SAN DIEGO—Boxer Capital Management, LLC, a significant stakeholder in Tango Therapeutics, Inc. (NASDAQ:TNGX), has sold a substantial portion of its holdings. According to a recent SEC filing, the firm sold 633,000 shares of Tango Therapeutics at an average price of $6.87 per share, amounting to a total transaction value of approximately $4.3 million.
Following this transaction, Boxer Capital retains a holding of 6,690,642 shares in Tango Therapeutics. The shares were sold in multiple transactions, with prices ranging from $6.85 to $6.87. Aaron I. Davis, the managing member of Boxer Capital, has voting and dispositive power over these securities but disclaims beneficial ownership except to the extent of his pecuniary interest.
The sale comes as Boxer Capital and its affiliated entities continue to manage their investment portfolio in the life sciences sector. Tango Therapeutics, based in Boston, focuses on the development of next-generation precision cancer medicines.
In other recent news, Tango Therapeutics has been the subject of multiple analyst notes. Leerink Partners maintained an Outperform rating for the biotech company, emphasizing the significance of the company's year-end clinical update for its PRMT5 inhibitors, TNG908 and TNG462. Piper Sandler also reaffirmed its Overweight rating, focusing on the potential of these inhibitors, with trial data expected by the end of 2024.
H.C. Wainwright maintained its Buy rating, with a steady price target of $13.00, following the release of abstracts from the European Society for Medical Oncology. The firm highlighted the potential relevance of these findings to TNG462, a similar compound in development by Tango Therapeutics. Jefferies issued a Buy rating with a price target of $19.00, focusing on the potential of Tango's lead assets, '908 and '462.
In other company developments, Tango Therapeutics recently halted the development of its key drug candidate, TNG348, due to observed liver function abnormalities in trial participants. Despite this, the company's cash runway is now projected to last into 2027, allowing the company to explore other therapeutic opportunities, particularly the PRMT5 program. These are recent developments that reflect Tango Therapeutics' commitment to advancing its portfolio and ensuring its clinical programs stay on track.
InvestingPro Insights
As Boxer Capital Management reduces its stake in Tango Therapeutics, recent market data and analyst insights provide additional context to this development. According to InvestingPro, Tango's stock has experienced significant pressure, with a 20.62% decline over the past month and a substantial 39.18% drop in the last three months. This downward trend aligns with Boxer Capital's decision to sell a portion of its holdings.
InvestingPro Tips highlight that Tango Therapeutics is currently trading near its 52-week low, which could be a factor in the timing of Boxer Capital's sale. Additionally, the company is quickly burning through cash, a critical consideration for investors in the biotech sector where capital-intensive research and development are paramount.
Despite these challenges, Tango maintains a strong balance sheet with more cash than debt, and its liquid assets exceed short-term obligations. This financial position may provide some reassurance to remaining shareholders as the company continues its work on precision cancer medicines.
It's worth noting that InvestingPro offers 13 additional tips for Tango Therapeutics, providing a more comprehensive analysis for investors seeking deeper insights into the company's prospects and challenges.
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