Tango Therapeutics (NASDAQ:TNGX) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX) saw unusually-strong trading volume on Monday . Approximately 3,031,874 shares changed hands during mid-day trading, an increase of 43% from the previous session’s volume of 2,121,921 shares.The stock last traded at $10.7130 and had previously closed at $10.03.

Analysts Set New Price Targets

A number of research firms have recently weighed in on TNGX. B. Riley increased their target price on shares of Tango Therapeutics from $8.00 to $14.00 and gave the company a “buy” rating in a research report on Tuesday, November 18th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Tango Therapeutics in a research note on Monday, October 27th. Wolfe Research started coverage on Tango Therapeutics in a report on Tuesday, November 18th. They set a “peer perform” rating for the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Tango Therapeutics in a research report on Wednesday, October 8th. Finally, Wall Street Zen raised Tango Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $12.50.

Tango Therapeutics Trading Up 3.0%

The company has a market capitalization of $1.39 billion, a P/E ratio of -11.11 and a beta of 1.66. The company’s fifty day moving average is $8.03 and its 200 day moving average is $6.19.

Tango Therapeutics (NASDAQ:TNGX) last issued its earnings results on Tuesday, November 4th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.12. Tango Therapeutics had a negative net margin of 151.15% and a negative return on equity of 60.80%. The business had revenue of $53.81 million for the quarter, compared to analysts’ expectations of $41.35 million. Equities research analysts predict that Tango Therapeutics, Inc. will post -1.19 EPS for the current year.

Insider Transactions at Tango Therapeutics

In other Tango Therapeutics news, major shareholder Rock Ventures Iv L.P. Third sold 477,401 shares of the firm’s stock in a transaction dated Thursday, October 23rd. The stock was sold at an average price of $10.15, for a total value of $4,845,620.15. Following the completion of the transaction, the insider owned 13,386,574 shares in the company, valued at $135,873,726.10. This trade represents a 3.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last 90 days, insiders sold 2,070,307 shares of company stock worth $16,523,962. Corporate insiders own 7.50% of the company’s stock.

Institutional Investors Weigh In On Tango Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. CWM LLC boosted its position in shares of Tango Therapeutics by 182.2% in the second quarter. CWM LLC now owns 4,905 shares of the company’s stock valued at $25,000 after acquiring an additional 3,167 shares during the period. Dynamic Technology Lab Private Ltd lifted its stake in Tango Therapeutics by 139.7% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 25,801 shares of the company’s stock worth $35,000 after purchasing an additional 15,037 shares in the last quarter. Legal & General Group Plc boosted its holdings in 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. Ameritas Investment Partners Inc. grew its position in shares of Tango Therapeutics by 78.8% during 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 in the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in shares of Tango Therapeutics by 44.3% in the second quarter. Tower Research Capital LLC TRC now owns 9,473 shares of the company’s stock worth $49,000 after purchasing an additional 2,907 shares during the period. 78.99% of the stock is currently owned by institutional investors.

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.