TD Cowen analyst Tyler Van Buren has maintained their neutral stance on RCKT stock, giving a Hold rating today.
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Tyler Van Buren has given his Hold rating due to a combination of factors impacting Rocket Pharmaceuticals. The company is currently undergoing a strategic shift by focusing on its AAV cardiovascular platform, which includes programs for Danon disease, PKP2-ACM, and BAG3-DCM, while deprioritizing its lenti-based programs. This restructuring is aimed at extending the company’s financial runway to the second quarter of 2027, which is a positive development. However, the clinical hold on the pivotal Phase II study for Danon disease due to a serious adverse event has created uncertainty and potential delays in the program’s progress.
Despite the challenges with the Danon disease program, Rocket Pharmaceuticals has seen promising initial data for its RP-A601 program in PKP2-ACM, which has been granted Regenerative Medicine Advanced Therapy designation by the FDA. This is a positive indicator for the company’s pipeline. Nonetheless, the unresolved safety issues and delays in the Danon program weigh heavily on the overall outlook, leading to a cautious Hold rating as the company navigates these complexities.
Based on the recent corporate insider activity of 48 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.