Tango Therapeutics price target lowered to $8 from $16 at B. Riley

B. Riley lowered the firm’s price target on Tango Therapeutics (TNGX) to $8 from $16 and keeps a Buy rating on the shares. Tango reported highly anticipated results for their Phase I MTA-cooperative PRMT5 inhibitor programs, brain penetrant TNG908 and potentially best-in-class TNG462, and while TNG908 is active but not competitive, TNG908 development will be discontinued, the analyst tells investors in a research note. Tango Therapeutics is in the penalty box, as investors are losing patience and are disappointed to learn TNG908 has limited efficacy in Glioblastoma Multiforme after the trial has been running for 2.5 years, and TNG462 data remains preliminary and incomplete, the firm says, but there are silver linings that give it confidence that there is a turnaround story in play.