Tango Therapeutics weakness an ‘over reaction,’ says Stifel

Stifel believes Tango Therapeutics (TNGX) shares are reacting in large part due to Revolution Medicines’ (RVMD) announcement of a clinical trial collaboration to study a combination of daraxonrasib with Bristol Myers’ (BMY) PRMT5 inhibitor in patients with pancreatic ductal adenocarcinoma. However, Tango management told Stifel Revolution ‘s collaboration with Bristol has no impact on Tango’s combo study and plans to move forward and they reiterated that the company has robust enrollment in its study and is pleased with what the company is seeing thus far, the analyst tells investors. The firm, which believes today’s stock movement is “an over reaction,” notes that its $15 price target only factors in the second-line PDAC monotherapy opportunity for vopimetostat and the firm maintains a Buy rating on Tango shares.