Strategic Shift, Mgt. Commentary Suggest Unprecedented PDAC Activity; PT to $55

研报英文原文证据摘录

Strategic Shift, Mgt. Commentary Suggest Unprecedented PDAC Activity; PT to $55

TANGO THERAPEUTICS, INC.

May 14, 2026

INVESTMENT THESIS

We rate Tango Therapeutics (TNGX) Outperform with a $55 price target. TNGX is a

precision oncology company leveraging synthetic lethality to develop therapeutic approaches

for genetically defined patient populations with high unmet medical need. The clinical stage

company currently has multiple programs in the clinic, which include two PRMT5 inhibitors

for MTAP-deficient tumors and a CoREST inhibitor for STK11m tumors. The company’s lead

asset, TNG462, is a potent, selective small molecule inhibitor of PRMT5 that is synthetic

lethal in tumors with MTAP deletions, an occurrence in 10-15% of all human malignancies.

As such, we believe the potential opportunity for the therapy is wide, but will likely first enter

large markets of NSCLC and PDAC. The company’s targeted strategy in synthetic lethality

could provide a wider therapeutic window with less off target impact to healthy cells vs. other

PRMT5 inhibitors that have limited the class to date. The company is also advancing next-

generation, brain-penetrant PRMT5 inhibitor TNG456 for MTAP-null solid tumors. TNGX is

also advancing TNG260 for non-small-cell lung cancer (NSCLC) with STK11 loss-of-function.

VALUATION

We use a risk-adjusted sum-of-the-parts methodology to value TNGX at our $55 price target,

examining the clinical, regulatory, and commercial risks and opportunities for each individual

indication and region, and assigning a probability of success to account for the likelihood

of achieving those revenues/expenses. We use a 12.5% discount rate and a terminal value

of 6x 2035E NOPAT for each indication to account for value beyond 2032. We believe the