ORR Rate Far Exceeded Our Expectations... But We'll Stay on the Sidelines Here

研报英文原文证据摘录

ORR Rate Far Exceeded Our Expectations... But We'll Stay on the Sidelines Here

opi + darax patients treated as of 5/28/2026 truly translates 52-Week High / Low US$28.41 / US$3.12

into a ~1 year headstart vs. BMY. TNGX mgmt confirmed their #1 priority is bringing Shares Out (mil) 143.6

Market Cap. (mil) US$2,903.6 vopi + darax into 1L PDAC as quickly as possible; however, they also believe there is

Avg Daily Vol (000) 3,314

a path to potential accelerated approval for the combo in 2L PDAC. Mgmt confirmed Div Yield 0.00%

they continue to enroll the Ph. 1/2 study including evaluating other doses of the Fiscal Year End Dec

combination in anticipation of discussions with regulators, which to date have not been

had. While TNGX has a ~1 year lead in first patient dosed vs. BMY in its navlimetostat Price Performance - 1 Year

+ daraxonrasib (set to start next month per clinicaltrials.gov), we think leveraging both USD

TNGX's findings on dose for the vopi combo as well as their large pharma expertise, 30

BMY could potentially start closing the gap in generating a sizeable combo cohort of 25

their own which seemingly would have similar potential fast paths to market available.

• As we mentioned in our downgrade, we are worried about "what's next?" for TNGX 15

from here as we likely enter an era of darax combinations in PDAC. A 92% ORR, 10

90% 6-month PFS rate, and acknowledging the potential for fast path to market with 5

accelerated approval in 2L has brought TNGX valuation largely back to where it was

trading before the post-1Q earnings weakness. With more combinations in PDAC on Jun-25 Aug-25 Oct-25 Dec-25 Feb-26 Apr-26 Jun-26

the horizon, and a very high bar set with today's update, we have concerns about what Source: Bloomberg

drives the next leg of growth for TNGX shares.