Rocket Pharmaceuticals (RCKT – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Andrew Tsai from Jefferies maintained a Buy rating on the stock and has a $29.00 price target.
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Andrew Tsai has given his Buy rating due to a combination of factors that highlight Rocket Pharmaceuticals’ potential despite recent setbacks. Tsai acknowledges the challenges faced by the company, particularly the clinical hold placed by the FDA on their pivotal Phase II study for Danon disease following a serious adverse event. However, he sees opportunities in the company’s strategic adjustments and ongoing collaboration with regulatory bodies to address these issues.
Tsai also notes the significance of Rocket Pharmaceuticals’ cash position, which is projected to sustain operations into 2027, providing a financial cushion as they navigate these hurdles. Additionally, the potential receipt of priority review vouchers from upcoming US approvals could offer non-dilutive capital, further supporting the company’s financial health. Despite the current uncertainties, Tsai believes that the company’s efforts to optimize its AAV platform and pipeline value could lead to substantial long-term growth, justifying the Buy rating.
In another report released today, Chardan Capital also maintained a Buy rating on the stock with a $17.00 price target.
RCKT’s price has also changed dramatically for the past six months – from $14.200 to $2.330, which is a -83.59% drop .
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