Gilead Sciences Inc. Invests $15 Million in Tango Therapeutics, Inc. (NASDAQ:TNGX)

Gilead Sciences Inc. acquired a new stake in Tango Therapeutics, Inc. (NASDAQ:TNGX - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 4,854,443 shares of the company's stock, valued at approximately $15,000,000. Tango Therapeutics accounts for approximately 1.0% of Gilead Sciences Inc.'s investment portfolio, making the stock its 8th biggest holding. Gilead Sciences Inc. owned about 4.52% of Tango Therapeutics at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Schroder Investment Management Group purchased a new stake in shares of Tango Therapeutics during the fourth quarter worth about $2,031,000. State Street Corp raised its position in shares of Tango Therapeutics by 26.8% in the 3rd quarter. State Street Corp now owns 2,318,208 shares of the company's stock valued at $17,850,000 after purchasing an additional 489,949 shares in the last quarter. Walleye Capital LLC boosted its stake in shares of Tango Therapeutics by 101.3% during the 4th quarter. Walleye Capital LLC now owns 287,052 shares of the company's stock valued at $887,000 after buying an additional 144,476 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Tango Therapeutics by 11.6% during the third quarter. Geode Capital Management LLC now owns 1,368,262 shares of the company's stock worth $10,538,000 after buying an additional 142,710 shares in the last quarter. Finally, ExodusPoint Capital Management LP bought a new stake in shares of Tango Therapeutics in the fourth quarter worth $377,000. Institutional investors and hedge funds own 78.99% of the company's stock.

Insider Activity at Tango Therapeutics

In other Tango Therapeutics news, CEO Barbara Weber sold 9,778 shares of the firm's stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $2.99, for a total value of $29,236.22. Following the sale, the chief executive officer now directly owns 1,631,264 shares in the company, valued at approximately $4,877,479.36. This trade represents a 0.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold 24,268 shares of company stock worth $72,561 in the last 90 days. 6.30% of the stock is currently owned by company insiders.

Tango Therapeutics Stock Up 0.6 %

Shares of NASDAQ:TNGX traded up $0.01 on Wednesday, reaching $1.50. 598,404 shares of the company's stock were exchanged, compared to its average volume of 1,071,807. The business's 50-day moving average is $1.75 and its two-hundred day moving average is $3.19. Tango Therapeutics, Inc. has a fifty-two week low of $1.11 and a fifty-two week high of $12.02. The firm has a market capitalization of $162.11 million, a price-to-earnings ratio of -1.27 and a beta of 1.03.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.03). Tango Therapeutics had a negative return on equity of 49.64% and a negative net margin of 284.42%. The business had revenue of $4.12 million for the quarter, compared to analyst estimates of $7.84 million. Analysts predict that Tango Therapeutics, Inc. will post -1.19 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, HC Wainwright reissued a "buy" rating and set a $13.00 price objective on shares of Tango Therapeutics in a report on Monday, April 14th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $12.33.

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.