Oppenheimer downgraded enGene to Perform from Outperform. The firm views updated interim data from the pivotal LEGEND cohort in BCG-unresponsive NMIBC as disappointing, and while the approval door may remain open, Oppenheimer is less optimistic on detalimogene's ability to compete in this evolving marketplace. The firm believes that enGene is now a "show-me" story for which investor enthusiasm will be limited for the foreseeable future. Oppenheimer expects an update on BLA submission plans in the second half of 2026 following the company's further engagement with FDA.
