Jefferies has initiated coverage of Engene Holdings Inc. (NASDAQ: ENGN) with a Buy recommendation and a price target of $28.00, a level the firm says implies approximately 173% upside from the stock's current trading price of $10.27.
Central to Jefferies' view is Engene's pivotal study in high-risk non-muscle invasive bladder cancer (HR-NMIBC), where the company expects a material update in the second half of 2026. The research note emphasizes that interim results published to date compare favorably with rival programs such as TAR'200 and cretostimogene. Jefferies points to what it characterizes as a "practice-friendly profile" as a differentiator for Engene's detalimogene approach.
Financial stability while advancing clinical work is another element highlighted in the initiation. Data tracked by InvestingPro indicate Engene carries a current ratio of 6.3, a metric Jefferies and others view as supportive of the company's ability to fund near-term program activities.
Clinical and regulatory developments
Engene has reported several developments tied to its bladder cancer program. The company's therapy, detalimogene voraplasmid, was selected by the U.S. Food and Drug Administration for the Chemistry, Manufacturing, and Controls (CMC) Development and Readiness Pilot Program, a designation that could support manufacturing preparedness. Separately, data from Engene's pivotal Phase 2 LEGEND trial showed a 62% complete response rate at six months among patients with high-risk, BCG-unresponsive non-muscle invasive bladder cancer. The LEGEND study completed enrollment with 125 patients, exceeding its initial target.
Jefferies notes that while the BCG-unresponsive HR-NMIBC treatment landscape appears crowded, Engene's program may differentiate and could have potential to expand its commercial opportunity into BCG-naive and papillary-only indications, according to the firm's initiation report.
Market and analyst context
In its initiation, Jefferies characterizes Engene as undervalued and writes the stock is "trading substantially below key peer." That stance aligns with the consensus reflected in InvestingPro, which aggregates analyst views and lists an overall Strong Buy consensus (1.5) with price targets ranging from $10 to $33.
Engene's share price has shown notable momentum, with a 193% total return over the past six months. The stock's reported beta of -0.28 suggests it has moved counter to broader market trends in recent periods.
Other analyst activity noted around Engene includes Citizens reiterating a Market Outperform rating with a $21 price target following the company's full-year 2025 results, and H.C. Wainwright maintaining a Buy rating with a $25 price target, both citing progress in the company's bladder cancer program.
What this means for stakeholders
Jefferies' initiation frames Engene as a biotech name where clinical trajectory, regulatory engagement, and manufacturing readiness are driving investor interest. The combination of positive interim trial data, a favorable current ratio, and recognition from regulatory pilot programs underpins the analyst's bullish outlook, while the broader sell-side community displays generally positive sentiment with a range of price targets.