In a report released yesterday, Michael Ulz from Morgan Stanley reiterated a Buy rating on Rocket Pharmaceuticals (RCKT – Research Report), with a price target of $42.00.
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Michael Ulz has given his Buy rating due to a combination of factors that highlight the promising potential of Rocket Pharmaceuticals’ RP-A601 treatment. The initial data from the Phase 1 study for plakophilin-2 related arrhythmogenic cardiomyopathy (PKP2-ACM) showed encouraging results, with localized protein expression translating into early clinical benefits. These benefits were observed across multiple measures, including improvements in arrhythmia burden, heart function, and quality of life, while maintaining a well-tolerated safety profile.
Furthermore, management’s decision to advance RP-A601 into a pivotal study at the initial dose underscores the confidence in the treatment’s efficacy. The observed increase in PKP2 protein expression and its successful cardiac transduction suggest a durable and functional protein presence, which is crucial for treating this heterogeneous disease. These promising developments, combined with the absence of dose-limiting toxicities, support the positive outlook and justify the Buy rating for Rocket Pharmaceuticals.
Based on the recent corporate insider activity of 37 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of RCKT in relation to earlier this year.