Chardan assumes Rocket Pharmaceuticals stock coverage with buy rating

Investing.com has announced that Chardan has taken over Rocket Pharmaceuticals Inc. (NASDAQ: RCKT) as a client, assigning the stock a Buy rating and setting a price target of $11.00. Analyst Keay Nakae is now responsible for covering the gene therapy company, retaining the previous Buy rating and $11 price target. Rocket Pharmaceuticals is currently trading at $3.72, indicating significant potential for upside from the analyst's target.

The company is in the process of developing three AAV-based cardiovascular programs in clinical stages and has an FDA-approved ex vivo lentiviral gene therapy, Kresladi, for severe leukocyte adhesion deficiency-I.

Rocket Pharmaceuticals recently monetized the Kresladi Priority Review Voucher for $180 million in June 2026, raising the company's cash reserves to $283.7 million as of the quarter-end. This financial strength, complemented by a robust current ratio of 9.24, underscores the company's stability. However, Rocket is experiencing cash burn as it focuses on its near-term drug candidate RP-A501 for Danon disease. The company is actively communicating with the FDA regarding the next steps for the remainder of the trial.

In a separate development, TD Cowen has maintained a Hold rating on Rocket Pharmaceuticals' stock, driven by safety concerns regarding the RP-A501 gene therapy for Danon disease. Following a clinical hold placed on the program, Tara Bancroft, an analyst from TD Cowen, expressed that safety emerged as a key issue. Yet, no safety events were observed in the first three patients treated at a recalibrated dose, providing a glimmer of optimism for the company's ongoing gene therapy advancements.