Readystate Asset Management LP Trims Holdings in Tango Therapeutics, Inc. $TNGX

Readystate Asset Management LP reduced its stake in Tango Therapeutics, Inc. (NASDAQ:TNGX) by 41.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 245,109 shares of the company’s stock after selling 173,408 shares during the quarter. Readystate Asset Management LP owned approximately 0.18% of Tango Therapeutics worth $2,059,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Invesco Ltd. boosted its position in shares of Tango Therapeutics by 138.8% during the 1st quarter. Invesco Ltd. now owns 70,517 shares of the company’s stock valued at $97,000 after acquiring an additional 40,983 shares during the last quarter. AQR Capital Management LLC purchased a new position in Tango Therapeutics during the first quarter worth about $195,000. Dynamic Technology Lab Private Ltd boosted its holdings in Tango Therapeutics by 139.7% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 25,801 shares of the company’s stock valued at $35,000 after purchasing an additional 15,037 shares during the last quarter. Woodline Partners LP grew its stake in shares of Tango Therapeutics by 28.3% in the 1st quarter. Woodline Partners LP now owns 506,188 shares of the company’s stock valued at $693,000 after buying an additional 111,791 shares during the period. Finally, Jane Street Group LLC increased its holdings in shares of Tango Therapeutics by 270.6% during the 1st quarter. Jane Street Group LLC now owns 352,897 shares of the company’s stock worth $483,000 after buying an additional 257,668 shares during the last quarter. 78.99% of the stock is owned by institutional investors and hedge funds.

Tango Therapeutics Price Performance

Shares of Tango Therapeutics stock opened at $12.80 on Wednesday. The business has a 50-day moving average of $10.82 and a 200 day moving average of $8.92. Tango Therapeutics, Inc. has a 12 month low of $1.03 and a 12 month high of $13.48. The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of -13.76 and a beta of 1.75.

Wall Street Analyst Weigh In

A number of research firms recently commented on TNGX. Guggenheim upped their price objective on Tango Therapeutics from $12.00 to $18.00 and gave the company a “buy” rating in a report on Friday, February 6th. Piper Sandler upped their price target on Tango Therapeutics from $11.00 to $14.00 and gave the company an “overweight” rating in a research note on Friday, January 16th. Cantor Fitzgerald reissued an “overweight” rating on shares of Tango Therapeutics in a research report on Monday, October 27th. Wall Street Zen upgraded shares of Tango Therapeutics from a “hold” rating to a “buy” rating in a report on Saturday, December 13th. Finally, Wolfe Research started coverage on shares of Tango Therapeutics in a research note on Tuesday, November 18th. They set a “peer perform” rating for the company. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Tango Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $14.80.

Insider Activity

In other news, insider Adam Crystal sold 18,452 shares of the stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $12.26, for a total value of $226,221.52. Following the sale, the insider directly owned 187,218 shares in the company, valued at approximately $2,295,292.68. This trade represents a 8.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Daniella Beckman sold 10,317 shares of Tango Therapeutics stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $12.26, for a total value of $126,486.42. Following the completion of the transaction, the chief financial officer owned 184,297 shares of the company’s stock, valued at approximately $2,259,481.22. This trade represents a 5.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 59,288 shares of company stock valued at $726,871. 7.50% of the stock is currently owned by company insiders.

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.