Mizuho has formally initiated coverage of Tango Therapeutics Inc. (NASDAQ:TNGX), assigning the stock an outperform rating and establishing a $19.00 price target. At the time of the note the company’s shares were trading at $12.20, which Mizuho says implies meaningful upside to its valuation.
Data from InvestingPro cited by the research indicates the stock has returned 417% over the past 12 months, although the platform’s Fair Value analysis flags the shares as potentially overvalued at current levels.
Central to Mizuho’s thesis is vopimetostat, described in the note as an MTA-cooperative PRMT5 inhibitor with the potential to be both a first-in-class and best-in-class asset. The firm highlights the drug’s development as a monotherapy and in combination with RAS(ON) inhibitors, targeting MTAP-deleted tumors in PDAC and NSCLC.
Mizuho expects further clinical updates in 2026 that should clarify vopimetostat’s monotherapy efficacy and provide early signals as to whether the RAS(ON) inhibitor combinations deliver additive benefit. The research team states the incremental efficacy required for vopimetostat to show clinically meaningful additive responses relative to RAS(ON) monotherapy is readily achievable, with particular emphasis on second-line and later PDAC settings.
Looking to positioning, Mizuho anticipates the combinations could be advanced as novel frontline strategies should the clinical program support such use. Based on its model, the firm projects $1.8 billion in risk-adjusted worldwide sales for vopimetostat by 2035.
From a stock performance perspective, Mizuho expects positive Phase I readouts in 2026 to act as a material catalyst that could drive significant outperformance versus the broader market and peer group, contingent on the data aligning with the firm’s efficacy expectations.
The research note also references available proprietary analysis on the program through a comprehensive Pro Research Report on InvestingPro, which the firm says converts complex datasets into actionable research for investors.
Other recent analyst and corporate developments were noted alongside Mizuho’s initiation. Stifel has reaffirmed a Buy rating and a $15.00 price target after updates related to Tango’s strategic priorities and the dosing of patients in the vopimetostat plus RAS(ON) inhibitor combination study. The firm’s stance reflects continued confidence in the pipeline, including vopimetostat’s positioning as a potential best-in-class PRMT5 inhibitor.
On the corporate governance front, Tango announced a leadership transition. Malte Peters will assume the role of President and Chief Executive Officer, while founding CEO Barbara Weber will move to Executive Chair for 2026. The company also appointed Sung Lee to its board of directors; Lee is cited as bringing more than two decades of finance leadership and currently serves as Executive Vice President and Chief Financial Officer at Cytokinetics.
These recent analyst assessments and management changes underscore an active period for the company as it advances its lead program and retools its leadership structure ahead of anticipated clinical milestones in 2026.