Tango Therapeutics, Inc. (NASDAQ:TNGX) Short Interest Update

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

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Guggenheim cut their price objective on Tango Therapeutics from $18.00 to $8.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. HC Wainwright reiterated a “buy” rating and set a $13.00 price target on shares of Tango Therapeutics in a research report on Friday, November 8th. Wedbush raised their price objective on Tango Therapeutics from $11.00 to $13.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Finally, B. Riley dropped their target price on shares of Tango Therapeutics from $16.00 to $8.00 and set a “buy” rating for the company in a report on Monday, November 11th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Tango Therapeutics presently has a consensus rating of “Buy” and a consensus target price of $13.14.

Tango Therapeutics Stock Down 3.4 %

NASDAQ TNGX opened at $3.94 on Friday. The firm has a market cap of $423.23 million, a PE ratio of -3.34 and a beta of 0.88. The business’s fifty day simple moving average is $5.59 and its 200-day simple moving average is $7.88. Tango Therapeutics has a 52 week low of $2.70 and a 52 week high of $13.01.

Insider Activity at Tango Therapeutics

In related news, Director Mace Rothenberg bought 10,000 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were acquired at an average price of $3.62 per share, for a total transaction of $36,200.00. Following the completion of the transaction, the director now directly owns 21,250 shares in the company, valued at $76,925. This trade represents a 88.89 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Rock Ventures Iv L.P. Third sold 75,000 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $11.56, for a total transaction of $867,000.00. Following the sale, the insider now directly owns 16,926,475 shares of the company’s stock, valued at $195,670,051. This represents a 0.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,480,400 shares of company stock worth $20,002,882 in the last 90 days. Corporate insiders own 6.30% of the company’s stock.

Hedge Funds Weigh In On Tango Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Barclays PLC lifted its stake in shares of Tango Therapeutics by 78.3% in the third quarter. Barclays PLC now owns 126,281 shares of the company’s stock worth $972,000 after acquiring an additional 55,470 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Tango Therapeutics by 11.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,368,262 shares of the company’s stock valued at $10,538,000 after purchasing an additional 142,710 shares in the last quarter. XTX Topco Ltd boosted its stake in shares of Tango Therapeutics by 340.1% during the 3rd quarter. XTX Topco Ltd now owns 44,191 shares of the company’s stock valued at $340,000 after buying an additional 34,150 shares during the last quarter. Sphera Funds Management LTD. acquired a new stake in shares of Tango Therapeutics during the third quarter worth approximately $385,000. Finally, State Street Corp raised its holdings in Tango Therapeutics by 26.8% in the third quarter. State Street Corp now owns 2,318,208 shares of the company’s stock valued at $17,850,000 after acquiring an additional 489,949 shares in the last quarter. 78.99% of the stock is owned by hedge funds and other 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.