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Tango Therapeutics

TNGX on Nasdaq. Pharmaceutical preparations. Market value $3.9bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-3.9%low

For every $100 of what the whole company costs, it produced $-3.91 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$21.90 a share, 227% above its 1-year low

Over the past year the price has ranged from $6.69 to $34.39.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.1
-0.1
-0.1
-0.1
-0.1
-0.1
2021202220232024202512 monthsto Jun '26
Revenue
$37m$25m$37m$42m$62m
Operating margin
-157.1%-446.8%-312.6%-346.1%-178.4%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.09bn0.09bn0.11bn0.13bn0.17bn

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting checksSkipped: company is not yet profitable
  • DebtUnknown
  • Revenue growth, five yearsStrong, 13.9% a year
  • Buying back its own sharesNo, 91% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $0 last quarter, down 100% on a year ago.
  • A loss of $55 million, compared with a loss of $39 million a year ago.
  • It loses 253 cents on each $1 of sales, compared with 647 cents a year earlier.
  • Over the past 12 months it spent $144 million more cash than it brought in, compared with $149 million a year earlier.
  • 36% more shares than a year ago. Each share owns a bit less of the company.
  • Sales grew on a year ago in 1 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$12m
December 2024$4m
March 2025$5m
June 2025$3m
September 2025$54m
December 2025$0
March 2026$0
June 2026$0
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$29m
December 2024-$38m
March 2025-$40m
June 2025-$39m
September 2025$16m
December 2025-$39m
March 2026-$46m
June 2026-$55m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
5 March 2026
Next quarterly (estimated, 10-Q)
10 November 2026

Who owns it

None of the long-term investors we follow own it. 247 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

10 investors own more than 5%.

  • Davis Aaron I.
    at least 10.0%
    (filed with 3 related holders)
    Since 30 December 2024
    What they said

    Item 4 is hereby amended by the addition of the following: The disclosure set forth above in Item 3 is hereby incorporated herein.

    Read the filing
  • at least 9.8%+2.0 pts
    (filed with 28 related holders)
    Since 30 June 2026
  • RTW Investments, LP
    Passive investor
    at least 9.3%
    (filed with 1 related holder)
    Since 31 March 2026
  • TCG Crossover GP II, LLC
    Passive investor
    at least 7.0%−1.1 pts
    (filed with 2 related holders)
    Since 30 June 2026
  • FMR LLC
    Passive investor
    at least 6.9%
    (filed with 1 related holder)
    Since 31 March 2026
  • BlackRock, Inc.
    Passive investor
    6.3%+1.3 pts
    Since 31 December 2025
  • at least 6.0%
    (filed with 1 related holder)
    Since 30 June 2026
  • TRV GP IV, LLC
    Passive investor
    at least 4.7%−1.1 pts
    (filed with 2 related holders)
    Since 6 February 2026
  • Raymond Debbane
    Passive investor
    at least 4.0%−2.1 pts
    (filed with 7 related holders)
    Since 31 March 2026
  • Adage Capital Management, L.P.
    Passive investor
    at least 3.4%−5.5 pts
    (filed with 2 related holders)
    Since 30 June 2026
  • Woodline Partners LP
    Passive investor
    Sold down below 5%
    Since 30 June 2026
  • Farallon Capital Partners, L.P.
    Passive investor
    Sold down below 5%
    Since 31 March 2026
  • Nextech Crossover I GP S.a. r.l.
    Passive investor
    Sold down below 5%
    Since 30 June 2026
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026
  • EcoR1 Capital, LLC
    Passive investor
    Sold down below 5%
    Since 31 December 2025
  • Fried, Richard B
    Passive investor
    Sold down below 5%
    Since 31 December 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 4 sold $7m, $6m of it under preset trading plans.

  • Newcomb Jessica
    Principal Accounting Officer
    Sold
    under a preset trading plan
    Date
    22 September 2026
    Shares
    8,200
    Price
    $24.22
    Value
    $198,613
  • Crystal Adam
    President, R&D
    Sold
    under a preset trading plan
    Date
    1 September 2026
    Shares
    27,000
    Price
    $22.37
    Value
    $603,909
  • Crystal Adam
    President, R&D
    Sold
    under a preset trading plan
    Date
    3 August 2026
    Shares
    27,000
    Price
    $27.24
    Value
    $735,517
  • Crystal Adam
    President, R&D
    Sold
    under a preset trading plan
    Date
    1 July 2026
    Shares
    27,000
    Price
    $29.59
    Value
    $798,908
  • Crystal Adam
    President, R&D
    Sold
    under a preset trading plan
    Date
    1 June 2026
    Shares
    27,000
    Price
    $22.88
    Value
    $617,647
  • Crystal Adam
    President, R&D
    Sold
    under a preset trading plan
    Date
    1 May 2026
    Shares
    27,000
    Price
    $21.22
    Value
    $573,021
  • Crystal Adam
    President, R&D
    Sold
    under a preset trading plan
    Date
    15 April 2026
    Shares
    38,460
    Price
    $25.00
    Value
    $961,500
  • Crystal Adam
    President, R&D
    Sold
    under a preset trading plan
    Date
    1 April 2026
    Shares
    27,000
    Price
    $21.20
    Value
    $572,400
  • Crystal Adam
    President, R&D
    Sold
    under a preset trading plan
    Date
    25 March 2026
    Shares
    12,000
    Price
    $20.11
    Value
    $241,320
  • Crystal Adam
    President, R&D
    Sold
    under a preset trading plan
    Date
    5 March 2026
    Shares
    20,251
    Price
    $15.00
    Value
    $303,765

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.