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Investing.com - Guggenheim raised its price target on Tango Therapeutics Inc. (NASDAQ:TNGX) to $12.00 from $10.00 on Friday, while maintaining a Buy rating following the release of clinical trial data for the company’s cancer drug vopimetostat. The stock, currently trading at $7.53, has seen remarkable momentum with a 518% surge over the past six months, according to InvestingPro data.
The data from Tango’s Phase 1/2 trial showed a 27% overall response rate across all 94 efficacy-evaluable patients, with particularly strong results in pancreatic cancer patients and other solid tumors with MTAP deletions, according to Guggenheim’s analysis. InvestingPro reveals that 8 analysts have recently revised their earnings estimates upward, with price targets ranging from $8 to $13, suggesting continued confidence in the company’s potential.
In second-line pancreatic cancer patients, the drug demonstrated a 15-25% objective response rate and 7.2-month progression-free survival, while achieving a 49% response rate in other MTAP-deleted solid tumors, suggesting meaningful anti-cancer activity.
Guggenheim noted that Tango’s development strategy for pancreatic cancer could provide advantages over competitor Bristol Myers Squibb’s similar drug BMS-986504, including plans for a smaller Phase 3 registration trial that might enable faster regulatory filing.
The research firm also highlighted Tango’s ongoing Phase 2 combination studies with Revolution Medicines’ RAS inhibitors, which could potentially support future trials of chemotherapy-free regimens for first-line pancreatic cancer treatment, with data expected in 2026.
In other recent news, Tango Therapeutics has announced a $210 million underwritten offering of common stock and pre-funded warrants. The company priced the offering at $8.66 per share for common stock and $8.659 per pre-funded warrant, with an exercise price of $0.001 per share. This transaction is expected to generate approximately $210 million in gross proceeds before underwriting discounts and commissions. Additionally, Tango Therapeutics reported positive results from its ongoing Phase 1/2 study of vopimetostat in patients with MTAP-deleted cancers. The drug demonstrated a median progression-free survival of 7.2 months and an objective response rate of 25% in second-line MTAP-deleted pancreatic cancer patients. This response rate is more than double that observed in historical control studies, according to the company. In other company news, Tango Therapeutics’ Chief Legal and Compliance Officer, Douglas Barry, has announced his resignation, effective September 12, 2025, to pursue another opportunity. The company has not yet disclosed any plans for his successor.
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