HC Wainwright Starts Coverage on This Small-Cap Cancer Focused Stock

HC Wainwright Starts Coverage on This Small-Cap Cancer Focused Stock
  • HC Wainwright initiated coverage on Tango Therapeutics Inc TNGX with a Buy rating and a price target of $10 per share. 
  • Tango is a next-generation cancer-focused biotech company primarily focusing on synthetically lethal targets that could address sizable patient populations, including: 
    • MTAP-null solid tumors with TNG908/TNG462.
    • STK11-mutant NSCLC, with TNG260.
    • BRCA-mutant solid tumors, with the company's USP1 inhibitor.
  • The analyst notes that most pipeline assets are slated to enter the clinic in 2023. TNG908 is being evaluated in a Phase 1/2 trial with three dose expansion cohorts.
  • It forecasts that total peak sales of TNG908/TNG462, TNG260, and the company's USP1 inhibitor could reach roughly $5 billion in non-risk adjusted sales by 2030, with the initial launch occurring in the 2026 time frame. 
  • The company could achieve blockbuster annual sales driven by these compounds as early as 2028. The analyst views the company's agents could be priced in the $14K/month range, in line with the pricing observed for other synthetically lethal agents.
  • Price Action: TNGX shares are down 1.15% at $6.90 on the last check Thursday.

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