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

Tango Therapeutics, Inc. (NASDAQ:TNGX) was the target of a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 9,110,000 shares, an increase of 29.4% from the February 28th total of 7,040,000 shares. Based on an average trading volume of 873,500 shares, the short-interest ratio is presently 10.4 days. Currently, 15.4% of the shares of the stock are sold short.

Insiders Place Their Bets

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 transaction, the chief executive officer now owns 1,631,264 shares of the company’s stock, valued at approximately $4,877,479.36. This represents a 0.60 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders sold 24,268 shares of company stock worth $72,561. Company insiders own 6.30% of the company’s stock.

Institutional Investors Weigh In On Tango Therapeutics

A number of institutional investors have recently made changes to their positions in TNGX. Teacher Retirement System of Texas boosted its position in shares of Tango Therapeutics by 35.8% during the 4th quarter. Teacher Retirement System of Texas now owns 14,544 shares of the company’s stock worth $45,000 after purchasing an additional 3,831 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Tango Therapeutics by 29.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 20,998 shares of the company’s stock worth $65,000 after purchasing an additional 4,813 shares in the last quarter. Deutsche Bank AG boosted its position in shares of Tango Therapeutics by 24.1% during the fourth quarter. Deutsche Bank AG now owns 36,653 shares of the company’s stock worth $113,000 after buying an additional 7,128 shares during the period. Wells Fargo & Company MN raised its holdings in shares of Tango Therapeutics by 51.7% in the 4th quarter. Wells Fargo & Company MN now owns 22,292 shares of the company’s stock valued at $69,000 after buying an additional 7,599 shares during the period. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of Tango Therapeutics during the fourth quarter worth about $33,000. 78.99% of the stock is currently owned by institutional investors and hedge funds.

Tango Therapeutics Price Performance

Shares of Tango Therapeutics stock opened at $1.31 on Tuesday. The business has a 50 day simple moving average of $2.34 and a two-hundred day simple moving average of $3.96. The stock has a market capitalization of $141.62 million, a P/E ratio of -1.12 and a beta of 0.87. Tango Therapeutics has a 12 month low of $1.31 and a 12 month high of $12.02.

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

Analysts Set New Price Targets

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

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.