Tango Therapeutics (NASDAQ:TNGX) Stock Sees Unusually High Call Option Buying

Tango Therapeutics, Inc. (NASDAQ:TNGX) saw unusually large options trading activity on Friday. Stock investors acquired 1,888 call options on the stock. This is an increase of approximately 130% compared to the average daily volume of 822 call options.

Analyst Upgrades and Downgrades

TNGX has been the subject of several recent analyst reports. Wall Street Zen downgraded Tango Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. Weiss Ratings upgraded shares of Tango Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, August 11th. Guggenheim increased their price objective on shares of Tango Therapeutics from $32.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Raymond James Financial lowered Tango Therapeutics to a “hold” rating in a research report on Thursday, June 25th. Finally, HC Wainwright lifted their target price on Tango Therapeutics from $66.00 to $68.00 and gave the stock a “buy” rating in a report on Tuesday, August 18th. Fourteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $43.46.

Insider Buying and Selling at Tango Therapeutics

In other news, insider Adam Crystal sold 27,000 shares of the business’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $24.47, for a total value of $660,690.00. Following the transaction, the insider directly owned 115,743 shares in the company, valued at $2,832,231.21. The trade was a 18.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jessica Newcomb sold 8,200 shares of the business’s stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $24.22, for a total value of $198,604.00. Following the completion of the transaction, the insider owned 59,121 shares in the company, valued at $1,431,910.62. The trade was a 12.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 6.50% of the company’s stock.

Institutional Investors Weigh In On Tango Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. bought a new position in Tango Therapeutics in the 2nd quarter valued at $388,826,000. TRV GP IV LLC purchased a new stake in shares of Tango Therapeutics during the second quarter valued at $120,181,383,000. Jupiter Topco LLC bought a new position in shares of Tango Therapeutics in the second quarter worth about $157,989,000. Seven Fleet Capital Management LP increased its stake in Tango Therapeutics by 302.2% in the 2nd quarter. Seven Fleet Capital Management LP now owns 3,228,144 shares of the company’s stock worth $95,661,000 after buying an additional 2,425,484 shares during the period. Finally, Jefferies Financial Group Inc. bought a new stake in Tango Therapeutics during the 2nd quarter valued at about $62,849,000. 78.99% of the stock is currently owned by hedge funds and other institutional investors.

Tango Therapeutics Stock Performance

TNGX stock traded down $5.11 during trading on Friday, hitting $22.82. 4,625,847 shares of the company’s stock traded hands, compared to its average volume of 3,430,598. Tango Therapeutics has a 52 week low of $7.12 and a 52 week high of $34.39. The stock has a market capitalization of $3.85 billion, a price-to-earnings ratio of -27.01 and a beta of 1.17. The business has a fifty day simple moving average of $23.84 and a 200 day simple moving average of $25.28.

Tango Therapeutics (NASDAQ:TNGX) last announced its earnings results on Tuesday, August 11th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.05). Research analysts forecast that Tango Therapeutics will post -1.41 earnings per share for the current fiscal year.

About Tango Therapeutics

Tango Therapeutics, Inc is a clinical-stage biotechnology company focused on discovering and developing medicines for cancer. The company uses functional genomics and genetic screening to identify vulnerabilities in tumor cells, including dependencies created by tumor-suppressor gene loss, and to develop targeted therapies designed to selectively attack cancer cells.

Tango’s pipeline includes small-molecule programs for genetically defined solid tumors. Its lead program, TNG462, is an MTA-cooperative PRMT5 inhibitor being developed for cancers with MTAP gene deletions.