H.C. Wainwright Reiterates Buy Rating on Tango Therapeutics Inc. (TNGX)

H.C. Wainwright analyst Robert Burns reiterated a Buy rating and $13.00 price target on Tango Therapeutics Inc. (NASDAQ: TNGX).

The analyst commented: "Yesterday, the ESMO abstracts were published, including updated results for AMG 193 (a MTAP-cooperative PRMT5 inhibitor). As seen in the abstract, at active dose levels (800 mg, 1200 mg), 2 of 11 NSCLC patients, 2 of 16 PDAC patients, and 2 of 11 BTC pts had an objective response (with one additional unconfirmed response in NSCLC and PDAC), resulting in a confirmed ORR of 18.2%, 12.5%, and 18.2%, respectively. This is a significant decline relative to the previously published results for AMG 193, which showed that at doses > 800mg (n=18), the compound elicited a 28% ORR. Given the decline in response rate for AMG 193 in a larger sample size and the relatively similar selectively for MTAP deletion vs MTAP-WT for AMG 193 (40x) vs. TNG462 (45x), this could potentially be used as a readthrough to TNG462, in our view. However, we also point out the seemingly greater in vivo efficacy in identical tumor models for TNG462 vs. AMG 193. Accordingly, we are waiting to see the full dataset for AMG 193, as well as the initial results for TNG908 and TNG462, before reviewing our forecasts; we expect initial dose-escalation results for TNG908 and TNG462 in 2H24. We reiterate our Buy rating and $13 12-month price target."

For an analyst ratings summary and ratings history on Tango Therapeutics Inc. click here. For more ratings news on Tango Therapeutics Inc. click here.

Shares of Tango Therapeutics Inc. closed at $9.16 yesterday.

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