Buy Rating Affirmed for Tango Therapeutics on Promising PRMT5 Inhibitors and Strong Financials

H.C. Wainwright analyst Robert Burns reiterated a Buy rating on Tango Therapeutics (TNGX – Research Report) today and set a price target of $17.00.

Robert Burns has given his Buy rating due to a combination of factors that suggest a positive outlook for Tango Therapeutics. The anticipation of initial data for TNG908 and TNG462, a pair of drugs in development, plays a significant role in this assessment. These drugs are part of an exciting new class of PRMT5 inhibitors, which have shown promise in treating MTAP-null cancers—a condition present in approximately 10% of all cancer cases. The effectiveness of similar drugs by competitors bolsters the case for Tango’s offerings, with the absence of dose-limiting adverse events in related treatments indicating a favorable risk profile for TNG908. Furthermore, Tango’s financial footing appears stable, with sufficient operational runway projected into late 2026, which adds to the company’s investment appeal.
Moreover, the broader context of the market for PRMT5 inhibitors is seen as a “hot target” in precision oncology, a field where Tango is positioning itself as a key player. The potential for Tango’s drugs, especially when combined with other therapies, to address cancers with splicing mutations and DNA damage repair deficiencies further underscores the significance of the company’s work. The anticipation of pertinent clinical data in the second half of 2024, alongside Tango’s substantial cash reserves, underpins Burns’s confidence in the company’s prospects and the rationale behind the Buy rating.

In another report released today, Barclays also maintained a Buy rating on the stock with a $18.00 price target.

Based on the recent corporate insider activity of 21 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of TNGX in relation to earlier this year.

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Tango Therapeutics (TNGX) Company Description:

BCTG Acquisition Corp is a blank check company.