- BTIG launch its coverage on clinical-stage biotech Rocket Pharmaceuticals ( NASDAQ: RCKT ) with a Buy rating and $35 per share target on Tuesday, noting its potential in the gene therapy space.
- The bullish call comes about a month after Rocket ( RCKT ) announced Phase 1 data for gene therapy RP-A501 against the rare cardiac condition Danon disease.
- The analyst Yun Zhong argues that “virtually all” previous initiatives to advance cardiac gene therapies have failed due to poor knowledge of the underlying mechanism and difficulties in generating adequate protein levels in heart tissue.
- However, Rocket ( RCKT ) has so far impressed with its clinical data indicating strong protein expression, consistent and durable changes in histology, and improvements in cardiac function, Zhong added.
- The analyst expects data could support the start of a pivotal trial next year under accelerated approval and highlights the upcoming U.S. and EU regulatory submissions for two lentiviral gene therapy programs as important near-term catalysts for the company.
- Rocket ( RCKT ) shares have lost ~39% over the past 12 months to underperform the broader market, as shown in this graph.
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Rocket Pharma initiated Buy at BTIG citing gene therapy prospects