Tango Therapeutics eases after launching $500 mln share offering

Revolution Medicines

08/06/2026 21:34

** Tango Therapeutics' TNGX.O shares down 3.2% to $29.95 post-market as it looks to raise equity
** TNGX kicks off $500 mln stock offering 
** JP Morgan, Leerink, Cantor Fitzgerald and Stifel joint bookrunners
** TNGX stock soared 53% to close at record high $30.93 on Mon after co's experimental pancreatic cancer drug vopimetostat, in combination with Revolution Medicines' RVMD.O daraxonrasib, showed strong early results in a small study
** TNGX intends to use net offering proceeds for general purposes, including R&D, expenses for pivotal trial and preparation for potential commercialization of one or more of its product candidates, among other purposes, per the prospectus
** Boston, Massachusetts-based TNGX has ~144.6 mln shares outstanding for about $4.5 bln current market cap
** At close, stock up 249% YTD
** 10 of 12 analysts rate the stock "strong buy" or "buy", 2 "hold"; median PT $35, according to LSEG data
     
     

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))