SCHEDULE: Deep Track Capital Reduces Stake in enGene Holdings Below 5%

Deep Track Capital and affiliates have reduced their beneficial ownership in enGene Holdings Inc. to 4.37% of common shares.

Summary

• Deep Track Capital, LP, Deep Track Biotechnology Master Fund, Ltd., and David Kroin collectively reported beneficial ownership of 2,239,353 common shares of enGene Holdings Inc.
• This aggregate amount represents 4.37% of the issuer's common shares outstanding.
• The reporting persons share both voting and dispositive power over these shares.
• The ownership percentage is based on 51,191,771 common shares outstanding as of September 10, 2025, as reported in enGene Holdings Inc.'s 10-Q filing on September 11, 2025.
• The filing indicates that the securities were not acquired or held for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to the reduction in beneficial ownership below the 5% threshold, which could be interpreted as a decrease in conviction by a significant investor. However, the continued holding of a substantial stake prevents a strongly negative score.

Positives

• Deep Track Capital, a specialized investment firm, maintains a significant stake in enGene Holdings Inc., indicating continued investment interest.

Negatives

• The beneficial ownership percentage has decreased to 4.37%, falling below the 5% threshold, which suggests a reduction in the reporting persons' stake in enGene Holdings Inc.

Risks

• A reduction in a significant institutional investor's stake could be perceived negatively by the market, potentially impacting investor confidence and share price.
• The filing does not provide reasons for the reduction in ownership, which could lead to speculation regarding the investor's outlook on the company.

Future Outlook

The filing does not contain any forward-looking statements or guidance from enGene Holdings Inc. or the reporting persons regarding the issuer's future performance.

Industry Context

This filing reflects a change in the investment position of a specialized biotechnology fund in enGene Holdings Inc., a company operating within the biotechnology sector. Such adjustments by institutional investors are common and can be influenced by various factors including portfolio rebalancing, changes in market outlook, or specific company developments. The reduction below 5% means Deep Track Capital is no longer required to file future amendments unless their stake again crosses the 5% threshold.

Stakeholder Impact

• Shareholders: The reduction in a significant institutional investor's stake may lead to concerns about the company's future prospects or valuation, potentially influencing trading decisions.
• Investment Community: Analysts and other investors will note the change in Deep Track Capital's position, which could affect their perception and valuation models for enGene Holdings Inc.

Key Dates

Recommendation

The filing indicates a reduction in a significant institutional investor's stake, falling below the 5% threshold. While this suggests a potential decrease in conviction or portfolio rebalancing by Deep Track Capital, the filing itself does not provide sufficient operational or financial details to warrant a 'buy' or 'sell' recommendation. Investors should 'hold' and await further company-specific news or financial reports to assess the underlying reasons for this change and its potential impact on the company's fundamentals.

Keywords

enGene Holdings Inc., Deep Track Capital, Schedule 13G, Beneficial Ownership, Common Shares, Institutional Investor, Biotechnology, Investment Fund