Raymond James analyst Sean McCutcheon upgraded enGene (ENGN) to Strong Buy from Outperform with a price target of $27, up from $23, after the company disclosed an interim update from the pivotal cohort in their Phase 2 LEGEND study, comprised of patients with high-risk BCG unresponsive non-muscle invasive bladder cancer treated with detalimogene. The company included more patients in the analysis than anticipated, which the firm sees having a positive read on the rate of enrollment and on execution, notes the analyst, who did not modify revenue projections but cites “the substantial market opportunity” within NMIBC, particularly at community urology clinics, with efficacy approaching cretostimogene.
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