enGene: Strong LEGEND Data, Regulatory Tailwinds, and Solid Cash Runway Support Buy Rating and $19 Target

Judah Frommer, an analyst from Morgan Stanley, maintained the Buy rating on enGene Holdings. The associated price target was raised to $19.00.

Judah Frommer has given his Buy rating due to a combination of factors tied to enGene’s lead program and financial position. He views detalimogene as a compelling asset in BCG‑unresponsive NMIBC with carcinoma in situ, noting that recent pivotal LEGEND cohort data highlight a strong balance of efficacy and safety under a trial design that better mirrors real‑world practice. The company’s selection into the FDA’s CDRP initiative is seen as an added vote of confidence in its manufacturing and regulatory readiness, reinforcing the potential for successful development and review. In Frommer’s view, these elements leave enGene well situated to serve a meaningful unmet need, especially among community urology practices.

Frommer also points to a series of tangible upcoming milestones that can drive value, including a pivotal cohort update from LEGEND in the second half of 2026 and the company’s plan to use those data to underpin a BLA submission in the same timeframe, following alignment with the FDA on the statistical analysis approach. On the financial side, he notes that enGene has strengthened its balance sheet, with cash on hand plus proceeds from a recent financing expected to fund operations into the second half of 2028, lowering near‑term financing risk. Reflecting updated fourth‑quarter results in his model, he reiterates a $19 price target based on a discounted cash flow framework, which implies meaningful upside from the current share price and supports his Buy recommendation.