Southpoint Capital Advisors LP Sells 276,699 Shares of Tango Therapeutics, Inc. (NASDAQ:TNGX)

Southpoint Capital Advisors LP trimmed its position in Tango Therapeutics, Inc. (NASDAQ:TNGX) by 5.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,000,000 shares of the company’s stock after selling 276,699 shares during the quarter. Southpoint Capital Advisors LP owned about 4.65% of Tango Therapeutics worth $38,500,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Point72 DIFC Ltd purchased a new stake in shares of Tango Therapeutics during the 2nd quarter worth approximately $54,000. Principal Financial Group Inc. bought a new stake in shares of Tango Therapeutics in the 2nd quarter worth about $90,000. Quest Partners LLC raised its position in shares of Tango Therapeutics by 1,448.4% during the 3rd quarter. Quest Partners LLC now owns 10,885 shares of the company’s stock valued at $84,000 after buying an additional 10,182 shares in the last quarter. Quarry LP bought a new position in shares of Tango Therapeutics in the 2nd quarter valued at about $99,000. Finally, Price T Rowe Associates Inc. MD grew its position in Tango Therapeutics by 12.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 12,771 shares of the company’s stock worth $102,000 after acquiring an additional 1,426 shares in the last quarter. 78.99% of the stock is currently owned by hedge funds and other institutional investors.

Tango Therapeutics Stock Performance

Shares of NASDAQ:TNGX opened at $3.94 on Friday. The firm’s 50 day simple moving average is $5.59 and its 200-day simple moving average is $7.88. Tango Therapeutics, Inc. has a one year low of $2.70 and a one year high of $13.01. The firm has a market cap of $423.23 million, a PE ratio of -3.34 and a beta of 0.88.

Analyst Upgrades and Downgrades

TNGX has been the topic of a number of recent research reports. Guggenheim decreased their price objective on Tango Therapeutics from $18.00 to $8.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Wedbush lifted their price target on shares of Tango Therapeutics from $11.00 to $13.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. HC Wainwright reissued a “buy” rating and issued a $13.00 price objective on shares of Tango Therapeutics in a research report on Friday, November 8th. Finally, B. Riley dropped their target price on Tango Therapeutics from $16.00 to $8.00 and set a “buy” rating for the company in a research report on Monday, November 11th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $13.14.

Insiders Place Their Bets

In other Tango Therapeutics news, major shareholder Rock Ventures Iv L.P. Third sold 67,400 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $10.53, for a total transaction of $709,722.00. Following the transaction, the insider now directly owns 16,859,075 shares in the company, valued at $177,526,059.75. This represents a 0.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Boxer Capital Management, Llc sold 3,080,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $3.14, for a total transaction of $9,671,200.00. Following the completion of the sale, the insider now owns 3,610,642 shares of the company’s stock, valued at approximately $11,337,415.88. This represents a 46.03 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,480,400 shares of company stock worth $20,002,882 in the last ninety days. 6.30% of the stock is owned by company insiders.

Tango Therapeutics Profile

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.