In a report released today, Robert Burns from H.C. Wainwright reiterated a Buy rating on Tango Therapeutics (TNGX – Research Report), with a price target of $16.00.
Robert Burns has given his Buy rating to Tango Therapeutics based on a collection of factors. The company’s 3Q23 financial results showed a net loss that was significantly less than the previously estimated figure, thanks to higher-than-expected collaboration and license revenue, along with other income. Tango’s R&D and SG&A expenses were also lower than the estimates, which has led to a decrease in the predicted net loss for the full year 2023.
Furthermore, Tango’s cash, cash equivalents, and marketable securities at the end of 3Q23 amounted to $359.9M, which is expected to ensure operational continuity till 2025. The successful dose-escalation results of MRTX1719 and AMG 193, developed by Mirati Therapeutics and Amgen respectively, are also viewed as indicators of reduced risk for the development of TNG908/TNG462 by Tango. Tango’s lead MTAP-cooperative PRMT5 inhibitor, TNG908, is likely to exhibit similar in vivo efficacy as MRTX1719 according to preclinical studies. In addition, the potent MTAP-cooperative PRMT5 inhibitor, TNG462, has the potential to yield an even higher objective response rate. Initial dose-escalation results for TNG908 are expected in 2024.
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Based on the recent corporate insider activity of 16 insiders, corporate insider sentiment is neutral on the stock.
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Tango Therapeutics (TNGX) Company Description:
BCTG Acquisition Corp is a blank check company.
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