Tango Therapeutics stock plunges amid Amgen PRMT5 drug data (update)
jittawit.21
(Updates to add IDEAYA's drug candidate IDE397.)
Shares of Tango Therapeutics (NASDAQ:TNGX) plunged as much as 34% early Friday amid a presentation of early-stage data for Amgenâs oncology drug candidate AMG193, which belongs to the same drug class as two Tango drug candidates.
Tango shares were down 16% at $6.54 at around 11:15 a.m. ET after hitting a low of $5.15 earlier in the session. The company didnât appear to release any news or make any SEC filings Friday.
Researchers presented Phase 1 data for AMG193 at a meeting of the American Association for Cancer Research. The data showed that of 31 patients who were administered AMG193, five experienced a partial response. AMG193 belongs to a promising class of cancer therapies known as PRMT5 inhibitors.
Tango has two PRMT5 inhibitors in development, TNG908 and TNG462. Both are in Phase 1/2 development, according to its website.
PRMT5 drugs made the news earlier this week when Bristol Myers (BMY) cited Miratiâs (MRTX) PRMT5 drug MRTX1719 as a key reason for it being willing to pay up to $5.8B for the biotech company.
Amgen shares were down 1% while Miratiâs were down fractionally in late morning trading Friday.
Shares of IDEAYA Biosciences (NASDAQ:IDYA) also appeared to be impacted by Amgen's data release, with shares falling 8% in morning trading. IDEAYA's has a MAT2A drug candidate called IDE397 that is being tested in combination with AMG193.

More on Tango Therapeutics

Tango Stock Surges On Peer Data Merits Excitement And Perspective
Tango Therapeutics: Partial Phase 1 Data Has Not Helped
Seeking Alphaâs Quant Rating on Tango Therapeutics
Historical earnings data for Tango Therapeutics
Financial information for Tango Therapeutics