enGene downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Judah Frommer downgraded enGene (ENGN) to Equal Weight from Overweight without a price target after the company announced interim results from the pivotal cohort of LEGEND, evaluating detalimogene in BCG-unresponsive non-muscle invasive bladder cancer with carcinoma in situ. The company came in below expectations, showing material deterioration in response rates durability among evaluable patients, the analyst tells investors in a research note. Morgan Stanley believes the data may impact detalimogene’s potential commercial differentiation. enGene closed Thursday down 81% to $1.72.