JPMorgan analyst Eric Joseph downgraded Rocket Pharmaceuticals (RCKT) to Neutral from Overweight with a price target of $7, down from $44, following the clinical hold announced on lead program RP-A501 for Danon Disease. While the firm says it came away from the company’s “transparent detailing” of the sequence of events surrounding the capillary leak syndrome and eventual death of a patient in the study “incrementally sanguine about the path forward,” it continues to think the clinical hold setback could result in a more conservative regulatory bar for approval, the analyst tells investors.
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