enGene price target lowered to $17 from $26 at Leerink

Leerink lowered the firm’s price target on enGene (ENGN) to $17 from $26 and keeps an Outperform rating on the shares after the company announced preliminary data from the pivotal Phase 2 LEGEND study of detalimogene voraplasmid in high-risk, Bacillus Calmette-Guerin-unresponsive non-muscle invasive bladder cancer with carcinoma in situ. The firm reduced penetration in academic medical centers to reflect enGene’s likely competitive position versus CG Oncology (CGON) in “these highly-resourced centers,” and updated its launch timing for a partial year of revenue in 2027. Leerink attributes the selloff today in shares of enGene to durability debates as detalimogene’s complete response at three months is in line with CG, but appears to wane at six months. However, the firm continues to see the end market as large enough to accommodate multiple players and says detalimogene’s practical advantages in community use are substantial.