Leerink downgraded enGene to Market Perform following LEGEND update

As previously reported, Leerink downgraded enGene (ENGN) to Market Perform from Outperform with a price target of $2, down from $19, following the “disappointing” LEGEND update as key debates around DV shift to whether detalimogene voraplasmid provides an approvable profile and whether the totality of the final dataset can drive uptake in what is becoming an increasingly crowded NMIBC landscape. DV still offers advantages in convenience and practice economics for community urologists, demonstrates manageable tolerability and low progression to muscle-invasive disease, but weaker data in recent patient cohorts and lower-than-expected durability trends undermine Leerink’s confidence in DV’s competitive position.