TNGX - Up 126% in 3 Days Is Tango Therapeutics a Buy Right Now?
2023-08-17 05:05:00 ET
On Aug. 7, Tango Therapeutics (NASDAQ: TNGX) reported its second-quarter earnings, and by Aug. 11, its shares were up by a shocking 126%. Its earnings update didn't make any waves; this is a pre-revenue biotech company, and it didn't report any stunningly positive clinical trial data. Nor is it on the verge of doing so.
So why is the market so enthusiastic about this stock right now, and should you be thinking about buying it? Let's start by answering the first question.
The mystery of Tango's share price movement is that it didn't announce anything new or make any filings with the SEC on Aug. 9, when its stock started flying. But, on Aug. 10, it announced that it would be selling 15.5 million of its shares to a group of private investors, generating proceeds of close to $80 million.
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Up 126% in 3 Days, Is Tango Therapeutics a Buy Right Now?