Tango Therapeutics (NASDAQ:TNGX) Hits New 52-Week Low Following Insider Selling

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX) hit a new 52-week low on Wednesday following insider selling activity. The company traded as low as $6.27 and last traded at $6.30, with a volume of 224486 shares changing hands. The stock had previously closed at $6.64.

Specifically, insider Boxer Capital Management, Llc sold 625,000 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $53,394,176.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Wall Street Analyst Weigh In

Several analysts recently issued reports on TNGX shares. Cantor Fitzgerald reissued an “overweight” rating on shares of Tango Therapeutics in a research note on Tuesday, July 9th. Jefferies Financial Group started coverage on Tango Therapeutics in a research note on Wednesday, July 17th. They set a “buy” rating and a $19.00 target price on the stock. Wedbush lifted their price target on shares of Tango Therapeutics from $11.00 to $13.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Finally, HC Wainwright restated a “buy” rating and issued a $13.00 price objective on shares of Tango Therapeutics in a report on Tuesday, September 10th. Seven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $15.14.

Tango Therapeutics Stock Performance

The business’s 50-day moving average is $8.79 and its 200-day moving average is $8.47. The company has a market capitalization of $633.60 million, a PE ratio of -6.03 and a beta of 0.81.

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

Hedge Funds Weigh In On Tango Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD increased its stake 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 in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Tango Therapeutics by 8.1% during the second quarter. The Manufacturers Life Insurance Company now owns 29,511 shares of the company’s stock valued at $253,000 after buying an additional 2,218 shares during the last quarter. SG Americas Securities LLC increased its position in shares of Tango Therapeutics by 16.0% during the first quarter. SG Americas Securities LLC now owns 30,429 shares of the company’s stock valued at $242,000 after acquiring an additional 4,203 shares in the last quarter. Point72 DIFC Ltd purchased a new position in Tango Therapeutics in the 2nd quarter worth approximately $54,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in Tango Therapeutics by 32.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 28,964 shares of the company’s stock valued at $230,000 after acquiring an additional 7,128 shares in the last quarter. 78.99% of the stock is currently owned by institutional investors.

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.