Short Interest in Tango Therapeutics, Inc. (NASDAQ:TNGX) Decreases By 21.7%

Tango Therapeutics, Inc. (NASDAQ:TNGX - Get Free Report) was the recipient of a large drop in short interest in the month of November. As of November 15th, there was short interest totalling 7,110,000 shares, a drop of 21.7% from the October 31st total of 9,080,000 shares. Based on an average daily trading volume, of 1,840,000 shares, the short-interest ratio is presently 3.9 days. Currently, 14.4% of the shares of the company are short sold.

Analyst Ratings Changes

Several research firms have recently weighed in on TNGX. HC Wainwright restated a "buy" rating and set a $13.00 price target on shares of Tango Therapeutics in a report on Friday, November 8th. B. Riley dropped their price target on Tango Therapeutics from $16.00 to $8.00 and set a "buy" rating on the stock in a research note on Monday, November 11th. Guggenheim lowered their target price on Tango Therapeutics from $18.00 to $8.00 and set a "buy" rating on the stock in a research report on Thursday, November 7th. Finally, Wedbush increased their price target on Tango Therapeutics from $11.00 to $13.00 and gave the company an "outperform" rating in a research report on Thursday, August 8th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Tango Therapeutics has an average rating of "Buy" and an average price target of $13.14.

Tango Therapeutics Stock Performance

NASDAQ:TNGX traded down $0.14 during trading on Friday, reaching $3.94. The company's stock had a trading volume of 499,330 shares, compared to its average volume of 1,007,265. The firm has a market cap of $423.23 million, a price-to-earnings ratio of -3.46 and a beta of 0.88. The firm has a 50 day moving average of $5.68 and a 200-day moving average of $7.90. Tango Therapeutics has a 12 month low of $2.70 and a 12 month high of $13.01.

Insiders Place Their Bets

In other news, Director Mace Rothenberg purchased 10,000 shares of Tango Therapeutics stock in a transaction dated Thursday, November 14th. The shares were bought at an average cost of $3.62 per share, for a total transaction of $36,200.00. Following the completion of the acquisition, the director now owns 21,250 shares in the company, valued at approximately $76,925. This trade represents a 88.89 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Rock Ventures Iv L.P. Third sold 67,400 shares of the business's stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $10.53, for a total value of $709,722.00. Following the sale, the insider now owns 16,859,075 shares in the company, valued at approximately $177,526,059.75. This trade represents a 0.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 4,480,400 shares of company stock worth $20,002,882 in the last 90 days. Company insiders own 6.30% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TNGX. Vanguard Group Inc. grew its stake 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 worth $24,462,000 after acquiring an additional 101,673 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Tango Therapeutics by 12.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,771 shares of the company's stock worth $102,000 after acquiring an additional 1,426 shares during the period. Simplicity Wealth LLC grew its stake in shares of Tango Therapeutics by 59.6% during the 2nd quarter. Simplicity Wealth LLC now owns 43,041 shares of the company's stock worth $369,000 after acquiring an additional 16,080 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Tango Therapeutics by 12.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 141,623 shares of the company's stock worth $1,215,000 after acquiring an additional 15,373 shares during the period. Finally, Principal Financial Group Inc. bought a new position in Tango Therapeutics in the 2nd quarter worth about $90,000. Institutional investors own 78.99% of the company's stock.

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.