Mani Foroohar, an analyst from Leerink Partners, maintained the Buy rating on enGene Holdings (ENGN – Research Report). The associated price target was raised to $31.00.
Mani Foroohar has given his Buy rating due to a combination of factors related to enGene Holdings’ competitive positioning and the potential of its leading product candidate, EG-70. Foroohar notes that following program updates at the American Urological Association’s annual meeting, EG-70 demonstrated comparable Phase 1 efficacy and safety to its competitor’s Phase 3 data. Furthermore, Foroohar believes that EG-70’s design is likely to facilitate greater adoption in community settings, giving it an advantage over similar products from competitors.
The anticipation of interim Phase 2 LEGEND efficacy data, which is expected to be significantly de-risking, also contributes to the positive outlook. Despite facing competition from products with earlier market entry, Foroohar doesn’t see the necessity for EG-70 to demonstrate superior efficacy to be commercially successful. He suggests that there could be a shift in payer preference towards EG-70, if approved, due to potential pricing advantages and market dynamics, which adds further upside to enGene Holdings’ prospects and justifies the Buy rating.
According to TipRanks, Foroohar is an analyst with an average return of -7.3% and a 38.08% success rate. Foroohar covers the Healthcare sector, focusing on stocks such as Mirum Pharmaceuticals, Alnylam Pharma, and Moderna.
In another report released on April 22, Wells Fargo also initiated coverage with a Buy rating on the stock with a $30.00 price target.
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enGene Holdings (ENGN) Company Description:
Forbion European Acquisition Corp is a blank check company.
