Morgan Stanley cuts Engene stock rating on reduced sales outlook
Morgan Stanley has downgraded Engene Holdings Inc. (NASDAQ:ENGN) to Underweight from Equalweight, reducing its sales outlook for the company's detalimogene treatment due to decreased confidence in commercial prospects. The firm adjusted its price range to $1-$3, reflecting concerns about efficacy and market penetration, despite InvestingPro suggesting potential undervaluation. This follows similar downgrades from other analysts like H.C. Wainwright, Citizens, Raymond James, Piper Sandler, and Oppenheimer, all citing disappointing interim clinical trial data.
https://www.investing.com/news/analyst-ratings/morgan-stanley-cuts-engene-stock-rating-on-reduced-sales-outlook-93CH-4749067