What happened
Shares of Tango Therapeutics (TNGX 1.50%) were up more than 91% 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 last week at $3.40 and reached a 52-week high of $9.39 on Wednesday.
So what
The company, which focuses on precision oncology therapies, reported second-quarter earnings on Monday. Tango focused on the progress it is making with early-stage pipeline candidates. The company said it had begun dosing in two phase 1/2 trials, including TNG462 to treat MTAP-deleted tumors and TNG620 as a combination therapy with pembrolizumab to treat STK11-mutant solid tumors. Tango also is looking at TNG908 in a phase 1/2 trial to treat MTAP-deleted cancers and expects additional data from the trial next year.
According to Tango, 10% to 15% of all human cancers are associated with the deletion of the MTAP enzyme.
The company also said it expected to have an Investigational New Drug filing for breast cancer and ovarian cancer therapy TNG348 soon.
Tango also reported improved financials. It said it had quarterly revenue of $14.6 million, up 153% year over year. It also said it had a net loss of $20.7 million, or $0.23 in earnings per share (EPS) loss, compared to a net loss of $24.9 million, or a loss of $0.28 in EPS, in the same period in 2022.
Now what
On Thursday, the company said it had entered into a private stock placement, selling 15 million shares in a deal worth $80 million. As a private placement, it isn't dilutive to the stock. The jump up is huge this week and will likely be lowered as some investors look to take profits.
