Shares of Tango Therapeutics (TNGX) surged more than 51% on Monday after the clinical-stage biotechnology company reported encouraging early-stage trial results for its experimental cancer treatment, vopimetostat.
The drug was tested in combination with Revolution Medicines’ daraxonrasib.
The sharp rally pushed the stock toward a record closing high and marked one of its strongest single-day performances in more than a year, as investors responded positively to data that suggested the drug combination could offer a promising new treatment option for pancreatic cancer, one of the deadliest forms of the disease.
The latest results come from an ongoing Phase 1/2 study evaluating vopimetostat alongside daraxonrasib and zoldonrasib in patients with advanced MTAP-deleted and RAS-mutant metastatic pancreatic ductal adenocarcinoma, as well as non-small cell lung cancer.
Pancreatic cancer data exceeds expectations
According to the company, the combination of vopimetostat and daraxonrasib produced a 92% objective response rate in pancreatic cancer patients, meaning tumors shrank or disappeared in 11 out of 12 evaluable participants.
The study also showed a 90% progression-free survival rate after six months and 100% disease control, indicating that nearly all patients experienced either tumor reduction or disease stabilization.
The combination demonstrated additional promise in a small group of non-small cell lung cancer patients, where the company reported a 100% response rate.
A separate treatment arm combining vopimetostat with zoldonrasib generated a 52% objective response rate, a 74% six-month progression-free survival rate, and a 96% disease control rate in pancreatic cancer patients.
Importantly, the company said the treatment combinations were generally well tolerated, with few major side effects reported and no treatment-related Grade 4 or Grade 5 adverse events observed.
“The results from our ongoing combination trial dramatically exceeded our expectations,” Tango Therapeutics CEO Malte Peters said on a conference call Monday.
Peters added that Tango’s “primary focus is now to bring forward” the vopimetostat and daraxonrasib combination “approach in pancreatic cancer.”
The company said the findings support advancing the combination into a larger Phase 3 study as a potential first-line, chemotherapy-free treatment for newly diagnosed pancreatic cancer patients by the end of 2026.
Analysts turn more optimistic
Wall Street analysts responded positively to the data, with several firms raising price targets and reiterating bullish ratings.
Wolfe Research upgraded Tango Therapeutics to “Outperform” from “Peer Perform” and assigned a $35 price target. Analyst Kalpit Patel described the findings as “groundbreaking with no major red flags.”
The firm also increased its estimate for vopimetostat’s unadjusted global peak sales potential to approximately $2.6 billion from $1.9 billion while raising its probability of success.
Mizuho analyst Joseph Catanzaro also maintained an “Outperform” rating and increased his price target to $36 from $30.
Catanzaro said the data “starts to tell a potentially very compelling signal of improved long-term outcomes.”
B. Riley Securities analyst Yuan Zhi also raised his price target to $35 from $21 while maintaining a Buy rating.
Zhi described the 92% objective response rate from the vopimetostat and daraxonrasib combination as “unprecedented.”
He added that the early results leave Tango Therapeutics “undervalued at current levels.”
Focus shifts to late-stage development
While the study remains relatively small and does not include a comparison group, Monday’s update adds to growing industry enthusiasm surrounding daraxonrasib and the broader effort to improve outcomes for pancreatic cancer patients.
Tango also highlighted additional pipeline opportunities, with Peters noting that future data releases involving vopimetostat as a standalone treatment in lung cancer and its TNG456 therapy in glioblastoma represent “significant long-term opportunity” for the company.
The latest findings have strengthened investor confidence that vopimetostat could evolve into a late-stage pancreatic cancer program, particularly as the company prepares for larger clinical trials.
Overall, analysts appear broadly optimistic about Tango’s prospects.
According to FactSet data cited in reports, the company currently carries an average Buy rating among Wall Street firms, with an average price target of approximately $35.09.
As the company moves toward Phase 3 testing, investors will be watching closely to see whether the promising early data can be replicated in larger studies.
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