Tango Therapeutics (NASDAQ:TNGX) Sees Strong Trading Volume - Here's Why

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report) saw unusually-high trading volume on Monday . Approximately 451,924 shares traded hands during trading, a decline of 41% from the previous session's volume of 768,039 shares.The stock last traded at $6.13 and had previously closed at $5.93.

Analysts Set New Price Targets

TNGX has been the topic of a number of research analyst reports. Jefferies Financial Group initiated coverage on shares of Tango Therapeutics in a research report on Wednesday, July 17th. They set a "buy" rating and a $19.00 price target on the stock. Cantor Fitzgerald reiterated an "overweight" rating on shares of Tango Therapeutics in a report on Tuesday, July 9th. HC Wainwright reiterated a "buy" rating and set a $13.00 price objective on shares of Tango Therapeutics in a report on Monday. Finally, Wedbush upped their price objective on shares of Tango Therapeutics from $11.00 to $13.00 and gave the company an "outperform" rating in a report on Thursday, August 8th. Seven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $15.14.

Tango Therapeutics Stock Performance

The stock's fifty day moving average is $8.70 and its two-hundred day moving average is $8.48. The company has a market cap of $632.53 million, a price-to-earnings ratio of -5.25 and a beta of 0.81.

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 (EPS) 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. On average, equities research analysts expect that Tango Therapeutics, Inc. will post -1.27 EPS for the current year.

Insiders Place Their Bets

In other Tango Therapeutics news, major shareholder Rock Ventures Iv L.P. Third sold 25,000 shares of the company's stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $11.55, for a total value of $288,750.00. Following the completion of the sale, the insider now directly owns 17,176,475 shares of the company's stock, valued at approximately $198,388,286.25. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider Boxer Capital Management, Llc sold 633,000 shares of the stock in a transaction that occurred on Friday, October 25th. The shares were 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 directly owns 6,690,642 shares of the company's stock, valued at $45,964,710.54. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Rock Ventures Iv L.P. Third sold 25,000 shares of the stock in a transaction that occurred 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 directly owns 17,176,475 shares of the company's stock, valued at $198,388,286.25. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,925,400 shares of company stock valued at $15,877,582. Corporate insiders own 6.20% 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. Vanguard Group Inc. grew its position in shares of Tango Therapeutics by 3.4% during the 1st quarter. Vanguard Group Inc. now owns 3,080,885 shares of the company's stock valued at $24,462,000 after acquiring an additional 101,673 shares during the period. Artal Group S.A. bought a new position in Tango Therapeutics in the 1st quarter worth approximately $17,427,000. Point72 Asset Management L.P. bought a new position in Tango Therapeutics in the 2nd quarter worth approximately $3,836,000. Dimensional Fund Advisors LP boosted its holdings in Tango Therapeutics by 42.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 335,913 shares of the company's stock worth $2,882,000 after buying an additional 100,257 shares during the period. Finally, Wellington Management Group LLP boosted its holdings in Tango Therapeutics by 110.8% in the 4th quarter. Wellington Management Group LLP now owns 170,228 shares of the company's stock worth $1,685,000 after buying an additional 89,481 shares during the period. 78.99% of the stock is 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.