Raymond James Initiates Coverage On This Stock With Bullish Pitch On Gene Therapies
Raymond James initiated coverage on Rocket Pharmaceuticals Inc (NASDAQ: RCKT) with an Outperform rating with a $22 price target based on the positive view of RP-L102 and RP-L201 gene therapy programs and LAD-I.
Rocket could file for approval in both programs as early as next year, with potential pre-BLA meetings in 2022.
Despite the known risks, Raymond James thinks experts favor LVV-based gene therapies in rare pediatric diseases.
Related: Rocket Pharma's Gene Therapy Shows 100% Overall Survival In Immune Deficiency Disorder.
Rocket's most significant market opportunity lies with RP-A501 (AAV-based gene therapy) in Danon disease, with a peak adjusted revenue of $1.08 billion.
The analyst assigns a 40% probability of success (PoS), citing early-stage data from only four patients.
Rocket expects to share data from the pediatric cohort 3Q22, and a positive update could improve our confidence.
Rocket's RP-L301 shows promise. The analyst assigns 50% PoS with more data expected in 4Q22.
Price Action: RCKT shares are up 1.24% at $16.35 during the market session on the last check Friday.
Latest Ratings for RCKT
Date | Firm | Action | From | To |
|---|---|---|---|---|
Feb 2022 | SVB Leerink | Maintains | Outperform | |
Dec 2021 | Chardan Capital | Maintains | Buy | |
Aug 2021 | SVB Leerink | Maintains | Outperform |
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