Shares of Tango Therapeutics (TNGX) experienced a significant decline on October 23, 2025, following the announcement of a substantial equity offering worth $210 million. The biotechnology company’s stock price dropped over 14% initially and continued trading down by 7.04% at $8.05 as of 10:28 AM EDT, reflecting investor concerns about potential dilution from the large capital raise. The offering included a public offering totaling approximately $210 million in gross proceeds and a private investment in public equity (PIPE) agreement worth an additional $15 million. This deal attracted significant institutional participation, with investors like Farallon Capital Management, TCGX, Balyasny Asset Management, Woodline Partners LP, Invus, Adage Capital Management LP, Boxer Capital Management, Logos Capital, Nantahala Capital, accounts advised by T. Rowe Price Investment Management, and a large institutional investor. Leerink Partners and Cantor served as joint bookrunning managers for the offering.