May. 14 at 8:27 PM
Mizuho⬆️
$TNGX's PT to
$30 and⬆️1L PDAC PoS to 75% while reiterating at an Outperform rating and saying: TNGX reported 1Q26 EPS and provided a pipeline update.
$RVMD $IMRX ERAS BBOT
Mizuho added—While all previously guided 2026 clinical updates (vopi-RAS(ON) combos, vopi in NSCLC and TNG456 in GBM) remain on track, TNGX noting that the registrational strategy for vopimetostat is under review (previously expected to start Phase III 2L PDAC trial).
This decision was driven in part by the emerging RAS(ON) combo data, increased conviction in a path to 1L PDAC and a determination that capital allocation to this opportunity would be most impactful.
We continue to believe vopi+RAS(ON) are positioned to demonstrate clinically meaningful additive benefit and are taking up our 1L PDAC POS (50%-->75%) on the basis of full RAS(ON) validation (via daraxonraib's RASolute 302).
Reiterate Outperform with PT to
$30 from
$20, driven entirely by increased 1L PDAC risk-adjusted revenue assumptions.
