TNGX Stock Crashes 20% After Reporting $0 Revenue In Q1 — But Analysts Still See Massive Upside

• Leerink said recent stock weakness tied to a competitor downgrade and board departures has created a buying opportunity ahead of key pancreatic cancer data expected later this year.
• Mizuho raised its price target for TNGX to $30 from $20 and maintained an ‘Outperform’ rating, citing stronger front-line pancreatic cancer revenue expectations.
• Wedbush raised its price target on Tango Therapeutics to $33 from $19 and maintained an ‘Outperform’ rating, citing recent financing activity and progress in vopimetostat development.

Shares of Tango Therapeutics Inc. (TNGX) lost more than a fifth of their value on Friday after the company reported revenue of $0 in the first quarter, missing Wall Street expectations.

Despite the first-quarter (Q1) miss, analysts at Leerink nearly doubled their price target for TNGX stock on Friday, according to TheFly.

At the time of writing, Tango Therapeutics shares were headed for their worst single-day fall in more than 19 months.

Leerink, Mizuho, Wedbush Turn Bullish On TNGX

Leerink raised its price target on Tango Therapeutics to $55 from $28, implying an upside potential of 184% from current levels, while maintaining its ‘Outperform’ rating after the company’s Q1 results and pipeline update.

The firm said recent stock weakness tied to a competitor downgrade and board departures has created a buying opportunity ahead of key pancreatic cancer data expected later this year.

Leerink also backed Tango’s decision to prioritize first-line pancreatic cancer studies combining vopimetostat with RAS(ON) inhibitors over a standalone second-line trial.

Analysts at Mizuho raised their price target on Tango Therapeutics to $30 from $20, while keeping an ‘Outperform’ rating. The firm cited increased front-line pancreatic ductal adenocarcinoma revenue assumptions for the target boost.

Wedbush raised its price target on Tango Therapeutics to $33 from $19 and maintained an ‘Outperform’ rating. The analysts cited the company’s recent financing activity and progress in the development of vopimetostat.

However, analysts at Piper Sandler downgraded TNGX stock to ‘Neutral’ from ‘Overweight’, but hiked the price target to $24 from $16. The firm stated that it has become less confident in vopimetostat following the company’s shift away from its previously disclosed monotherapy strategy.

TNGX Q1 At A Glance

Tango Therapeutics reported adjusted loss per share of $0.32 in Q1, compared to a loss of $0.36 per share during the same period a year ago. Revenue was nil for the quarter, compared with $5.4 million in the year-ago period.

Wall Street expected Tango Therapeutics to report a loss of $0.31 per share on revenue of $0.58 million, according to Fiscal.ai data.

The company stated that it had recognized all remaining deferred revenue tied to upfront and research option-extension payments under its Gilead collaboration in fiscal year 2025, after the agreement was terminated and all research activities had concluded.

TNGX Provides Update On Upcoming Milestones

The company expects to report initial Phase 1/2 safety and efficacy data in 2026 for vopimetostat combination trials with daraxonrasib and Revolution Medicines’ zoldonrasib.

It also plans to provide a lung cancer update from its vopimetostat monotherapy study this year, along with the release of early Phase 1/2 data from the TNG456 monotherapy trial this year.

Additionally, the company aims to begin a Phase 1/2 combination study of vopimetostat and Erasca’s ERAS-0015 in the second half of 2026.

How Did Retail Traders React To TNGX?

Retail sentiment on Stocktwits around Tango Therapeutics trended in the ‘bullish’ territory with message volumes at ‘high’ levels at the time of writing.

TNGX stock is up 120% year-to-date and 1,182% over the past 12 months. The iShares Russell 2000 ETF (IWM) is up 34% over the past 12 months, while the S&P Biotech ETF (XBI) is up 68%.

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