enGene initiated with an Outperform at Leerink

Leerink initiated coverage of enGene with an Outperform rating and $31 price target. The firm believes the lead BCG-unresponsive NMIBC program offers a pathway to differentiation in a large, well-defined indication with a clear regulatory path and opportunity for label expansion towards front-line use. EG-70’s scalable manufacturing, modest COGS, and ease of storage/use hint at commercial advantages vs. competitors, Leerink adds. Beyond EG-70, the firm sees potential BD/licensing of enGene’s DDX delivery technology and further pipeline development as a source of unmodeled upside to its projections.