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Canaccord Genuity analysts revised their price target for Rocket Pharmaceuticals (NASDAQ:RCKT) down to $40 from $49, while maintaining a Buy rating on the stock

Canaccord Genuity Slashes Price Target on Rocket Pharmaceuticals to $40

- (Last modified: Jul 4, 2024 4:25 AM)

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Canaccord Genuity analysts revised their price target for Rocket Pharmaceuticals (NASDAQ:RCKT) down to $40 from $49, while maintaining a Buy rating on the stock. The analysts expressed increased confidence in the success of the Phase 3 trial for DESCARTES-08, leading to a 50% assumed success rate. The price target adjustment also accounts for the additional shares from the $130 million PIPE financing.

The analysts anticipate further trial design refinements in Phase 3, such as excluding seronegative and LRP4+ patients from the primary efficacy analysis, which is expected to enhance the trial's likelihood of success.

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