Tango Therapeutics, Inc. (NASDAQ:TNGX) Sees Large Growth in Short Interest

Tango Therapeutics, Inc. (NASDAQ:TNGX) was the target of a large increase in short interest during the month of February. As of February 28th, there was short interest totalling 7,040,000 shares, an increase of 18.5% from the February 13th total of 5,940,000 shares. Based on an average daily volume of 967,300 shares, the short-interest ratio is currently 7.3 days. Currently, 11.9% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

Separately, Cantor Fitzgerald reissued an “overweight” rating on shares of Tango Therapeutics in a research note on Thursday, December 5th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $12.33.

Insider Activity

In other news, CEO Barbara Weber sold 9,778 shares of the company’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $2.99, for a total value of $29,236.22. Following the transaction, the chief executive officer now owns 1,631,264 shares of the company’s stock, valued at $4,877,479.36. This represents a 0.60 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 24,268 shares of company stock valued at $72,561 in the last quarter. Insiders own 6.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. State Street Corp increased its holdings in shares of Tango Therapeutics by 26.8% in the 3rd 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 during the last quarter. Geode Capital Management LLC increased its holdings 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 acquiring an additional 142,710 shares during the last quarter. Barclays PLC increased its holdings in shares of Tango Therapeutics by 78.3% in the 3rd quarter. Barclays PLC now owns 126,281 shares of the company’s stock valued at $972,000 after acquiring an additional 55,470 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of Tango Therapeutics in the 4th quarter valued at about $218,000. Finally, Verition Fund Management LLC purchased a new position in shares of Tango Therapeutics in the 3rd quarter valued at about $247,000. Hedge funds and other institutional investors own 78.99% of the company’s stock.

Tango Therapeutics Price Performance

Shares of NASDAQ TNGX opened at $1.77 on Wednesday. The stock’s 50-day moving average is $2.57 and its two-hundred day moving average is $4.52. Tango Therapeutics has a 1-year low of $1.72 and a 1-year high of $12.02. The company has a market cap of $191.35 million, a price-to-earnings ratio of -1.50 and a beta of 0.87.

Tango Therapeutics (NASDAQ:TNGX) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.03). Tango Therapeutics had a negative return on equity of 49.64% and a negative net margin of 284.42%. The company had revenue of $4.12 million for the quarter, compared to analysts’ expectations of $7.84 million. Equities research analysts anticipate that Tango Therapeutics will post -1.19 earnings per share for the current fiscal year.

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.