Jul. 17 at 1:05 PM
Mizuho⬆️
$TNGX's PT to
$40 and reiterated Outperform.
$IMRX ERAS BBOT ANL VSTM
Mizuho said -- Following the recently presented data for
$RVMD's (Outperform, PT
$215,) daraxonrasib + zoldonrasib in 2L+ PDAC that we believe underscores the unprecedented synergy being observed with darax + TNGX's vopimetostat, along with recent positive KOL feedback, we take our PT to
$40 from
$36 as we incrementally take up peak 1L PDAC penetration.
More details below but
(1) PFS comps (see figure below) point to best-in-indication durability;
(2) significant appeal for an oral-oral combo and chemo sparing for PDAC patients and
(3) the speculation that the combination could have utility outside its primary MTAP-del population.
Overall, we see updates expected in 2H26 as providing clear opportunity to gain greater conviction around vopi/darax's 1L PDAC positioning and the potential for extended durations of treatment.
