Tango Therapeutics (NASDAQ:TNGX) Shares Down 7% on Insider Selling

Tango Therapeutics, Inc. (NASDAQ:TNGX) shares dropped 7% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $8.36 and last traded at $8.37. Approximately 431,280 shares traded hands during mid-day trading, a decline of 36% from the average daily volume of 668,761 shares. The stock had previously closed at $9.00.

Specifically, insider Mva Investors, Llc sold 60,000 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $7.61, for a total value of $456,600.00. Following the transaction, the insider now directly owns 483,524 shares of the company’s stock, valued at approximately $3,679,617.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 337,731 shares of company stock valued at $2,700,684 over the last 90 days. Corporate insiders own 6.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on TNGX. Guggenheim raised Tango Therapeutics to a “strong-buy” rating in a report on Tuesday, May 28th. Barclays dropped their price target on shares of Tango Therapeutics from $18.00 to $13.00 and set an “overweight” rating on the stock in a report on Friday, May 24th. Cantor Fitzgerald began coverage on shares of Tango Therapeutics in a report on Thursday, April 4th. They set an “overweight” rating for the company. HC Wainwright dropped their target price on shares of Tango Therapeutics from $16.00 to $13.00 and set a “buy” rating on the stock in a report on Tuesday, May 28th. Finally, Wedbush cut their target price on shares of Tango Therapeutics from $18.00 to $11.00 and set an “outperform” rating for the company in a research report on Thursday, May 23rd. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Tango Therapeutics has a consensus rating of “Buy” and a consensus target price of $14.17.

Tango Therapeutics Stock Up 2.9 %

The business’s fifty day moving average is $7.87 and its 200-day moving average is $9.26.

Tango Therapeutics (NASDAQ:TNGX) last issued its quarterly earnings results on Wednesday, May 8th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.04). The business had revenue of $6.47 million for the quarter, compared to analysts’ expectations of $7.13 million. Tango Therapeutics had a negative return on equity of 44.35% and a negative net margin of 299.88%. As a group, analysts expect that Tango Therapeutics, Inc. will post -1.31 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in TNGX. Boxer Capital LLC raised its stake in Tango Therapeutics by 15.1% during the 4th quarter. Boxer Capital LLC now owns 8,198,642 shares of the company’s stock worth $81,167,000 after acquiring an additional 1,075,000 shares during the period. Vanguard Group Inc. lifted its stake in shares of Tango Therapeutics by 3.4% during the 1st quarter. Vanguard Group Inc. now owns 3,080,885 shares of the company’s stock valued at $24,462,000 after buying an additional 101,673 shares in the last quarter. Artal Group S.A. bought a new position in Tango Therapeutics in the 1st quarter worth $17,427,000. RTW Investments LP purchased a new stake in Tango Therapeutics in the 4th quarter worth $19,471,000. Finally, Adage Capital Partners GP L.L.C. raised its holdings in Tango Therapeutics by 47.5% during the third quarter. Adage Capital Partners GP L.L.C. now owns 1,754,852 shares of the company’s stock valued at $19,760,000 after acquiring an additional 564,971 shares during the period. Institutional investors own 78.99% of the company’s stock.

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.