Tango Therapeutics: It Takes Two to Make a Revolution: Initiate at OW

Research evidence excerpt

Tango Therapeutics: It Takes Two to Make a Revolution: Initiate at OW

J P M O R G A N North America Equity Research

15 July 2026

Initiation

Tango Therapeutics Overweight

TNGX, TNGX US

It Takes Two to Make a Revolution: Initiate at OW Price (14 Jul 26):$29.65

Price Target (Dec-26):$46.00

We initiate coverage on TNGX with an OW rating and a Dec-2026 price target SMid Biotechnology

ACof $46. Following its monotherapy PoC last year with lead PRMT5i vopimetostat, Brian Cheng

Tango is leading the way in PDAC and potentially NSCLC through its combo trials (1-212) 622-0449

with RAS inhibitors daraxonrasib and zoldonrasib. The first look at the combo data brian.cheng@jpmorgan.com

earlier this year with RVMD’s dara showed impressive response previously Ron Feiner, PhD, CFA

unheard of in the 2L+ PDAC setting with a 92% ORR and 6-month PFS rate of 90% (1-212) 622-5005

in a setting where, until recently, median OS was ~6 months and ORR of 10%-15%. ron.feiner@jpmorgan.com

Sarah Medeiros, PhD

With combo data in hand, a Ph 3 trial in 1L PDAC is in the works, pending (1-212) 622-3957

regulatory feedback, to gain a lead over competition, which is also collaborating sarah.k.medeiros@jpmorgan.com

J.P. Morgan Securities LLC

with RASi players. Tango is also hedging its bets in this setting with a recently

announced collaboration with ERAS. With the pipeline now streamlined to focus

solely on MTAP-deleted cancers, TNG456, Tango’s CNS-penetrant PRMT5i is in Quarterly Forecasts (FYE Dec)

the clinic targeting glioblastoma, which is another difficult to treat indication, and Adj. EPS ($)

if monotherapy PoC is shown later this year, a combo with LLY’s CDK4/6i will 2025A 2026E 2027E

follow. Net-net, Tango remains true to its name, with multiple disruptive combo Q1 (0.36) (0.32)A

Q2 (0.35) (0.31)