Key Takeaways
- Tango Therapeutics shares fell 13% today after new data showed an 82% response rate for its drug vopimetostat combined with Revolution Medicines’ daraxonrasib in 22 pancreatic cancer patients.
- The update mostly confirmed results Tango first reported in June, so investors got little new to buy on.
- The response rate came in below June’s reported 92%, and Tango’s front-line Phase 3 isn’t set to start until the first half of 2027.
- Tango had $1.0 billion of cash and short-term investments at the end of June. Its FDA talks about a faster approval in second-line patients are the next thing to watch.
Tango Therapeutics (TNGX) sank 13% this morning on pancreatic cancer data that its own CEO calls the best the field has published.
Investors had seen most of it before.
What exactly happened
Before the open, Tango released updated Phase 1/2 results for vopimetostat plus daraxonrasib, the FDA-approved pancreatic cancer drug from Revolution Medicines (RVMD). The update covers 22 patients whose pancreatic tumors lack the MTAP gene, 13 of them on their third line of treatment:
- 82% responded (18 of 22)
- 88% were progression-free at nine months (median not yet reached)
CEO Malte Peters said June’s early results have “been confirmed with longer follow-up and in a larger patient population,” and that the combination’s response rate and durability “surpass any published PDAC datasets, even in front-line settings.”
After talks with the FDA, Tango plans to start a 484-patient front-line Phase 3 against chemotherapy in the first half of 2027. Tango puts that front-line group at about 20,000 Americans a year.
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Investors already had the good news
In June, Tango’s first look showed a 92% response rate in 12 patients and 90% of patients progression-free at six months. That same week it raised $600 million at $30 a share. Over the past year, analysts’ average price target has nearly quadrupled, to almost $45…
An update that confirms June gives the Street little reason to go higher. Plus, the response rate slipped from 92% to 82% as the group nearly doubled. Shares now trade below the price Tango sold stock at in June.
The fine print has blemishes too. The higher 250 mg dose wasn’t well tolerated, 40% of patients on the chosen 200 mg dose had a Grade 3 side effect, and Tango still has to secure enough daraxonrasib from Revolution Medicines for the Phase 3.
What’s next
Tango has the money to get there: $1.0 billion of cash and short-term investments at the end of June, up from $380 million in March…
That’s a big cushion against 2025’s quarterly cash burn of $30 million to $42 million, though a 484-patient global trial will spend money faster.
My take: the data held up, and today’s drop looks like profit-taking after June’s run. The real proof is the Phase 3, which doesn’t start until the first half of 2027. Until then, watch Tango’s FDA talks about a faster second-line approval.
Of course, 22 patients is a small group, and only a randomized trial against chemo will show whether these numbers hold.
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