Rocket Pharmaceuticals price target lowered to $8 from $30 at BMO Capital

BMO Capital lowered the firm’s price target on Rocket Pharmaceuticals (RCKT) to $8 from $30 and keeps an Outperform rating on the shares. Following Danon Phase 2 enrollment completion in September of 2024, the management planned to dose all patients by mid-2025 program update, but a patient death likely driven by a C3i agent – whose addition to the Phase II treatment process delayed dosing completion, drove the stock down over 60% lower, the analyst tells investors in a research note. Given that RP-A501 pathway is significantly more uncertain and unclear, and RP-A501 benefit/risk is now less attractive, the firm is cutting its price target BMO added.