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

Tango Therapeutics, Inc. (NASDAQ:TNGX) shares saw an uptick in trading volume on Monday . 451,924 shares were traded during mid-day trading, a decline of 41% from the previous session’s volume of 768,039 shares.The stock last traded at $6.13 and had previously closed at $5.93.

Wall Street Analysts Forecast Growth

TNGX has been the topic of several analyst reports. Cantor Fitzgerald reissued an “overweight” rating on shares of Tango Therapeutics in a research report on Tuesday, July 9th. HC Wainwright restated a “buy” rating and issued a $13.00 target price on shares of Tango Therapeutics in a report on Monday. Jefferies Financial Group assumed coverage on Tango Therapeutics in a report on Wednesday, July 17th. They set a “buy” rating and a $19.00 price target on the stock. Finally, Wedbush upped their price target on Tango Therapeutics from $11.00 to $13.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Seven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $15.14.

Tango Therapeutics Stock Performance

The firm has a market capitalization of $635.73 million, a price-to-earnings ratio of -5.25 and a beta of 0.81. The business’s 50 day moving average is $8.70 and its 200-day moving average is $8.48.

Tango Therapeutics (NASDAQ:TNGX) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $19.88 million for the quarter, compared to the consensus estimate of $7.39 million. Equities research analysts forecast that Tango Therapeutics, Inc. will post -1.27 EPS for the current fiscal year.

Insider Transactions at Tango Therapeutics

In other news, major shareholder Rock Ventures Iv L.P. Third sold 40,000 shares of the firm’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $9.80, for a total value of $392,000.00. Following the sale, the insider now owns 17,486,475 shares in the company, valued at approximately $171,367,455. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Tango Therapeutics news, insider Boxer Capital Management, Llc sold 633,000 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $6.87, for a total value of $4,348,710.00. Following the completion of the transaction, the insider now owns 6,690,642 shares of the company’s stock, valued at $45,964,710.54. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Rock Ventures Iv L.P. Third sold 40,000 shares of Tango Therapeutics stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $9.80, for a total value of $392,000.00. Following the sale, the insider now directly owns 17,486,475 shares in the company, valued at $171,367,455. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,925,400 shares of company stock worth $15,877,582 over the last three months. 6.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Tango Therapeutics by 3.4% in 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 during the period. Artal Group S.A. bought a new stake in Tango Therapeutics in the first quarter valued at about $17,427,000. Point72 Asset Management L.P. acquired a new position in Tango Therapeutics in the second quarter worth about $3,836,000. Dimensional Fund Advisors LP boosted its holdings in Tango Therapeutics by 42.5% during the second quarter. Dimensional Fund Advisors LP now owns 335,913 shares of the company’s stock valued at $2,882,000 after purchasing an additional 100,257 shares in the last quarter. Finally, Wellington Management Group LLP grew its stake in shares of Tango Therapeutics by 110.8% in the 4th quarter. Wellington Management Group LLP now owns 170,228 shares of the company’s stock valued at $1,685,000 after purchasing an additional 89,481 shares during the period. 78.99% of the stock is currently owned by institutional investors and hedge funds.

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.