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enGene Holdings Inc. (NASDAQ:ENGN), a biotechnology company with a market capitalization of $171 million, announced on Monday the approval of its 2025 Employee Stock Purchase Plan (ESPP) during the Annual General Meeting held on the same day. The company’s stock, currently trading at $3.21, has seen a significant decline of about 58% over the past six months. According to InvestingPro analysis, the stock appears undervalued at current levels. The ESPP allows eligible employees to acquire shares of the company, aiming to align the interests of the employees with those of the shareholders.
The newly approved ESPP has reserved 2,000,000 common shares for issuance to participating employees. These shares will come from the company’s authorized but unissued common stock. The plan is designed to comply with Section 423 of the Internal Revenue Code, which offers tax advantages to participants. InvestingPro data shows the company maintains a strong current ratio of 17.16 and a conservative debt-to-equity ratio of 0.1, indicating solid financial flexibility. Any shares that are not issued for any reason, including cancellation or forfeiture, will be available for future offerings under the ESPP.
In addition to the ESPP, the Annual Meeting addressed the election of directors and the appointment and remuneration of the company’s auditor. A significant majority of the votes were in favor of re-electing the current directors, Gerald Brunk and Dr. Richard Glickman, and the auditor’s appointment was also overwhelmingly approved.
The meeting saw a strong turnout, with approximately 74.60% of the outstanding shares represented. The record date for the meeting was April 29, 2025.
The full text of the ESPP and further details can be found in Exhibit 10.1 of the Current Report on Form 8-K, as filed with the Securities and Exchange Commission. Analysts maintain a bullish outlook on enGene, with consensus recommendations leaning strongly toward "Buy." For deeper insights into enGene’s valuation and growth potential, including exclusive ProTips and detailed financial analysis, check out InvestingPro. This information is based on a press release statement.
In other recent news, enGene Holdings Inc. has announced the resignation of its Chief Medical (TASE:BLWV) Officer, Dr. Raj Pruthi, effective June 16, 2025. The company is ensuring a smooth transition of his duties to maintain continuity in its strategic and operational activities. Additionally, enGene has appointed Amy Pott as the Chief Global Commercialization Officer, a newly created position, to lead the commercialization efforts for its products. This includes the anticipated launch of detalimogene voraplasmid, which is currently under evaluation in the LEGEND Phase 2 study for non-muscle invasive bladder cancer (NMIBC).
The investigational medicine has received Fast Track designation from the FDA due to its potential to address unmet medical needs in patients with BCG-unresponsive carcinoma in situ. In terms of analyst perspectives, Citizens JMP has reiterated a Market Outperform rating with an $18 price target, while H.C. Wainwright maintained a Buy rating with a $25 price target for enGene. Analysts from both firms highlighted the significance of the upcoming data from the LEGEND study’s pivotal cohort, expected in the second half of 2025.
The study has shown encouraging early results, with a 71% complete response rate at any time and a 47% rate at six months. These developments are closely watched as they could significantly impact enGene’s position in the NMIBC treatment market. The company plans to submit a Biologics License Application to the FDA in 2026 following the completion of the pivotal cohort of the LEGEND trial.
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