Michael Ulz, an analyst from Morgan Stanley, maintained the Hold rating on Rocket Pharmaceuticals (RCKT – Research Report). The associated price target remains the same with $7.00.
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Michael Ulz’s rating is based on a combination of factors surrounding Rocket Pharmaceuticals’ recent developments and ongoing challenges. The company has received FDA clearance for its IND application for RP-A701, a gene therapy aimed at treating BAG3-associated Dilated Cardiomyopathy, which is a positive step in expanding its pipeline. However, the focus remains on RP-A501 for Danon disease, which is currently on clinical hold due to a patient death, presenting significant uncertainty.
While the progress with RP-A701 is encouraging, the clinical hold on RP-A501 poses a risk that tempers enthusiasm. The market’s attention is likely to stay on resolving the issues with RP-A501, which could impact the company’s near-term performance. As such, Michael Ulz has decided on a Hold rating, reflecting a cautious stance until further clarity is achieved in these critical areas.
Based on the recent corporate insider activity of 39 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.