Tango Therapeutics, Inc. (NASDAQ:TNGX) Sees Large Growth in Short Interest

Tango Therapeutics, Inc. (NASDAQ:TNGX) was the recipient of a large increase in short interest in the month of February. As of February 28th, there was short interest totalling 7,040,000 shares, an increase of 18.5% from the February 13th total of 5,940,000 shares. Currently, 11.9% of the shares of the company are short sold. Based on an average daily volume of 967,300 shares, the days-to-cover ratio is currently 7.3 days.

Analyst Ratings Changes

Separately, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Tango Therapeutics in a research report on Thursday, December 5th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $12.33.

Insider Activity at Tango Therapeutics

In related news, CEO Barbara Weber sold 9,778 shares of the company’s stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $2.99, for a total value of $29,236.22. Following the completion of the sale, the chief executive officer now directly owns 1,631,264 shares of the company’s stock, valued at $4,877,479.36. This represents a 0.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 24,268 shares of company stock valued at $72,561 in the last three months. 6.30% of the stock is currently owned by company insiders.

Institutional Trading of Tango Therapeutics

Several hedge funds have recently modified their holdings of the business. Woodline Partners LP acquired a new stake in shares of Tango Therapeutics in the 4th quarter valued at approximately $1,219,000. Squarepoint Ops LLC acquired a new stake in shares of Tango Therapeutics in the 4th quarter valued at approximately $40,000. Two Sigma Advisers LP acquired a new stake in shares of Tango Therapeutics in the 4th quarter valued at approximately $81,000. Stonebrook Private Inc. acquired a new stake in shares of Tango Therapeutics in the 4th quarter valued at approximately $34,000. Finally, Sherbrooke Park Advisers LLC purchased a new position in Tango Therapeutics in the 4th quarter valued at approximately $38,000. 78.99% of the stock is owned by institutional investors and hedge funds.

Tango Therapeutics Trading Down 9.2 %

Tango Therapeutics stock opened at $1.77 on Wednesday. Tango Therapeutics has a twelve month low of $1.72 and a twelve month high of $12.02. The stock has a 50 day moving average of $2.57 and a two-hundred day moving average of $4.52. The stock has a market capitalization of $191.35 million, a price-to-earnings ratio of -1.50 and a beta of 0.87.

Tango Therapeutics (NASDAQ:TNGX) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.03). The business had revenue of $4.12 million during the quarter, compared to analyst estimates of $7.84 million. Tango Therapeutics had a negative net margin of 284.42% and a negative return on equity of 49.64%. Equities analysts predict that Tango Therapeutics will post -1.19 earnings per share for the current year.

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.