Tango Therapeutics price target lowered to $14 from $16 at Guggenheim

Guggenheim lowered the firm’s price target on Tango Therapeutics to $14 from $16 and keeps a Buy rating on the shares after the company announced the discontinuation of their USP1 inhibitor, TNG348, due to Grade 3/4 liver toxicity. Though the firm is updating its model to reflect the discontinuation as well as updated cash runway guidance to 2027, it believes that investor focus remains on Tango’s PRMT5 program, which is expected to read out clinical data for both TNG908 and TNG462 in the second half of this year.