enGene (NASDAQ:ENGN) Cut to Hold at Wells Fargo & Company

Key Points

• Wells Fargo downgraded enGene from strong-buy to hold, adding to a broader wave of analyst caution on the stock.
• Several other firms also turned more cautious, including Morgan Stanley (overweight to equal weight), Piper Sandler (overweight to neutral), and Leerink Partners (outperform to market perform). Overall, enGene now carries a Hold consensus with an average target price of $13.41.
• The stock has been under pressure, opening at $1.50 with a market cap of about $100.5 million. Despite that, enGene recently reported quarterly EPS of -$0.44, which beat estimates, and it still has a very strong liquidity position with a current ratio of 11.75.

enGene (NASDAQ:ENGN - Get Free Report) was downgraded by equities researchers at Wells Fargo & Company from a "strong-buy" rating to a "hold" rating in a research note issued on Friday,Zacks.com reports.

Several other equities analysts have also recently issued reports on ENGN. Morgan Stanley cut enGene from an "overweight" rating to an "equal weight" rating in a report on Friday. Piper Sandler cut shares of enGene from an "overweight" rating to a "neutral" rating and cut their target price for the stock from $7.00 to $4.00 in a research report on Friday. HC Wainwright cut their target price on shares of enGene from $25.00 to $6.00 and set a "buy" rating for the company in a research report on Friday. Leerink Partners cut shares of enGene from an "outperform" rating to a "market perform" rating and set a $2.00 target price for the company. in a research report on Friday. Finally, Jefferies Financial Group began coverage on shares of enGene in a research report on Friday, January 30th. They set a "buy" rating and a $28.00 target price for the company. Four research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, enGene has an average rating of "Hold" and a consensus target price of $13.41.

enGene Stock Performance

Shares of ENGN stock opened at $1.50 on Friday. The stock has a fifty day moving average price of $7.60 and a 200 day moving average price of $8.30. The stock has a market cap of $100.49 million, a PE ratio of -0.67 and a beta of -0.02. enGene has a 1 year low of $1.45 and a 1 year high of $12.25. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.75 and a current ratio of 11.75.

enGene (NASDAQ:ENGN - Get Free Report) last issued its quarterly earnings data on Monday, March 9th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.55) by $0.11. Sell-side analysts forecast that enGene will post -2.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On enGene

A number of institutional investors have recently modified their holdings of ENGN. Cresset Asset Management LLC acquired a new position in shares of enGene in the second quarter valued at approximately $36,000. Paloma Partners Management Co acquired a new position in shares of enGene in the second quarter valued at approximately $38,000. Raymond James Financial Inc. raised its position in shares of enGene by 383.6% in the third quarter. Raymond James Financial Inc. now owns 10,000 shares of the company's stock valued at $68,000 after buying an additional 7,932 shares during the last quarter. Hudson Bay Capital Management LP acquired a new position in shares of enGene in the third quarter valued at approximately $76,000. Finally, PFS Partners LLC increased its stake in enGene by 22.2% in the fourth quarter. PFS Partners LLC now owns 11,000 shares of the company's stock valued at $99,000 after purchasing an additional 2,000 shares during the last quarter. Institutional investors and hedge funds own 64.16% of the company's stock.

enGene News Summary

Here are the key news stories impacting enGene this week:

• Positive Sentiment: HC Wainwright kept a buy rating on enGene Holdings Inc. (ENGN), though it lowered its price target to $6.00 from $25.00, implying meaningful upside from the current share price. HC Wainwright lowers price target but keeps buy rating
• Neutral Sentiment: Citizens JMP reaffirmed its market perform rating on enGene Holdings Inc. (ENGN), signaling a neutral stance on the shares. Citizens JMP reaffirms market perform
• Negative Sentiment: Oppenheimer downgraded enGene Holdings Inc. (ENGN) from outperform to market perform, adding to concerns about near-term upside. Oppenheimer downgrades enGene
• Negative Sentiment: Morgan Stanley cut enGene Holdings Inc. (ENGN) from overweight to equal weight, another sign that analysts are becoming less constructive. Morgan Stanley downgrades enGene
• Negative Sentiment: Leerink Partners downgraded enGene Holdings Inc. (ENGN) from outperform to market perform and set a $2.00 price target, reinforcing a cautious outlook. Leerink Partners downgrades enGene
• Negative Sentiment: A shareholder investigation was announced by Johnson Fistel into potential claims involving enGene Holdings Inc. (ENGN), which can add legal overhang and uncertainty for investors. Shareholder investigation announcement

About enGene

enGene Holdings Inc, through its subsidiary enGene, Inc, operates as a clinical-stage biotechnology company that develops genetic medicines through the delivery of therapeutics to mucosal tissues and other organs. Its lead product candidate is EG-70 (detalimogene voraplasmid), which is a non-viral immunotherapy to treat non-muscle invasive bladder cancer patients with carcinoma-in-situ (Cis), who are unresponsive to treatment with Bacillus Calmette-Guérin. The company was founded in 2023 and is based in Saint-Laurent, Canada.

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