What happened
Shares of Tango Therapeutics (TNGX 1.50%) 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.
So what
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.
Now what
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.
Like any clinical-stage company, there's plenty of risk to go with the upside for Tango. The company doesn't have any product revenue yet, but as of the second quarter, it said it had $9.6 million in collaboration revenue, up from $5.7 million in the same period last year. It also reported $310.7 million in cash, enough, it said, to fund operations into 2026, and that was before a $80 million private stock sale.
It's worth noting that the company is also seen as a potential buyout candidate, another reason to buy and hold the stock despite its risks.
