Michael Ulz, an analyst from Morgan Stanley, maintained the Hold rating on Rocket Pharmaceuticals. The associated price target remains the same with $7.00.
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Michael Ulz has given his Hold rating due to a combination of factors influencing Rocket Pharmaceuticals’ current position. The company’s recent restructuring and pipeline prioritization have shifted focus towards its cardiovascular gene therapy platform, which includes key programs like RP-A501 for Danon disease. However, the RP-A501 program is currently on clinical hold by the FDA due to safety concerns, which adds uncertainty to its timeline and potential market impact.
Additionally, while Rocket Pharmaceuticals has received regulatory designations for other programs such as RP-A601 and RP-A701, these are still in early stages and require further development. The company’s decision to pause investments in other projects like RP-L102 and RP-L301 reflects a strategic focus on its most promising assets but also highlights the challenges in resource allocation. These factors combined suggest a cautious approach, justifying the Hold rating as the company navigates regulatory hurdles and prioritizes its pipeline.
Ulz covers the Healthcare sector, focusing on stocks such as Rocket Pharmaceuticals, Rhythm Pharmaceuticals, and Sarepta Therapeutics. According to TipRanks, Ulz has an average return of -3.3% and a 40.13% success rate on recommended stocks.
In another report released on July 25, Bank of America Securities also downgraded the stock to a Hold with a $4.00 price target.