Tango Therapeutics (NASDAQ:TNGX) Reaches New 52-Week Low on Insider Selling

Tango Therapeutics, Inc. (NASDAQ:TNGX) reached a new 52-week low on Tuesday following insider selling activity. The stock traded as low as $5.72 and last traded at $5.72, with a volume of 12973 shares changing hands. The stock had previously closed at $5.92.

Specifically, insider Boxer Capital Management, Llc sold 633,000 shares of the company’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $6.87, for a total transaction of $4,348,710.00. Following the completion of the sale, the insider now directly owns 6,690,642 shares in the company, valued at $45,964,710.54. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 completion of the transaction, the insider now owns 7,573,642 shares in the company, valued at $53,394,176.10. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

TNGX has been the topic of several recent analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $13.00 price target on shares of Tango Therapeutics in a research report on Monday. Jefferies Financial Group assumed coverage on shares of Tango Therapeutics in a research note on Wednesday, July 17th. They set a “buy” rating and a $19.00 target price for the company. Wedbush raised their price target on shares of Tango Therapeutics from $11.00 to $13.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Tango Therapeutics in a research report on Tuesday, July 9th. Seven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $15.14.

Tango Therapeutics Price Performance

The business’s 50 day simple moving average is $8.41 and its 200 day simple moving average is $8.44. The stock has a market cap of $610.09 million, a P/E ratio of -5.05 and a beta of 0.81.

Tango Therapeutics (NASDAQ:TNGX) last posted its earnings results on Wednesday, August 7th. The company reported ($0.24) EPS for the quarter, topping the consensus estimate of ($0.34) by $0.10. Tango Therapeutics had a negative return on equity of 44.73% and a negative net margin of 274.04%. The business had revenue of $19.88 million during the quarter, compared to the consensus estimate of $7.39 million. Research analysts predict that Tango Therapeutics, Inc. will post -1.27 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Point72 Asset Management L.P. acquired a new stake in shares of Tango Therapeutics during the 2nd quarter worth about $3,836,000. Vanguard Group Inc. grew its stake in Tango Therapeutics by 3.4% during the first quarter. Vanguard Group Inc. now owns 3,080,885 shares of the company’s stock worth $24,462,000 after buying an additional 101,673 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Tango Therapeutics by 32.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 28,964 shares of the company’s stock worth $230,000 after buying an additional 7,128 shares in the last quarter. Quarry LP bought a new position in shares of Tango Therapeutics in the second quarter valued at approximately $99,000. Finally, Point72 DIFC Ltd acquired a new position in shares of Tango Therapeutics in the 2nd quarter worth approximately $54,000. 78.99% of the stock is owned by institutional investors.

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.