Tango Therapeutics, Inc. (NASDAQ:TNGX) Sees Significant Decline in Short Interest

Tango Therapeutics, Inc. (NASDAQ:TNGX) was the target of a significant drop in short interest in the month of January. As of January 31st, there was short interest totalling 5,440,000 shares, a drop of 22.5% from the January 15th total of 7,020,000 shares. Based on an average trading volume of 1,720,000 shares, the short-interest ratio is currently 3.2 days. Approximately 11.0% of the shares of the company are sold short.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Cantor Fitzgerald reissued an “overweight” rating on shares of Tango Therapeutics in a research report on Thursday, December 5th. Guggenheim reduced their price objective on shares of Tango Therapeutics from $18.00 to $8.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. HC Wainwright restated a “buy” rating and set a $13.00 price objective on shares of Tango Therapeutics in a research report on Friday, November 8th. Finally, B. Riley dropped their price objective on shares of Tango Therapeutics from $16.00 to $8.00 and set a “buy” rating for the company in a report on Monday, November 11th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $12.33.

Tango Therapeutics Stock Down 1.6 %

NASDAQ:TNGX opened at $2.47 on Friday. The stock has a fifty day simple moving average of $3.00 and a 200-day simple moving average of $5.78. Tango Therapeutics has a 52-week low of $2.41 and a 52-week high of $12.10. The company has a market capitalization of $265.33 million, a PE ratio of -2.09 and a beta of 0.80.

Insiders Place Their Bets

In related news, CEO Barbara Weber sold 9,778 shares of Tango Therapeutics stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $2.99, for a total transaction of $29,236.22. Following the completion of the transaction, the chief executive officer now directly owns 1,631,264 shares of the company’s stock, valued at approximately $4,877,479.36. The trade was a 0.60 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mace Rothenberg purchased 10,000 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were purchased at an average cost of $3.78 per share, with a total value of $37,800.00. Following the completion of the purchase, the director now owns 31,250 shares in the company, valued at $118,125. This trade represents a 47.06 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 24,268 shares of company stock worth $72,561. Company insiders own 6.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. TCG Crossover Management LLC purchased a new position in shares of Tango Therapeutics during the 4th quarter valued at approximately $33,174,000. Boxer Capital Management LLC bought a new stake in Tango Therapeutics in the fourth quarter valued at $32,077,000. Gilead Sciences Inc. bought a new stake in Tango Therapeutics in the fourth quarter valued at $15,000,000. Nantahala Capital Management LLC bought a new stake in Tango Therapeutics in the fourth quarter valued at $8,666,000. Finally, Blue Owl Capital Holdings LP bought a new stake in Tango Therapeutics in the fourth quarter valued at $5,352,000. Institutional investors and hedge funds 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.