Why Are EnGene Holdings Shares Trading Lower Friday?
Portfolio Pulse from Vaishali Prayag
EnGene Holdings Inc. (NASDAQ:ENGN) shares are trading lower after reporting a significant increase in net loss for Q2 2024, driven by higher operating expenses. The company also announced strategic developments, including the expansion of its LEGEND study and key leadership hires.
June 14, 2024 | 6:26 pm
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EnGene Holdings reported a net loss of $15.0 million for Q2 2024, significantly higher than the previous year's loss. This was due to increased operating expenses. Despite financial challenges, the company is expanding its LEGEND study and has made key leadership hires.
The significant increase in net loss and higher operating expenses are negative indicators for investors, leading to a drop in share price. However, strategic developments and leadership hires may provide long-term benefits.
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