Tango Therapeutics Inc. (TNGX) experienced a significant pre-market plunge of 9.73% on Friday, as the stock came under selling pressure following a series of analyst rating downgrades.

The sharp decline was triggered by Piper Sandler's decision to cut its rating on Tango Therapeutics to Neutral from Overweight, despite simultaneously raising its price target to $24 from $16. Additionally, Jefferies also downgraded the stock, moving its rating to Hold from Buy.

These analyst actions reflect a shift in sentiment towards the biotechnology company, suggesting reduced optimism about its near-term prospects. While one firm did raise its price target significantly, the overall downgrade in ratings appears to have outweighed that positive adjustment in the pre-market session, leading to the substantial sell-off.