TNGX - Why Shares of Tango Therapeutics Climbed This Week
2023-09-14 17:55:00 ET
Shares of Tango Therapeutics (NASDAQ: TNGX) were up 16.7% for the week as of Thursday's close, according to data provided by S&P Global Market Intelligence . The clinical-stage biotech company's stock closed at $7.06 last week, then rose as high as $8.53 on Tuesday. The stock is up 13% so far this year.
The CRISPR gene-editing stock kept climbing because the company announced last week that the Food and Drug Administration (FDA) had cleared the company's Investigational New Drug (IND) application for cancer therapy TNG348. The company said it will start a phase 1/2 clinical trial for TNG348 to treat BRCA mutant and other homologous recombination deficient cancers early next year.
The company is beginning to see momentum in terms of its clinical pipeline, with TNG348 the latest therapy to begin early-stage trials. The company also has TNG908 and TNG462 in phase 1/2 trials to treat patients with MTAP-deleted tumors. Tango also has TNG260 in a phase 1/2 trial as a combination therapy with pembrolizumab to treat STK11-mutant cancers.
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Why Shares of Tango Therapeutics Climbed This Week