Stock market today: S&P 500 drops for fifth day as focus shifts to Powell’s speech
Investing.com - Piper Sandler initiated coverage on Tango Therapeutics Inc. (NASDAQ:TNGX) with an Overweight rating and a price target of $11.00 on Tuesday. The stock, currently trading at $7.22, has shown remarkable momentum with a 199% surge over the past six months, according to InvestingPro data.
The research firm cited growing investor confidence in the synthetic lethality space and potential for Tango’s PRMT5-inhibitor following positive competitor data presented at ASCO earlier this year.
Piper Sandler noted that while clinical data for TNG462 has been early and primarily in cholangiocarcinoma, upcoming developments could demonstrate the treatment’s value.
The firm specifically highlighted the second half 2025 clinical update in pancreatic cancer and NSCLC as a potential catalyst that could provide support for TNG462’s differentiated durability.
According to Piper Sandler, this upcoming data could begin de-risking what they view as potential blockbuster opportunities for Tango Therapeutics.
In other recent news, Tango Therapeutics has made significant strides in its clinical trials. The company announced the dosing of the first patient in a Phase 1/2 trial for its cancer drug TNG462, which is being tested in combination with Revolution Medicines’ RAS inhibitors. This trial targets patients with MTAP-deleted and RAS mutant metastatic pancreatic or lung cancer. Additionally, Tango Therapeutics has initiated another Phase 1/2 trial for its brain cancer drug, TNG456. This trial focuses on patients with MTAP-deleted solid tumors, particularly glioblastoma, and will assess various factors including safety and anti-tumor activity. H.C. Wainwright has reiterated its Buy rating for Tango Therapeutics, maintaining a $13.00 price target, following these developments. The analyst firm noted the significance of the trial involving TNG462 and Revolution Medicines’ drugs. These recent developments highlight Tango Therapeutics’ ongoing efforts in cancer treatment research.
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