Rocket Pharmaceuticals, the Healthcare sector company, was revisited by a Wall Street analyst on October 3. Analyst Jason Zemansky from Bank of America Securities maintained a Buy rating on the stock and has a $10.00 price target.
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Jason Zemansky’s rating is based on Rocket Pharmaceuticals’ strategic shift towards its AAV cardiovascular platform, which includes the development of RP-A501 for Danon disease. Despite the initial market reaction to the withdrawal of the Fanconi Anemia gene-therapy RP-L102’s BLA, this move was anticipated as part of the company’s reorganization efforts. The focus on the cardiovascular platform is seen as a potential driver for the company’s future growth, supporting the Buy rating with a price objective of $10.
Moreover, while Rocket faces challenges and is considered a “show-me” story due to past setbacks in the gene-therapy space, there are positive indicators on the horizon. The resolution of Kresladi’s CRL by the end of 2025 and potential favorable updates from RP-A501 could significantly enhance Rocket’s outlook. These developments, coupled with cost-saving measures, are expected to improve sentiment and possibly lead to a re-rating of the stock.
According to TipRanks, Zemansky is a 5-star analyst with an average return of 14.4% and a 58.33% success rate. Zemansky covers the Healthcare sector, focusing on stocks such as Cytokinetics, Insmed, and Madrigal Pharmaceuticals.
In another report released on September 22, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $8.00 price target.