Tango Therapeutics (NASDAQ:TNGX) Sets New 52-Week Low – What’s Next?

Tango Therapeutics, Inc. (NASDAQ:TNGX) hit a new 52-week low during mid-day trading on Monday . The company traded as low as $5.07 and last traded at $5.11, with a volume of 104049 shares changing hands. The stock had previously closed at $5.15.

Analyst Ratings Changes

Several brokerages recently weighed in on TNGX. Jefferies Financial Group initiated coverage on shares of Tango Therapeutics in a research report on Wednesday, July 17th. They issued a “buy” rating and a $19.00 price target on the stock. HC Wainwright reiterated a “buy” rating and issued a $13.00 target price on shares of Tango Therapeutics in a research note on Monday, October 28th. Wedbush raised their price target on shares of Tango Therapeutics from $11.00 to $13.00 and gave the company 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 research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Tango Therapeutics has an average rating of “Buy” and a consensus target price of $15.14.

Tango Therapeutics Stock Down 36.3 %

The stock has a market capitalization of $353.56 million, a P/E ratio of -4.54 and a beta of 0.88. The company has a 50-day moving average price of $7.91 and a two-hundred day moving average price of $8.38.

Tango Therapeutics (NASDAQ:TNGX) last posted its earnings results on Wednesday, August 7th. The company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $19.88 million for the quarter, compared to analyst estimates of $7.39 million. On average, sell-side analysts expect that Tango Therapeutics, Inc. will post -1.27 earnings per share for the current year.

Insider Activity

In related news, insider Boxer Capital Management, Llc sold 633,000 shares of Tango Therapeutics stock in a transaction on Friday, October 25th. The stock was 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 owns 6,690,642 shares of the company’s stock, valued at approximately $45,964,710.54. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, major shareholder Rock Ventures Iv L.P. Third sold 67,400 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $10.53, for a total value of $709,722.00. Following the transaction, the insider now owns 16,859,075 shares of the company’s stock, valued at $177,526,059.75. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Boxer Capital Management, Llc sold 633,000 shares of the firm’s stock in a transaction on 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 sale, the insider now owns 6,690,642 shares in the company, valued at approximately $45,964,710.54. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,885,400 shares of company stock worth $15,485,582 in the last three months. Corporate insiders own 6.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. bought a new stake in Tango Therapeutics during the second quarter worth about $3,836,000. Vanguard Group Inc. increased its stake in Tango Therapeutics by 3.4% in the 1st quarter. Vanguard Group Inc. now owns 3,080,885 shares of the company’s stock worth $24,462,000 after purchasing an additional 101,673 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in Tango Therapeutics by 32.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 28,964 shares of the company’s stock valued at $230,000 after purchasing an additional 7,128 shares during the period. Quarry LP bought a new position in Tango Therapeutics in the 2nd quarter worth $99,000. Finally, Point72 DIFC Ltd purchased a new stake in shares of Tango Therapeutics in the 2nd quarter worth about $54,000. 78.99% of the stock is currently owned by hedge funds and other 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.