Vopi Finds Its Dance Partner; Upgrading to Outperform with $35 PT

研报英文原文证据摘录

Vopi Finds Its Dance Partner; Upgrading to Outperform with $35 PT

Biotechnology - Oncology & Rare Diseases

Oncology - Market Overweight

TANGO THERAPEUTICS, INC. (TNGX) June 8, 2026

Vopi Finds Its Dance Partner; Upgrading to Outperform Rating:

with $35 PT Outperform

Prior: Peer Perform

Price:

The Wolfe Byte $20.22

The initial vopi + daraxon data look meaningfully better than we expected and, Price Target:

$35despite the obviously caveats around small N / cross-trial comparison, are hard to Prior: NA

dismiss as noise. We think this dataset establishes a new benchmark in MTAP-del % Upside:

PDAC. Upgrade to OP. 73.1%

View TNGX Model

View Comp Table

The vopimetsotat + daraxonrasib combo impressively showed a 92% (11/12) ORR

Company Informationand 75% (9/12) cORR in 2L+ PDAC pts with MTAP-del/RASm (PR, pres). This

52-Week Range $4 - $28

compares highly favorably to vopi's monotx 25% ORR in 2L MTAP-del PDAC and Market Cap. (MM) $2,925

daraxon's 33% in RASm 2L PDAC, suggesting a strong combo benefit (+17% over Enterprise Value (MM) $2,556

~58% threshold implying a synergistic benefit). Shares Out. (MM) 144.6 Avg. Value Traded (MM) $27.52

SI% of Float 30.0%

We view the data as groundbreaking with no major red flags that could change

the future of MTAPdel PDAC and vopi's development path even within the context 30

of PRMT5 competitors. As a result, we're increasing vopi's unadjusted global peak 25

sales estimate to ~$2.6B (from ~$1.9B), our POS from 30-40% (1/2L+ PDAC) to 75% 20 15

(1L PDAC), and pipeline POS from 10-20% to 30-50%. 10

The combo's data were limited to pts with at least 14 wks of follow up—but 0

Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26pts not yet efficacy evaluable (n=9 across PDAC/NSCLC) are all ongoing with TNGX