Tango Therapeutics (NASDAQ:TNGX) Shares Down 12.4%

Tango Therapeutics, Inc. (NASDAQ:TNGX)’s stock price traded down 12.4% on Monday . The company traded as low as $8.87 and last traded at $9.20. 901,710 shares traded hands during trading, an increase of 26% from the average session volume of 716,029 shares. The stock had previously closed at $10.50.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Jefferies Financial Group initiated coverage on Tango Therapeutics in a report on Wednesday, July 17th. They set a “buy” rating and a $19.00 price objective for the company. HC Wainwright restated a “buy” rating and issued a $13.00 price objective on shares of Tango Therapeutics in a report on Tuesday, September 10th. Guggenheim raised Tango Therapeutics to a “strong-buy” rating in a research note on Tuesday, May 28th. Cantor Fitzgerald restated an “overweight” rating on shares of Tango Therapeutics in a report on Tuesday, July 9th. Finally, Barclays decreased their price objective on shares of Tango Therapeutics from $18.00 to $13.00 and set an “overweight” rating for the company in a research note on Friday, May 24th. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $15.14.

Tango Therapeutics Price Performance

The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of -8.03 and a beta of 0.84. The business’s 50-day moving average price is $10.01 and its 200 day moving average price is $8.82.

Tango Therapeutics (NASDAQ:TNGX) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.10. The firm had revenue of $19.88 million for the quarter, compared to the consensus estimate of $7.39 million. Tango Therapeutics had a negative net margin of 274.04% and a negative return on equity of 44.73%. As a group, sell-side analysts expect that Tango Therapeutics, Inc. will post -1.27 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Mva Investors, Llc sold 110,731 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $8.87, for a total value of $982,183.97. Following the completion of the sale, the insider now owns 203,793 shares of the company’s stock, valued at approximately $1,807,643.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, major shareholder Rock Ventures Iv L.P. Third sold 262,740 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $9.78, for a total transaction of $2,569,597.20. Following the transaction, the insider now directly owns 18,197,074 shares in the company, valued at $177,967,383.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mva Investors, Llc sold 110,731 shares of Tango Therapeutics stock in a transaction on Monday, July 1st. The stock was sold at an average price of $8.87, for a total transaction of $982,183.97. Following the completion of the transaction, the insider now directly owns 203,793 shares of the company’s stock, valued at approximately $1,807,643.91. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,752,642 shares of company stock worth $17,563,385. Insiders own 6.20% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Point72 DIFC Ltd acquired a new stake in Tango Therapeutics during the second quarter worth about $54,000. Paloma Partners Management Co acquired a new position in Tango Therapeutics during the 1st quarter valued at approximately $80,000. Principal Financial Group Inc. bought a new position in Tango Therapeutics during the 2nd quarter worth $90,000. Quarry LP acquired a new stake in Tango Therapeutics in the second quarter worth $99,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in Tango Therapeutics by 12.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 12,771 shares of the company’s stock valued at $102,000 after buying an additional 1,426 shares during the last quarter. 78.99% of the stock is currently owned by institutional investors.

About Tango Therapeutics

Tango Therapeutics, Inc, a biotechnology company, discovers and develops drugs for the treatment of cancer. Its lead program is TNG908, a synthetic lethal small molecule inhibitor of protein arginine methyltransferase 5 that is being developed as a treatment for cancers with methylthioadenosine phosphorylase deletions.