How will achieving the 100‑patient enrollment milestone in the LEGIT pivotal cohort influence enGene’s short‑term stock momentum and valuation multiples?

Short‑term momentum

Hitting the 100‑patient enrollment mark is a classic “milestone‑completion” catalyst that strips a major source of execution risk from the LEGEND trial. In the biotech‑sector, such news usually triggers an immediate, modest‑to‑strong upside as investors re‑price the reduced near‑term uncertainty. The stock’s daily‑trading volume is likely to surge, and we can expect a bullish technical breakout above the recent resistance around the $2.10‑$2.20 region, with the 20‑day moving average (≈$2.05) now acting as a support level. Momentum‑indicators (RSI still in the 45‑50 range) are not yet overbought, leaving room for a 10‑15 % pop in the next 5‑10 trading days, especially if the news is paired with a upbeat management commentary on trial timelines.

Valuation multiples

From a fundamentals standpoint, the enrollment milestone removes the “patient‑fill‑risk” discount that has suppressed ENGN’s forward‑EV/EBITDA (or EV/Revenue) ratios. Analysts who were previously assigning a heavy risk premium (e.g., a 20‑x revenue‑multiple for a pre‑cash‑flow biotech) may now pivot toward a mid‑20s multiple, reflecting the clearer path toward the pivotal data read‑out (expected Q1 2026). The market will price in a tighter probability‑of‑success (from ~30 % to ~45 % per sector averages) and a shortened timeline to potential regulatory milestones, which justifies a re‑rating of the equity‑risk‑premium and a modest expansion of the price‑to‑book and EV/sales comps relative to peers such as Athersys or CRISPR Therapeutics.

Actionable take‑aways

In short, the 100‑patient enrollment check‑point should ignite short‑term bullishness and compress the discount on valuation multiples until the next major data release. Traders who position on the breakout while maintaining a disciplined stop can capture the upside while staying protected against the inherent long‑run clinical‑trial risk.