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.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
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.