Tango Therapeutics, Inc. (NASDAQ:TNGX) Sees Significant Decrease in Short Interest

Tango Therapeutics, Inc. (NASDAQ:TNGX) was the target of a significant decline in short interest in the month of October. As of October 15th, there was short interest totalling 8,900,000 shares, a decline of 17.7% from the September 30th total of 10,810,000 shares. Based on an average daily trading volume, of 916,600 shares, the short-interest ratio is currently 9.7 days. Currently, 15.4% of the company’s shares are short sold.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. HC Wainwright reiterated a “buy” rating and set a $13.00 target price on shares of Tango Therapeutics in a research note on Monday. Jefferies Financial Group initiated coverage on shares of Tango Therapeutics in a research note on Wednesday, July 17th. They set a “buy” rating and a $19.00 price target for the company. Cantor Fitzgerald reissued an “overweight” rating on shares of Tango Therapeutics in a report on Tuesday, July 9th. Finally, Wedbush boosted their target price on Tango Therapeutics from $11.00 to $13.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. Seven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $15.14.

Tango Therapeutics Stock Performance

TNGX stock traded down $0.05 during trading on Monday, hitting $5.88. 767,248 shares of the company traded hands, compared to its average volume of 769,555. Tango Therapeutics has a 1 year low of $5.83 and a 1 year high of $13.01. The company has a 50-day moving average of $8.70 and a 200-day moving average of $8.48. The firm has a market capitalization of $628.25 million, a PE ratio of -5.25 and a beta of 0.81.

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

Insider Activity at Tango Therapeutics

In related news, major shareholder Rock Ventures Iv L.P. Third sold 175,000 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $11.60, for a total transaction of $2,030,000.00. Following the transaction, the insider now owns 17,001,475 shares in the company, valued at $197,217,110. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Boxer Capital Management, Llc sold 625,000 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $7.05, for a total value of $4,406,250.00. Following the completion of the transaction, the insider now directly owns 7,573,642 shares of the company’s stock, valued at $53,394,176.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Rock Ventures Iv L.P. Third sold 175,000 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $11.60, for a total value of $2,030,000.00. Following the sale, the insider now directly owns 17,001,475 shares of the company’s stock, valued at $197,217,110. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,925,400 shares of company stock worth $15,877,582 over the last quarter. Company insiders own 6.20% of the company’s stock.

Hedge Funds Weigh In On Tango Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the company. Point72 DIFC Ltd bought a new position in Tango Therapeutics during the 2nd quarter valued at approximately $54,000. Paloma Partners Management Co purchased a new position in shares of Tango Therapeutics during the 1st quarter worth $80,000. Principal Financial Group Inc. bought a new stake in shares of Tango Therapeutics during the 2nd quarter valued at $90,000. Quarry LP bought a new position in Tango Therapeutics in the 2nd quarter worth $99,000. Finally, Price T Rowe Associates Inc. MD lifted its position 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. Institutional investors own 78.99% of the company’s stock.

Tango Therapeutics Company Profile

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.