Tango Therapeutics (NASDAQ:TNGX) Trading Down 7% Following Insider Selling

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX) traded down 7% during trading on Tuesday following insider selling activity. The stock traded as low as $8.36 and last traded at $8.37. 431,280 shares were traded during trading, a decline of 36% from the average session volume of 668,761 shares. The stock had previously closed at $9.00.

Specifically, insider Mva Investors, Llc sold 110,731 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $8.87, for a total transaction of $982,183.97. Following the transaction, the insider now owns 203,793 shares of the company’s stock, valued at $1,807,643.91. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last 90 days, insiders have sold 337,731 shares of company stock valued at $2,700,684. 6.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on TNGX. Barclays lowered their price target on Tango Therapeutics from $18.00 to $13.00 and set an “overweight” rating for the company in a report on Friday, May 24th. HC Wainwright lowered their price target on Tango Therapeutics from $16.00 to $13.00 and set a “buy” rating for the company in a report on Tuesday, May 28th. Guggenheim upgraded Tango Therapeutics to a “strong-buy” rating in a report on Tuesday, May 28th. Wedbush lowered their price target on Tango Therapeutics from $18.00 to $11.00 and set an “outperform” rating for the company in a report on Thursday, May 23rd. Finally, Cantor Fitzgerald began coverage on Tango Therapeutics in a report on Thursday, April 4th. They issued an “overweight” rating for the company. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $14.17.

Tango Therapeutics Trading Up 2.9 %

The business has a fifty day simple moving average of $7.87 and a two-hundred day simple moving average of $9.26.

Tango Therapeutics (NASDAQ:TNGX) last posted its earnings results on Wednesday, May 8th. The company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.04). The company had revenue of $6.47 million for the quarter, compared to analysts’ expectations of $7.13 million. Tango Therapeutics had a negative return on equity of 44.35% and a negative net margin of 299.88%. As a group, equities analysts forecast that Tango Therapeutics, Inc. will post -1.31 EPS for the current year.

Institutional Trading of Tango Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in TNGX. Artal Group S.A. purchased a new stake in shares of Tango Therapeutics during the 1st quarter valued at $17,427,000. RTW Investments LP purchased a new stake in shares of Tango Therapeutics during the 4th quarter valued at $19,471,000. Boxer Capital LLC lifted its holdings in shares of Tango Therapeutics by 15.1% during the 4th quarter. Boxer Capital LLC now owns 8,198,642 shares of the company’s stock valued at $81,167,000 after purchasing an additional 1,075,000 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Tango Therapeutics by 3,247.3% during the 3rd quarter. Invesco Ltd. now owns 774,738 shares of the company’s stock valued at $8,724,000 after purchasing an additional 751,593 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. lifted its holdings in shares of Tango Therapeutics by 47.5% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,754,852 shares of the company’s stock valued at $19,760,000 after purchasing an additional 564,971 shares during the last quarter. Hedge funds and other institutional investors own 78.99% of the company’s stock.

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.