Tango Therapeutics surges after Guggenheim raises PT on upbeat rival drug data

Mirati Therapeutics

09/08/2023 18:40

** Shares of cancer drug developer Tango Therapeutics Inc
 TNGX.O  up 86.2% at $7.1, hitting over 15-month high
     ** Guggenheim raises PT to $16 from $12 after cancer drug
from rival Mirati Therapeutics  MRTX.O  showed early signs of
efficacy in an early-stage study
     ** Positive data for MRTX's candidate provides "external
clinical validation" to TNGX's drug candidates which belong to
the same class -brokerage 
    ** Both therapies target cancers where patients lack a type
of tumor suppressor gene called MTAP
    ** Volumes hit record high with more than 54.2 mln shares
traded vs their 25-day moving avg of 155,804 shares
    ** Including session gains, TNGX down 6.2% YTD

 (Reporting by Vedant Vinayak Vichare and Mariam Sunny in
Bengaluru)
 ((vedant.vinayakvichare@thomsonreuters.com))