Tango Therapeutics (NASDAQ:TNGX) Sees Unusually-High Trading Volume – What’s Next?

by · The Markets Daily

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX – Get Free Report) saw strong trading volume on Monday . 451,924 shares changed hands during 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.

Analysts Set New Price Targets

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

Read Our Latest Stock Analysis on TNGX

Tango Therapeutics Stock Performance

The firm has a market capitalization of $641.08 million, a price-to-earnings ratio of -5.31 and a beta of 0.81. The business’s 50-day moving average is $8.51 and its two-hundred day moving average is $8.45.

Tango Therapeutics (NASDAQ:TNGX – Get Free Report) last announced 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. The company had revenue of $19.88 million during the quarter, compared to analyst estimates of $7.39 million. Tango Therapeutics had a negative net margin of 274.04% and a negative return on equity of 44.73%. Analysts forecast that Tango Therapeutics, Inc. will post -1.27 EPS for the current year.

Insider Activity at Tango Therapeutics

In other Tango Therapeutics news, insider Boxer Capital Management, Llc sold 625,000 shares of Tango Therapeutics stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $7.05, for a total value of $4,406,250.00. Following the transaction, the insider now owns 7,573,642 shares of the company’s stock, valued at approximately $53,394,176.10. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Tango Therapeutics news, insider Boxer Capital Management, Llc sold 625,000 shares of Tango Therapeutics stock in a transaction dated 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 sale, the insider now owns 7,573,642 shares of the company’s stock, valued at $53,394,176.10. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Rock Ventures Iv L.P. Third sold 135,000 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $9.79, for a total value of $1,321,650.00. Following the transaction, the insider now owns 17,351,475 shares of the company’s stock, valued at approximately $169,870,940.25. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,925,400 shares of company stock worth $15,877,582. 6.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tango Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Point72 DIFC Ltd acquired a new position in Tango Therapeutics during the second quarter worth $54,000. Paloma Partners Management Co bought a new position in shares of Tango Therapeutics during the 1st quarter worth approximately $80,000. Principal Financial Group Inc. acquired a new position in shares of Tango Therapeutics during the 2nd quarter worth approximately $90,000. Quarry LP bought a new stake in Tango Therapeutics in the 2nd quarter valued at $99,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Tango Therapeutics by 12.6% during the 1st 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 during the last quarter. 78.99% of the stock is currently owned by institutional investors and hedge funds.

About Tango Therapeutics

(Get Free Report)

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.

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