Reaffirming Buy on enGene: Strengthened LEGEND Phase 2 Data, Robust Cash Runway to 2028, and Path to 2026 BLA for Detalimogene

Guggenheim analyst Michael Schmidt maintained a Buy rating on enGene Holdings yesterday and set a price target of $30.00.Michael Schmidt has given his Buy rating due to a combination of factors that, in his view, support a favorable risk–reward profile for enGene Holdings. He highlights that the latest Phase 2 LEGEND data for the company’s lead therapy, detalimogene, in high‑risk NMIBC with CIS shows a meaningfully higher six‑month complete response rate after protocol refinements, signaling strengthened efficacy versus earlier readouts. Schmidt also notes that upcoming 12‑month response data expected in the second half of 2026 remain the key catalyst, with management targeting outcomes that are competitive with other advanced programs in the same indication. He believes detalimogene could ultimately offer a differentiated and potentially best‑in‑class product profile compared with both approved and late‑stage rival therapies. In addition to the clinical performance, Schmidt emphasizes the company’s strengthened financial position as another reason for the Buy stance. Following the quarter‑end cash balance and a subsequent equity offering, he points out that enGene now has funding visibility extending into the second half of 2028, which he views as sufficient to carry the company through major clinical and regulatory milestones, including the planned BLA submission for detalimogene in 2H26. He also underscores management’s intention to refine the statistical analysis plan with the FDA, potentially excluding certain pre‑amendment patients, which could further clarify and support the efficacy profile in the pivotal dataset. Reflecting these dynamics, Schmidt updates his financial model after the fourth‑quarter results but sees no reason to change his constructive fundamental view, thereby reaffirming his Buy recommendation.In another report released today, Wells Fargo also maintained a Buy rating on the stock with a $25.00 price target.