Tango Therapeutics Inc. (TNGX) PT Raised to $35 at Guggenheim

Guggenheim analyst Charles Zhu raised the price target on Tango Therapeutics Inc. (NASDAQ: TNGX) to $35.00 (from $32.00) while maintaining a Buy rating.

The analyst commented: "TNGX reported 2Q26 results and highlighted that they will finalize the design of a planned Phase 3 randomized controlled trial for vopimetostat (PRMT5i) + RAS inhibitors (RVMD) in 1L PDAC in 2H26. Our discussion with mgmt focused on upcoming data disclosure at ESMO 2026 and potential registrational design in 1L PDAC, as well as recent changes in leadership. Mgmt remains confident in upcoming discussions with the FDA and outlook for the company, highlighting that recent leadership changes, including appointment of Fatma Ocak as CCO and Robert Azelby to Chairman of the BoD, underscore the transitioning of TNGX to a late-stage, pre-commercial company. Additionally, mgmt noted to us that the departure of Dr. Barbara Weber as Executive Chair was a planned part of the mgmt transition, where her expected tenure period was up to one year. Mgmt expects to finalize the design of the Ph 3 registrational trial in 2H26, where details could potentially be communicated before the end of the year. The company remains on track for several 2H26 items, including 1) an update for vopi in combination with RVMD's RAS inhibitors at ESMO 2026 (see our ESMO Preview), 2) disclosure of vopi monotherapy data in NSCLC, which mgmt hopes will also include an update on development plans for lung, 3) initial TNG456 (brain penetrant PRMT5i) data in GBM and other cancers, and 4) initiation of a Ph 1/2 combination study for vopi + ERAS-0015 (ERAS). Overall, we continue to believe that vopimetostat is well-positioned in the PRMT5i category, with a compelling frontline PDAC registrational strategy and development optionality in NSCLC and other cancers. Reaffirming BUY; our PT goes to $35 (from $32 previously) on 2Q updates and trends as well as updated assumptions for vopi in PDAC."

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