Short Interest in Tango Therapeutics, Inc. (NASDAQ:TNGX) Decreases By 17.7%

Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report) was the target of a large drop in short interest during the month of October. As of October 15th, there was short interest totalling 8,900,000 shares, a drop of 17.7% from the September 30th total of 10,810,000 shares. Currently, 15.4% of the company's stock are short sold. Based on an average daily volume of 916,600 shares, the short-interest ratio is presently 9.7 days.

Analysts Set New Price Targets

Several research firms have issued reports on TNGX. Wedbush lifted their price target on shares of Tango Therapeutics from $11.00 to $13.00 and gave the stock an "outperform" rating in a report on Thursday, August 8th. HC Wainwright reaffirmed a "buy" rating and issued a $13.00 price target on shares of Tango Therapeutics in a report on Monday. Jefferies Financial Group assumed coverage on shares of Tango Therapeutics in a report on Wednesday, July 17th. They issued a "buy" rating and a $19.00 price target on the stock. Finally, Cantor Fitzgerald reissued an "overweight" rating on shares of Tango Therapeutics in a report on Tuesday, July 9th. Seven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $15.14.

Tango Therapeutics Trading Down 0.2 %

Shares of Tango Therapeutics stock traded down $0.01 during trading hours on Monday, reaching $5.92. The stock had a trading volume of 1,567,930 shares, compared to its average volume of 773,404. The stock's 50 day moving average is $8.70 and its 200 day moving average is $8.48. The firm has a market capitalization of $632.53 million, a PE ratio of -5.25 and a beta of 0.81. Tango Therapeutics has a twelve month low of $5.83 and a twelve month high of $13.01.

Tango Therapeutics (NASDAQ:TNGX - Get Free Report) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $7.39 million. As a group, sell-side analysts predict that Tango Therapeutics will post -1.27 earnings per share for the current year.

Insider Buying and Selling at Tango Therapeutics

In related news, major shareholder Rock Ventures Iv L.P. Third sold 40,000 shares of the firm's stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $9.80, for a total value of $392,000.00. Following the transaction, the insider now directly owns 17,486,475 shares of the company's stock, valued at approximately $171,367,455. This trade represents a 0.00 % decrease in their position. 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 633,000 shares of the business's stock in a transaction that occurred 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 transaction, the insider now owns 6,690,642 shares in the company, valued at $45,964,710.54. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Rock Ventures Iv L.P. Third sold 40,000 shares of Tango Therapeutics stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $9.80, for a total transaction of $392,000.00. Following the sale, the insider now directly owns 17,486,475 shares of the company's stock, valued at $171,367,455. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,925,400 shares of company stock worth $15,877,582. Insiders own 6.20% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Point72 DIFC Ltd acquired a new stake in Tango Therapeutics in the 2nd quarter valued at about $54,000. Paloma Partners Management Co acquired a new stake in Tango Therapeutics in the 1st quarter valued at about $80,000. Principal Financial Group Inc. acquired a new stake in Tango Therapeutics in the 2nd quarter valued at about $90,000. Quarry LP acquired a new stake in Tango Therapeutics in the 2nd quarter valued at about $99,000. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Tango Therapeutics by 12.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,771 shares of the company's stock valued at $102,000 after buying an additional 1,426 shares during the period. 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.