2,965,920 over the last three months. Corporate insiders own 6.50% of the company’s stock.

Institutional Investors Weigh In On Tango Therapeutics

A number of institutional investors have recently bought and sold shares of TNGX. Legal & General Group Plc raised its position in shares of Tango Therapeutics by 30.7% during the second quarter. Legal & General Group Plc now owns 6,985 shares of the company’s stock valued at $36,000 after buying an additional 1,640 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Tango Therapeutics by 26.7% in the fourth quarter. Russell Investments Group Ltd. now owns 9,794 shares of the company’s stock worth $87,000 after buying an additional 2,065 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Tango Therapeutics by 52.2% during the fourth 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 during the last quarter. SG Americas Securities LLC boosted its position in shares of Tango Therapeutics by 10.2% during the first 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 during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Tango Therapeutics by 0.5% during the first quarter. Dimensional Fund Advisors LP now owns 489,348 shares of the company’s stock valued at $10,237,000 after acquiring an additional 2,272 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.