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Investing.com -- Tango Therapeutics Inc (NASDAQ:TNGX) stock dropped 14.8% Thursday after the clinical-stage biotechnology company announced a $210 million underwritten offering of common stock and pre-funded warrants.
The company priced the offering of 21,023,337 shares of common stock at $8.66 per share and pre-funded warrants to purchase up to 3,226,458 shares at $8.659 each. The warrants have an exercise price of $0.001 per share.
Concurrent with the offering, Tango also entered into a securities purchase agreement for a private investment in public equity (PIPE), selling 1,732,101 shares at $8.66 per share for additional gross proceeds of approximately $15 million.
The offerings attracted several institutional investors including Farallon Capital Management, TCGX, Balyasny Asset Management, Woodline Partners LP, and accounts advised by T. Rowe Price Investment Management, Inc. The PIPE was led by Nextech.
Leerink Partners and Cantor are serving as joint bookrunning managers for the underwritten offering. Both transactions are expected to close on or about October 24, 2025, subject to customary closing conditions.
Tango Therapeutics focuses on discovering and developing precision cancer medicines. The company trades on the Nasdaq under the ticker TNGX.
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