As previously reported, Piper Sandler downgraded Tango Therapeutics (TNGX) to Neutral from Overweight with a price target of $24, up from $16. The firm noted that when Tango reported its Q1 earnings on Wednesday, the company “conveyed a potential change in development for vopimetostat in PDAC,” backing off prior language committing the company to initiating a pivotal trial for vopimetostat monotherapy in 2L PDAC at some point this year. Additionally, Tango could not confirm if it would update the monotherapy dataset this year. Piper has “less confidence” in vopimetostat following this pivot away from the company’s previously disclosed vopimetostat monotherapy strategy.
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Read More on TNGX:
- Tango Therapeutics price target raised to $55 from $28 at Leerink
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- Tango Therapeutics downgraded to Hold from Buy at Jefferies
- Tango Therapeutics Reshapes Board Amid Late-Stage Progress
- Tango Therapeutics reports Q1 EPS (32c), consensus (31c)