01. enGene Holdings Inc. (NASDAQ:ENGN)
Upside Potential: 385%
Average Analyst Share Price Target: $32.14
Topping our list of ten best Canadian stocks to buy according to wall street analysts is enGene Holdings Inc. (NASDAQ:ENGN). Headquartered in Saint-Laurent, Canada, enGene Holdings Inc. (NASDAQ:ENGN) is a clinical-stage biotechnology company innovating in gene therapies. The company focuses on its proprietary dually derived chitosan (DDX) gene delivery platform, which enables localized, non-viral delivery of gene therapies to mucosal tissues and other organs. enGene Holdings Inc. (NASDAQ:ENGN) presents a remarkable upside potential of 385%, with analysts assigning an average share price target of $32.14. This optimistic outlook is driven by the company’s innovative work in gene therapies, positioning it as a leader in the biopharmaceutical industry.
enGene Holdings Inc. (NASDAQ:ENGN) lead candidate, EG-70, is currently under evaluation in a pivotal study for high-risk non-muscle invasive bladder cancer (NMIBC). In Q2 2024, enGene Holdings Inc. (NASDAQ:ENGN) reported a substantial increase in operating expenses to $17.3 million, compared to $4.7 million in the same period last year. This rise reflects higher research and development costs due to advancing EG-70 and expanded clinical trials. Despite the increased spending, the company’s cash position remains robust, with $264.8 million in cash and equivalents as of April 30, 2024. This financial stability positions enGene Holdings Inc. (NASDAQ:ENGN) well to continue its development efforts into 2027.
The company’s strategic moves include expanding the LEGEND study to include a new cohort for high-risk, BCG-unresponsive papillary-only NMIBC patients, reflecting its commitment to addressing significant unmet needs in bladder cancer. The planned modifications to the study and the anticipated filing of a Biologics License Application (BLA) by mid-2026 underscore enGene Holdings Inc. (NASDAQ:ENGN) potential to influence standard care practices in oncology. The recent $200 million private placement in February 2024 further strengthens enGene Holdings Inc. (NASDAQ:ENGN) financial foundation, supporting its growth strategies and clinical development plans. The company’s innovative approach and significant cash reserves provide a strong basis for long-term growth, making enGene Holdings Inc. (NASDAQ:ENGN) an attractive investment opportunity. With promising clinical prospects and a solid financial base, enGene Holdings Inc. (NASDAQ:ENGN) stands out as a compelling player in the biotechnology sector.
While we acknowledge the potential of ENGN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: $30 Trillion Opportunity: 15 Best Humanoid Robot Stocks to Buy According to Morgan Stanley and Jim Cramer Says NVIDIA ‘Has Become A Wasteland’.
Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.
