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 surrounding the recent developments in Rocket Pharmaceuticals’ pivotal Phase 2 trial for RP-A501, a gene therapy for Danon disease. The FDA’s decision to lift the clinical hold on the trial, which was initially imposed due to a serious adverse event, is seen as a positive step. However, the trial will now proceed with a recalibrated, lower dose and an adjusted immune suppression regimen, which introduces a level of uncertainty regarding the therapy’s efficacy and safety.
While the rapid resolution of the clinical hold is encouraging, Ulz maintains a cautious stance, opting for a Hold rating as he awaits updated data from the next three patients to be enrolled under the new protocol. The potential of RP-A501 in addressing the high unmet need in Danon disease is recognized, but the need for further data to confirm its safety and effectiveness justifies the current rating. This cautious approach reflects a balanced view of the opportunities and risks associated with Rocket Pharmaceuticals at this stage.
According to TipRanks, Ulz is an analyst with an average return of -1.8% and a 37.99% success rate. Ulz covers the Healthcare sector, focusing on stocks such as Rhythm Pharmaceuticals, Rocket Pharmaceuticals, and Viking Therapeutics.