Insider Selling: Tango Therapeutics, Inc. (NASDAQ:TNGX) Major Shareholder Sells $2,030,000.00 in Stock

Tango Therapeutics, Inc. (NASDAQ:TNGX) major shareholder Rock Ventures Iv L.P. Third sold 175,000 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $11.60, for a total value of $2,030,000.00. Following the transaction, the insider now directly owns 17,001,475 shares in the company, valued at $197,217,110. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Tuesday, August 27th, Rock Ventures Iv L.P. Third sold 25,000 shares of Tango Therapeutics stock. The stock was sold at an average price of $11.55, for a total transaction of $288,750.00.
• On Monday, August 19th, Rock Ventures Iv L.P. Third sold 150,000 shares of Tango Therapeutics stock. The shares were sold at an average price of $10.09, for a total transaction of $1,513,500.00.
• On Friday, August 16th, Rock Ventures Iv L.P. Third sold 135,000 shares of Tango Therapeutics stock. The shares were sold at an average price of $9.79, for a total transaction of $1,321,650.00.
• On Thursday, August 1st, Rock Ventures Iv L.P. Third sold 40,000 shares of Tango Therapeutics stock. The stock was sold at an average price of $9.80, for a total value of $392,000.00.
• On Wednesday, July 24th, Rock Ventures Iv L.P. Third sold 200,000 shares of Tango Therapeutics stock. The stock was sold at an average price of $9.82, for a total value of $1,964,000.00.
• On Monday, July 22nd, Rock Ventures Iv L.P. Third sold 262,740 shares of Tango Therapeutics stock. The shares were sold at an average price of $9.78, for a total value of $2,569,597.20.
• On Wednesday, July 17th, Rock Ventures Iv L.P. Third sold 550,171 shares of Tango Therapeutics stock. The stock was sold at an average price of $9.79, for a total value of $5,386,174.09.

Tango Therapeutics Stock Performance

Shares of TNGX opened at $10.89 on Friday. Tango Therapeutics, Inc. has a 52-week low of $5.15 and a 52-week high of $13.03. The firm has a market cap of $1.16 billion, a price-to-earnings ratio of -9.64 and a beta of 0.84. The business’s fifty day moving average is $9.88 and its 200-day moving average is $8.92.

Tango Therapeutics (NASDAQ:TNGX) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.24) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.10. The company had revenue of $19.88 million for the quarter, compared to the consensus estimate of $7.39 million. Tango Therapeutics had a negative net margin of 274.04% and a negative return on equity of 44.73%. As a group, research analysts forecast that Tango Therapeutics, Inc. will post -1.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Tango Therapeutics

Hedge funds have recently modified their holdings of the company. Point72 Asset Management L.P. bought a new position in Tango Therapeutics in the second quarter valued at about $3,836,000. Quarry LP acquired a new position in shares of Tango Therapeutics in the second quarter valued at approximately $99,000. Susquehanna Fundamental Investments LLC increased its stake in shares of Tango Therapeutics by 82.2% in the second quarter. Susquehanna Fundamental Investments LLC now owns 62,417 shares of the company’s stock valued at $536,000 after buying an additional 28,155 shares during the period. The Manufacturers Life Insurance Company raised its holdings in Tango Therapeutics by 8.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 29,511 shares of the company’s stock valued at $253,000 after buying an additional 2,218 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new stake in Tango Therapeutics during the 2nd quarter worth approximately $54,000. Institutional investors and hedge funds own 78.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on TNGX. Jefferies Financial Group started coverage on shares of Tango Therapeutics in a research note on Wednesday, July 17th. They issued a “buy” rating and a $19.00 price objective for the company. Barclays cut their price target on Tango Therapeutics from $18.00 to $13.00 and set an “overweight” rating for the company in a research note on Friday, May 24th. Wedbush raised their price objective on Tango Therapeutics from $11.00 to $13.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Tango Therapeutics in a report on Tuesday, July 9th. Finally, HC Wainwright reissued a “buy” rating and set a $13.00 target price on shares of Tango Therapeutics in a report on Tuesday, July 9th. Seven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $15.14.

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.