enGene Holdings (ENGN) has received a new Buy rating, initiated by Morgan Stanley analyst, Jeffrey Hung.
Jeffrey Hung has given his Buy rating due to a combination of factors including the promising early-stage data and the significant market opportunity for enGene Holdings’ lead product candidate, EG-70. The initial Phase 1 results have shown that EG-70 may have comparable efficacy to other products in development for bladder cancer treatment, which is particularly notable given the $4 billion plus market potential. The therapy’s compatibility with current clinical practices in community urology clinics, due to its ease of administration, enhances its commercial viability, giving enGene a competitive edge in the market.
Hung’s positive outlook is further bolstered by the anticipation of milestone data readouts expected in 2024, which could pave the way for a regulatory submission by the first quarter of 2026. The valuation model applied by Morgan Stanley includes a discounted cash flow analysis that projects substantial peak risk-adjusted revenues for EG-70 by 2040. Hung’s analysis incorporates a probability of success in its forecasts, which supports the Overweight rating and $40 price target, indicating a strong conviction in the potential success and profitability of enGene Holdings in the long term.
According to TipRanks, Hung is a 5-star analyst with an average return of 22.3% and a 56.69% success rate. Hung covers the Healthcare sector, focusing on stocks such as ACADIA Pharmaceuticals, Amicus, and Cytokinetics.
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enGene Holdings (ENGN) Company Description:
Forbion European Acquisition Corp is a blank check company.
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