Tango Therapeutics (NASDAQ:TNGX) Hits New 12-Month Low on Insider Selling

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX) hit a new 52-week low during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $6.27 and last traded at $6.30, with a volume of 224486 shares trading hands. The stock had previously closed at $6.64.

Specifically, insider Boxer Capital Management, Llc sold 625,000 shares of the stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $7.05, for a total transaction of $4,406,250.00. Following the sale, the insider now directly owns 7,573,642 shares in the company, valued at $53,394,176.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on TNGX. Wedbush increased their price objective on Tango Therapeutics from $11.00 to $13.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. HC Wainwright reiterated a “buy” rating and issued a $13.00 price objective on shares of Tango Therapeutics in a research note on Tuesday, September 10th. Jefferies Financial Group assumed coverage on shares of Tango Therapeutics in a research note on Wednesday, July 17th. They set a “buy” rating and a $19.00 target price on the stock. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Tango Therapeutics in a research note on Tuesday, July 9th. Seven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $15.14.

Tango Therapeutics Stock Down 5.7 %

The business’s fifty day simple moving average is $8.79 and its two-hundred day simple moving average is $8.47. The company has a market cap of $633.60 million, a price-to-earnings ratio of -6.03 and a beta of 0.81.

Tango Therapeutics (NASDAQ:TNGX) last announced its earnings results 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. Sell-side analysts predict that Tango Therapeutics, Inc. will post -1.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Tango Therapeutics

A number of hedge funds have recently modified their holdings of TNGX. Price T Rowe Associates Inc. MD lifted its holdings in shares of 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 worth $102,000 after purchasing an additional 1,426 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of Tango Therapeutics by 8.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 29,511 shares of the company’s stock valued at $253,000 after acquiring an additional 2,218 shares during the period. SG Americas Securities LLC boosted its stake in shares of Tango Therapeutics by 16.0% during the 1st quarter. SG Americas Securities LLC now owns 30,429 shares of the company’s stock worth $242,000 after acquiring an additional 4,203 shares in the last quarter. Point72 DIFC Ltd purchased a new position in Tango Therapeutics in the 2nd quarter valued at approximately $54,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Tango Therapeutics by 32.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 28,964 shares of the company’s stock worth $230,000 after purchasing an additional 7,128 shares during the last quarter. 78.99% of the stock is currently owned by hedge funds and other 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.