Tango Therapeutics (NASDAQ:TNGX) Hits New 1-Year Low - Here's What Happened

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report) hit a new 52-week low during trading on Wednesday . The stock traded as low as $6.27 and last traded at $6.30, with a volume of 224486 shares traded. The stock had previously closed at $6.64.

Wall Street Analyst Weigh In

Several equities analysts recently commented on TNGX shares. Wedbush upped 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. Cantor Fitzgerald reiterated an "overweight" rating on shares of Tango Therapeutics in a research note on Tuesday, July 9th. 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 price objective for the company. Finally, HC Wainwright reiterated a "buy" rating and set a $13.00 price objective on shares of Tango Therapeutics in a research note on Tuesday, September 10th. 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 data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $15.14.

Tango Therapeutics Stock Down 5.6 %

The firm has a market capitalization of $669.92 million, a PE ratio of -5.55 and a beta of 0.81. The firm's 50 day moving average price is $8.85 and its two-hundred day moving average price is $8.49.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last announced its earnings results on Wednesday, August 7th. The company reported ($0.24) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.10. The business had revenue of $19.88 million during the quarter, compared to the consensus estimate of $7.39 million. Tango Therapeutics had a negative net margin of 274.04% and a negative return on equity of 44.73%. On average, sell-side analysts anticipate that Tango Therapeutics, Inc. will post -1.27 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Boxer Capital Management, Llc sold 625,000 shares of the company's stock in a transaction on Monday, October 21st. The shares were 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 directly owns 7,573,642 shares in the company, valued at approximately $53,394,176.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Tango Therapeutics news, insider Boxer Capital Management, Llc sold 625,000 shares of the stock in a transaction on Monday, October 21st. The shares were sold at an average price of $7.05, for a total transaction of $4,406,250.00. Following the transaction, the insider now directly owns 7,573,642 shares in the company, valued at $53,394,176.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Rock Ventures Iv L.P. Third sold 25,000 shares of the stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $11.55, for a total transaction of $288,750.00. Following the transaction, the insider now owns 17,176,475 shares in the company, valued at $198,388,286.25. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,292,400 shares of company stock worth $11,528,872. 6.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in TNGX. Artal Group S.A. bought a new position in Tango Therapeutics during the 1st quarter valued at $17,427,000. Point72 Asset Management L.P. acquired a new stake in shares of Tango Therapeutics during the second quarter worth $3,836,000. Vanguard Group Inc. raised its holdings in shares of 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 purchasing an additional 101,673 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Tango Therapeutics by 42.5% during the second quarter. Dimensional Fund Advisors LP now owns 335,913 shares of the company's stock worth $2,882,000 after purchasing an additional 100,257 shares during the period. Finally, Wellington Management Group LLP raised its holdings in shares of Tango Therapeutics by 110.8% during the fourth quarter. Wellington Management Group LLP now owns 170,228 shares of the company's stock worth $1,685,000 after purchasing an additional 89,481 shares during the period. 78.99% of the stock is currently owned by institutional investors.

Tango Therapeutics Company Profile

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.