enGene downgraded to Neutral from Buy at Guggenheim

Guggenheim yesterday downgraded enGene (ENGN) to Neutral from Buy 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. The data show a “surprising decline” in efficacy in the fully enrolled study relative to a prior interim analysis in Q4 of 2025, the analyst tells investors in a research note. The firm says much of the decline was driven by more recently enrolled patients, with the net result suggesting the previously touted protocol amendments had fairly marginal impact on efficacy outcomes. Guggenheim sees risk that the data could further degrade at the final analysis.