Chardan lowered the firm’s price target on Rocket Pharmaceuticals (RCKT) to $17 from $46 and keeps a Buy rating on the shares after the company reported a patient in the Phase 2 trial of RP-A501 in Danon disease experienced unexpected clinical complications related to a capillary leak syndrome and has subsequently died after an acute systemic infection and the FDA placed a clinical hold on the trial. While the disclosure does not negate the benefit reported for the program, the firm reduced its view of the odds of success to 40% from 70% and additionally now projects slower uptake among the Danon population as it assumes greater caution among prescribers.
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Read More on RCKT:
- Rocket Pharmaceuticals price target lowered to $8 from $30 at BMO Capital
- Rocket Pharmaceuticals price target lowered to $9 from $32 at BofA
- Hold Rating for Rocket Pharmaceuticals Amid Safety Concerns and Financial Uncertainties
- Rocket Pharmaceuticals downgraded to Hold from Buy at Jefferies
- Hold Rating Issued for Rocket Pharmaceuticals Amid Uncertainty Following Clinical Hold on RP-A501 Trial
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