Tango Therapeutics (NASDAQ:TNGX) Shares Down 5.8% – What’s Next?

Tango Therapeutics, Inc. (NASDAQ:TNGX) shares fell 5.8% on Friday . The company traded as low as $20.45 and last traded at $20.36. 975,648 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 3,260,164 shares. The stock had previously closed at $21.62.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on TNGX shares. Piper Sandler downgraded Tango Therapeutics from an “overweight” rating to a “neutral” rating and upped their price objective for the stock from $16.00 to $24.00 in a report on Thursday, May 14th. Wall Street Zen downgraded Tango Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, March 21st. Weiss Ratings upgraded Tango Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, May 11th. HC Wainwright raised their price objective on Tango Therapeutics from $13.00 to $27.00 and gave the stock a “buy” rating in a report on Friday, March 6th. Finally, Stifel Nicolaus lifted their price objective on Tango Therapeutics from $24.00 to $40.00 and gave the company a “buy” rating in a research note on Monday, April 27th. Ten analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Tango Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $32.27.

Tango Therapeutics Price Performance

The business’s 50-day moving average price is $21.91 and its two-hundred day moving average price is $14.65. The firm has a market cap of $2.94 billion, a price-to-earnings ratio of -24.49 and a beta of 1.22.

Tango Therapeutics (NASDAQ:TNGX) last posted its quarterly earnings data on Wednesday, May 13th. The company reported ($0.32) EPS for the quarter, meeting analysts’ consensus estimates of ($0.32). Tango Therapeutics had a negative net margin of 151.15% and a negative return on equity of 41.54%. Equities analysts predict that Tango Therapeutics, Inc. will post -1.34 earnings per share for the current fiscal year.

Insider Activity at Tango Therapeutics

In other Tango Therapeutics news, insider Adam Crystal sold 54,345 shares of Tango Therapeutics stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $12.77, for a total value of $693,985.65. Following the completion of the transaction, the insider owned 132,873 shares of the company’s stock, valued at $1,696,788.21. The trade was a 29.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders have sold a total of 179,056 shares of company stock worth $3,346,181 over the last quarter. Company insiders own 6.50% of the company’s stock.

Hedge Funds Weigh In On Tango Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of TNGX. Adage Capital Partners GP L.L.C. grew its stake in Tango Therapeutics by 322.5% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 10,607,924 shares of the company’s stock worth $93,986,000 after buying an additional 8,096,924 shares during the last quarter. Caligan Partners LP acquired a new stake in shares of Tango Therapeutics in the fourth quarter valued at approximately $33,047,000. Goldman Sachs Group Inc. raised its holdings in shares of Tango Therapeutics by 227.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 4,942,414 shares of the company’s stock valued at $43,790,000 after buying an additional 3,432,939 shares during the last quarter. Logos Global Management LP boosted its position in shares of Tango Therapeutics by 342.1% during the fourth quarter. Logos Global Management LP now owns 4,200,000 shares of the company’s stock worth $37,212,000 after buying an additional 3,250,000 shares during the period. Finally, Paradigm Biocapital Advisors LP acquired a new position in shares of Tango Therapeutics during the third quarter worth approximately $25,924,000. 78.99% of the stock is currently owned by institutional investors and hedge funds.

About Tango Therapeutics

Tango Therapeutics is a clinical-stage biotechnology company dedicated to developing precision medicines that exploit genetic vulnerabilities in cancer cells. Leveraging a proprietary synthetic lethality platform, the company identifies and targets tumor-specific dependencies in DNA damage response and related pathways. By focusing on tumor cell collateral sensitivities, Tango aims to bring differentiated small-molecule therapies to patients with genetic alterations that confer increased susceptibility to targeted inhibition.

The company’s lead pipeline comprises several early-stage programs, including inhibitors designed to selectively disable DNA repair proteins in tumor cells while sparing normal tissues.