Tango Therapeutics (NASDAQ:TNGX) Shares Down 5.8% – Here’s Why

Tango Therapeutics, Inc. (NASDAQ:TNGX) traded down 5.8% on Friday . The stock traded as low as $20.45 and last traded at $20.36. 975,648 shares traded hands during trading, a decline of 70% from the average session volume of 3,260,164 shares. The stock had previously closed at $21.62.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. B. Riley Financial reissued a “buy” rating on shares of Tango Therapeutics in a research note on Friday, March 27th. Weiss Ratings raised Tango Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, May 11th. HC Wainwright boosted their price objective on Tango Therapeutics from $13.00 to $27.00 and gave the stock a “buy” rating in a research note on Friday, March 6th. UBS Group set a $55.00 price objective on Tango Therapeutics in a research note on Thursday, May 14th. Finally, Leerink Partners boosted their price objective on Tango Therapeutics from $28.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, May 14th. Ten research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Tango Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $32.27.

Tango Therapeutics Stock Down 6.4%

The stock has a market cap of $2.93 billion, a P/E ratio of -24.39 and a beta of 1.22. The business has a 50 day moving average price of $21.98 and a 200 day moving average price of $14.69.

Tango Therapeutics (NASDAQ:TNGX) last released its earnings results on Wednesday, May 13th. The company reported ($0.32) EPS for the quarter, meeting analysts’ consensus estimates 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 expect that Tango Therapeutics, Inc. will post -1.34 earnings per share for the current fiscal year.

Insider Activity at Tango Therapeutics

In other news, insider Adam Crystal sold 54,345 shares of the company’s stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $12.77, for a total transaction of $693,985.65. Following the transaction, the insider owned 132,873 shares of the company’s stock, valued at approximately $1,696,788.21. This represents a 29.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold a total of 179,056 shares of company stock worth $3,346,181 over the last quarter. Corporate insiders own 6.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Tudor Investment Corp ET AL bought a new position in shares of Tango Therapeutics during the third quarter valued at approximately $450,000. Farallon Capital Management LLC boosted its holdings in shares of Tango Therapeutics by 17.5% in the third quarter. Farallon Capital Management LLC now owns 10,757,000 shares of the company’s stock valued at $90,359,000 after purchasing an additional 1,600,000 shares during the period. Mass General Brigham Inc purchased a new stake in shares of Tango Therapeutics in the fourth quarter valued at approximately $3,138,000. Rafferty Asset Management LLC purchased a new stake in shares of Tango Therapeutics in the third quarter valued at approximately $1,221,000. Finally, Avoro Capital Advisors LLC purchased a new stake in shares of Tango Therapeutics in the third quarter valued at approximately $4,578,000. 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.