Wedbush on Monday reiterated its Outperform rating and 12-month price target of $16 for Rocket Pharmaceuticals(RCKT).
Rocket Pharma is focused on developing gene therapies for rare diseases. Last week, the company received accelerated FDA approval for Kresladi to treat Severe Leukocyte Adhesion Deficiency Type I and was awarded a Rare Pediatric Disease Priority Review Voucher (PRV). The FDA approval was supported by positive clinical efficacy and safety data from a global Phase 1/2 study of KRESLADI, which demonstrated 100% overall survival at 12 months post-infusion and throughout the 18-24-month follow-up period for all enrolled patients. All primary and secondary endpoints were met, and KRESLADI was well tolerated in all patients with no treatment-related serious adverse events. Wedbush analyst Yun Zhong said he sees the FDA approval of Kresladi as a significant milestone for RCKT, reflecting management's strong execution. He further noted, "Given the ultra-rare nature of the LAD-I disease and the compelling efficacy demonstrated by Kresladi in the Ph1/2 study that supported the approval, we would not expect payer pushback, although the actual pricing has not been disclosed. More importantly, the PRV that comes with the approval essentially adds approximately $200 million in non-dilutive funding to the balance sheet based on recent transactions, so we do not see the negative stock price reaction as justified." It is worth noting that since receiving FDA approval on March 26, 2026, the stock has declined by nearly 27%. The company ended 2025 with total cash of approximately $188.9 million, with a runway expected into the second quarter of 2027, excluding the PRV. Including the PRV, the analyst noted that management expects it could help extend the company's runway through 2028. RCKT has traded between $2.19 and $8.80 in the last year. The stock is currently trading at $3.44, down 8.62%
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