Tango Therapeutics (NASDAQ:TNGX) Hits New 52-Week Low - Time to Sell?

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

Analysts Set New Price Targets

A number of analysts recently weighed in on TNGX shares. Wedbush increased 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. Jefferies Financial Group began coverage on shares of Tango Therapeutics in a report on Wednesday, July 17th. They set a "buy" rating and a $19.00 target price on the stock. Cantor Fitzgerald restated an "overweight" rating on shares of Tango Therapeutics in a report on Tuesday, July 9th. Finally, HC Wainwright restated a "buy" rating and set a $13.00 target price on shares of Tango Therapeutics in a report on Monday, October 28th. Seven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $15.14.

Tango Therapeutics Price Performance

The firm's 50 day moving average is $8.17 and its two-hundred day moving average is $8.41. The firm has a market capitalization of $552.86 million, a P/E ratio of -4.57 and a beta of 0.88.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last released 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. 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 during the quarter, compared to analysts' expectations of $7.39 million. Analysts anticipate that Tango Therapeutics, Inc. will post -1.27 EPS for the current fiscal year.

Insider Activity at Tango Therapeutics

In other Tango Therapeutics news, major shareholder Rock Ventures Iv L.P. Third sold 175,000 shares of Tango Therapeutics stock in a transaction on Friday, August 30th. The shares were sold at an average price of $11.60, for a total transaction of $2,030,000.00. Following the completion of the transaction, the insider now directly owns 17,001,475 shares of the company's stock, valued at $197,217,110. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Tango Therapeutics news, major shareholder Rock Ventures Iv L.P. Third sold 175,000 shares of Tango Therapeutics stock in a transaction on Friday, August 30th. The shares were sold at an average price of $11.60, for a total transaction of $2,030,000.00. Following the completion of the transaction, the insider now directly owns 17,001,475 shares of the company's stock, valued at $197,217,110. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Boxer Capital Management, Llc sold 625,000 shares of Tango Therapeutics stock in a transaction on Monday, October 21st. The stock was 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 of the company's stock, valued at approximately $53,394,176.10. 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 1,885,400 shares of company stock valued at $15,485,582. 6.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Tango Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the company. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Tango Therapeutics by 64.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 20,607 shares of the company's stock worth $159,000 after buying an additional 8,055 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Tango Therapeutics during the third quarter worth $151,000. Point72 DIFC Ltd acquired a new stake in shares of Tango Therapeutics during the second quarter worth $54,000. Point72 Asset Management L.P. acquired a new stake in shares of Tango Therapeutics during the second quarter worth $3,836,000. Finally, Quarry LP acquired a new stake in shares of Tango Therapeutics during the second quarter worth $99,000. 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.