After $600M Capital Increase, Nasdaq Biotech Plummets… $700B Market Cap Vanishes in a Day

Shares of Nasdaq-listed Tango Therapeutics, Inc. (TNGX) closed at $28.36 on the 18th (local time), plunging 12.17%. Trading volume exceeded 9.27 million shares, and market capitalization declined by about $500 million (roughly KRW 700 billion) to $4.6 billion (approximately KRW 6.5 trillion).

Last week, the company completed a $600 million equity raise (about KRW 840 billion) through a public offering of common stock and pre-funded warrants priced at $30 per share. Shortly afterward, a company executive signaled plans to sell roughly $51.5 million (around KRW 70 billion) worth of shares, stoking investor concerns over dilution and potential share overhang.

Tango Therapeutics is a clinical-stage biotech company developing precision oncology therapies that target specific genetic mutations—such as MTAP deletions—using the synthetic lethality approach. Its pipeline includes the PRMT5 inhibitor TNG462 and vopimetostat; recent positive early clinical data and successive major financing rounds are expected to fund its development efforts through the late 2020s.