Judah Frommer, an analyst from Morgan Stanley, maintained the Buy rating on enGene Holdings. The associated price target remains the same with $18.00.
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Judah Frommer has given his Buy rating due to a combination of factors surrounding enGene Holdings’ upcoming data presentation from the pivotal cohort of the Phase 2 LEGEND study. The study focuses on high-risk, BCG-unresponsive non-muscle invasive bladder cancer (NMIBC) with carcinoma in situ (CIS). The anticipated data will be the first to incorporate protocol amendments designed to better align the study with clinical practices and other late-stage trials, potentially enhancing the clinical profile of detalimogene, enGene’s non-viral gene therapy.
Frommer notes that while the number of patients with extended follow-up under the new protocol may be limited, the upcoming readout is expected to provide significant insights into the therapy’s differentiation. Key differentiators include its non-viral delivery, ease of use, simple manufacturing, and favorable safety profile. The analyst anticipates that if the complete response (CR) rates and durability of the therapy are competitive with those of existing treatments, this could lead to a substantial increase in ENGN’s stock value. Specifically, a CR rate closer to 75% and a 6-month CR rate of 55%, combined with compelling safety data, could result in a significant upward movement in the stock price.