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Why Shares of Tango Therapeutics Are Dropping Monday

TheMotleyFool 
0 0 09.10.23
Why Shares of Tango Therapeutics Are Dropping MondayPhoto, wide shot, wide-angle lens, soft focus, Biotech company, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Hiroshi Sugimoto: https://oaidalleapiprodscus.blob.core.windows.net/private/org-IbuNdCATsFaPOITjFOv2kJh3/user-AXaxqjBUW45D8BadJEo9mUpW/img-pKgbwxVSbyTCu0UzPNe8NL8D.png?st=2023-05-04T16%3A02%3A58Z&se=2023-05-04T18%3A02%3A58Z&sp=r&sv=2021-08-06&sr=b&rscd=inline&rsct=image/png&skoid=6aaadede-4fb3-4698-a8f6-684d7786b067&sktid=a48cca56-e6da-484e-a814-9c849652bcb3&skt=2023-05-04T12%3A13%3A51Z&ske=2023-05-05T12%3A13%3A51Z&sks=b&skv=2021-08-06&sig=%2BhYssNp3W0HiZMxCV64XVELyP8stYUjFhgUVfPrTLyg%3D
 

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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Source Fool.com

Mirati Therapeutics Inc. Stock

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