Tango Therapeutics (NASDAQ:TNGX) Stock Falls 9.4% – Time to Sell?

Tango Therapeutics, Inc. (NASDAQ:TNGX) shares were down 9.4% on Tuesday. The stock traded as low as $22.31 and last traded at $21.8860. Approximately 2,115,333 shares changed hands during trading, a decline of 37% from the average daily volume of 3,383,568 shares. The stock had previously closed at $24.17.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on TNGX shares. Weiss Ratings upgraded shares of Tango Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 11th. JPMorgan Chase & Co. began coverage on shares of Tango Therapeutics in a research report on Wednesday, July 15th. They issued an “overweight” rating and a $46.00 target price for the company. Canaccord Genuity Group boosted their target price on shares of Tango Therapeutics from $42.00 to $46.00 and gave the company a “buy” rating in a research note on Monday, June 29th. Raymond James Financial lowered shares of Tango Therapeutics to a “hold” rating in a research note on Thursday, June 25th. Finally, Jefferies Financial Group raised Tango Therapeutics from a “hold” rating to a “buy” rating and increased their price target for the company from $27.00 to $60.00 in a report on Thursday, June 25th. Thirteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $43.46.

Tango Therapeutics Stock Performance

The stock has a market cap of $3.83 billion, a PE ratio of -26.68 and a beta of 1.17. The company’s 50-day moving average price is $24.37 and its 200 day moving average price is $25.08.

Tango Therapeutics (NASDAQ:TNGX) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.05). On average, sell-side analysts anticipate that Tango Therapeutics, Inc. will post -1.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Tango Therapeutics news, insider Jessica Newcomb sold 8,200 shares of the stock in a transaction that occurred on Tuesday, September 22nd. The shares were sold at an average price of $24.22, for a total value of $198,604.00. Following the transaction, the insider directly owned 59,121 shares in the company, valued at approximately $1,431,910.62. This trade represents a 12.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Adam Crystal sold 27,000 shares of Tango Therapeutics stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $24.47, for a total transaction of $660,690.00. Following the transaction, the insider owned 115,743 shares in the company, valued at $2,832,231.21. This represents a 18.92% decrease in their position. The SEC filing for this sale provides additional information. 6.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tango Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Nykredit A S purchased a new stake in shares of Tango Therapeutics in the second quarter worth $26,000. Allworth Financial LP bought a new stake in shares of Tango Therapeutics during the 2nd quarter valued at $35,000. Global Retirement Partners LLC bought a new stake in shares of Tango Therapeutics during the 2nd quarter valued at $122,000. State of Wyoming bought a new stake in shares of Tango Therapeutics during the 1st quarter valued at $128,000. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of Tango Therapeutics during the 2nd quarter valued at $205,000. 78.99% of the stock is currently owned by hedge funds and other institutional investors.

Tango Therapeutics Company Profile

Tango Therapeutics, Inc is a clinical-stage biotechnology company focused on discovering and developing medicines that target cancer vulnerabilities and activate the immune system against tumors. The company uses functional genomics, including CRISPR-based screening, to identify genetic dependencies that may be selectively targeted in cancer cells while limiting effects on healthy tissue.

Tango’s research and development programs include small-molecule therapies and immuno-oncology candidates designed to address genetically defined cancers.