enGene downgraded to Neutral from Buy at UBS

UBS downgraded enGene (ENGN) to Neutral from Buy with a price target of $7, down from $34, after assuming coverage of the name. enGene’s lead program, detalimogene, previously demonstrated lower efficacy in BCG-unresponsive high risk non-muscle invasive bladder cancer vs. competitor CG Oncology’s (CGON) creto and Johnson & Johnson’s (JNJ) TAR-200 in a Phase 2 pivotal trial, and while the protocol change could improve deta’s efficacy, the efficacy would likely be similar to creto’s BOND-003 data, the analyst tells investors in a research note. The firm sees data updates in the second half of 2025 as largely incremental with limited upside.