TNGX Stock Hits All-Time High – Wolfe Research Calls Tango Therapeutic’s Pancreatic Cancer Trial Data ‘Groundbreaking’

Tango Therapeutics’ experimental cancer drug Vopimetostat, in combination with Daraxonrasib, achieved a 92% objective response rate in patients with advanced pancreatic cancer.

• Wolfe raised the drug’s global peak sales estimate to about $2.6 billion from $1.9 billion.
• Mizuho analyst Joseph Catanzaro stated that the data ‘starts to tell a potentially very compelling signal of improved long-term outcomes.’
• Tango Therapeutics plans to advance the combined therapy into Phase 3 testing.

Shares of Tango Therapeutics (TNGX) surged more than 50% to an all-time high on Monday after the biotech company unveiled striking pancreatic cancer trial results, fueling fresh optimism on Wall Street.

TNGX stock also recorded its biggest single-day gains in more than a year.

Wolfe Calls Data ‘Groundbreaking With No Major Red Flags’

On Monday, Tango Therapeutics said its experimental cancer drug Vopimetostat, when combined with Revolution Medicine’s Daraxonrasib, achieved a 92% objective response rate (ORR) in patients with advanced pancreatic cancer. ORR is the percentage of patients in a study whose tumors shrink or disappear after treatment within a defined period of time.

This prompted Wolfe Research to upgrade TNGX to ‘Outperform’ from ‘Peer Perform’ with a $35 price target, according to The Fly. This implies a potential upside of roughly 73% from the stock’s closing price in the previous session.

Analyst Kalpit Patel called the results impressive and said the data was “groundbreaking with no major red flags.” The firm increased Vopimetsotat’s unadjusted global peak sales estimate to about $2.6 billion from $1.9 billion and raised the odds of success to 75% from 30% to 40%.

Mizuho analyst Joseph Catanzaro stated that the data “starts to tell a potentially very compelling signal of improved long-term outcomes.” He raised the stock’s price target to $36 from $30 and kept an ‘Outperform’ rating.

What’s Next For The Trial?

The Phase 1/2 study data also showed that 90% of patients had progression-free survival after six months. The treatment also showed strong activity in a small group of lung cancer patients, with all evaluable participants responding to therapy.

A second combination using Vopimetostat and Zoldonrasib produced a 52% response rate and a 74% six-month progression-free survival rate in pancreatic cancer patients. Overall, no treatment-related Grade 4 or 5 adverse events were observed, and no patients discontinued treatment because of side effects.

Based on the data, Tango plans to advance the Vopimetostat and Daraxonrasib combination into Phase 3 testing as a potential chemotherapy-free treatment.

What Is Retail’s Take On TNGX?

Retail sentiment surrounding TNGX turned ‘extremely bullish’ from ‘bearish’ a day earlier, accompanied by ‘extremely high’ message volumes.

One user sees a strong resistance around the $30 mark.

The stock has ripped more than 250% so far this year.

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