Raymond James downgraded enGene (ENGN) to Outperform from Strong Buy with a price target of $4, down from $27, after the company announced interim results from the pivotal cohort of LEGEND, evaluating detalimogene in BCG-unresponsive non-muscle invasive bladder cancer. The firm says the results came in far below expectations and patients enrolled into the study after the last update “dramatically underperformed.” However, Raymond James thinks there is still a chance at approval, as the results fall in line with Adstiladrin.
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