Strong Buy Rating for enGene Driven by Regulatory Advancements and Market Readiness of DetalimogeneValuation and risks to achievement of price target. Our 12-month price target of $25 is based on an equally weighted composite of (a) 32.3/share, as a 20x multiple of taxed and diluted FY34 GAAP EPS of $4.48 discounted at 12%, and (b) an NPV of $18.4/ share (discount rate 12.0%, growth rate 3.0%). The assumptions are in line with the expected P/E multiple and discount rate of an early development-stage biopharmaceutical company. Risks to achieving our price target include the following: 1) Clinical risk.