Tango Therapeutics (NASDAQ:TNGX) Sees Unusually-High Trading Volume – Here’s What Happened

Tango Therapeutics, Inc. (NASDAQ:TNGX) shares saw unusually-high trading volume on Monday . Approximately 605,893 shares changed hands during trading, a decline of 19% from the previous session’s volume of 744,956 shares.The stock last traded at $6.90 and had previously closed at $6.86.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Wedbush lifted their target price on Tango Therapeutics from $11.00 to $13.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. Jefferies Financial Group assumed coverage on Tango Therapeutics in a report on Wednesday, July 17th. They issued a “buy” rating and a $19.00 target price on the stock. HC Wainwright restated a “buy” rating and issued a $13.00 target price on shares of Tango Therapeutics in a report on Tuesday, September 10th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Tango Therapeutics in a report on Tuesday, July 9th. Seven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $15.14.

Tango Therapeutics Stock Up 0.3 %

The firm has a market cap of $735.10 million, a price-to-earnings ratio of -6.07 and a beta of 0.81. The company has a 50-day moving average price of $9.16 and a 200 day moving average price of $8.54.

Tango Therapeutics (NASDAQ:TNGX) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.10. Tango Therapeutics had a negative return on equity of 44.73% and a negative net margin of 274.04%. The firm had revenue of $19.88 million during the quarter, compared to analysts’ expectations of $7.39 million. Equities analysts forecast that Tango Therapeutics, Inc. will post -1.27 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Rock Ventures Iv L.P. Third sold 262,740 shares of Tango Therapeutics stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $9.78, for a total value of $2,569,597.20. Following the transaction, the insider now directly owns 18,197,074 shares in the company, valued at approximately $177,967,383.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold 1,680,311 shares of company stock valued at $17,042,393 over the last quarter. Insiders own 6.20% of the company’s stock.

Hedge Funds Weigh In On Tango Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in TNGX. Point72 DIFC Ltd bought a new position in Tango Therapeutics during the second quarter valued at about $54,000. Paloma Partners Management Co acquired a new stake in Tango Therapeutics during the first quarter valued at approximately $80,000. Principal Financial Group Inc. acquired a new stake in Tango Therapeutics during the second quarter valued at approximately $90,000. Quarry LP acquired a new stake in Tango Therapeutics during the second quarter valued at approximately $99,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Tango Therapeutics by 12.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 12,771 shares of the company’s stock valued at $102,000 after purchasing an additional 1,426 shares in 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.