Insider Selling: Tango Therapeutics (NASDAQ:TNGX) Major Shareholder Sells 500,000 Shares of Stock

Tango Therapeutics, Inc. (NASDAQ:TNGX) major shareholder Rock Ventures Iv L.P. Third sold 500,000 shares of the company’s stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $8.02, for a total transaction of $4,010,000.00. Following the sale, the insider owned 13,863,975 shares of the company’s stock, valued at $111,189,079.50. The trade was a 3.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Rock Ventures Iv L.P. Third also recently made the following trade(s):

• On Tuesday, September 16th, Rock Ventures Iv L.P. Third sold 363,541 shares of Tango Therapeutics stock. The shares were sold at an average price of $7.04, for a total transaction of $2,559,328.64.
• On Monday, September 8th, Rock Ventures Iv L.P. Third sold 86,459 shares of Tango Therapeutics stock. The shares were sold at an average price of $7.04, for a total transaction of $608,671.36.
• On Friday, September 5th, Rock Ventures Iv L.P. Third sold 642,906 shares of Tango Therapeutics stock. The shares were sold at an average price of $7.00, for a total transaction of $4,500,342.00.
• On Friday, August 22nd, Rock Ventures Iv L.P. Third sold 302,194 shares of Tango Therapeutics stock. The shares were sold at an average price of $7.00, for a total transaction of $2,115,358.00.
• On Tuesday, August 19th, Rock Ventures Iv L.P. Third sold 1,100,000 shares of Tango Therapeutics stock. The shares were sold at an average price of $7.01, for a total transaction of $7,711,000.00.

Tango Therapeutics Trading Down 1.1%

Shares of TNGX stock traded down $0.09 on Monday, hitting $8.44. The stock had a trading volume of 2,543,684 shares, compared to its average volume of 1,819,912. Tango Therapeutics, Inc. has a twelve month low of $1.03 and a twelve month high of $8.80. The firm has a market cap of $939.03 million, a P/E ratio of -6.35 and a beta of 1.64. The company has a fifty day moving average price of $6.90 and a two-hundred day moving average price of $4.28.

Tango Therapeutics (NASDAQ:TNGX) last announced its quarterly earnings results on Tuesday, August 5th. The company reported ($0.35) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.35). Tango Therapeutics had a negative net margin of 599.11% and a negative return on equity of 79.72%. The company had revenue of $3.18 million during the quarter, compared to analyst estimates of $6.41 million. On average, analysts expect that Tango Therapeutics, Inc. will post -1.19 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Piper Sandler assumed coverage on shares of Tango Therapeutics in a research note on Monday, August 18th. They issued an “overweight” rating and a $11.00 target price for the company. Guggenheim upped their target price on shares of Tango Therapeutics from $8.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, August 6th. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, Tango Therapeutics has a consensus rating of “Buy” and an average price target of $10.50.

Institutional Investors Weigh In On Tango Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the company. Legal & General Group Plc raised its holdings in shares of Tango Therapeutics by 30.7% in the 2nd quarter. Legal & General Group Plc now owns 6,985 shares of the company’s stock valued at $36,000 after purchasing an additional 1,640 shares during the period. Tower Research Capital LLC TRC raised its holdings in shares of Tango Therapeutics by 44.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,473 shares of the company’s stock valued at $49,000 after purchasing an additional 2,907 shares during the period. CWM LLC raised its holdings in shares of Tango Therapeutics by 182.2% in the 2nd quarter. CWM LLC now owns 4,905 shares of the company’s stock valued at $25,000 after purchasing an additional 3,167 shares during the period. Ameritas Investment Partners Inc. raised its holdings in shares of Tango Therapeutics by 78.8% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 7,830 shares of the company’s stock valued at $40,000 after purchasing an additional 3,452 shares during the period. Finally, ProShare Advisors LLC raised its holdings in shares of Tango Therapeutics by 30.1% in the 2nd quarter. ProShare Advisors LLC now owns 19,775 shares of the company’s stock valued at $101,000 after purchasing an additional 4,570 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.