TNGX - Why Shares of Tango Therapeutics Are Dropping Monday
2023-10-09 11:53:07 ET
Shares of Tango Therapeutics (NASDAQ: TNGX) were down more than 12% as of 11:15 a.m. on Monday. The healthcare stock is up more than 37% this year.
Tango is a clinical-stage biotech that focuses on precision oncology therapies. The stock reached a 52-week high of $13.03 on Thursday, because several companies were pursuing another oncology-focused biotech, Mirati Therapeutics . On Sunday, the chase ended for Mirati after Bristol-Myers Squibb said it was spending $5.8 billion to purchase Mirati.
Tango's slump on Monday had no real company-related news peg, just investors taking profits. At the stock's current price, it is still well over the 20-day moving average of $9.98 and the 50-day moving average of $7.76.
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Why Shares of Tango Therapeutics Are Dropping Monday