Rocket Pharmaceuticals' (RCKT) clinical and regulatory updates on its three cardiac gene therapy programs in H2 are expected to serve as "strong" share price catalysts, Wedbush Securities said in a note Friday.
All three programs are advancing as planned, with management expected to provide an update on RP-A501 for Danon disease once alignment is reached with the US Food and Drug Administration, which should bring the program back on track, the brokerage said. A discussion of disease prevalence is critical amid questions on the size of the market opportunity, Wedbush added.
For RP-A601 targeting PKP2-related arrhythmogenic cardiomyopathy, Rocket is in talks with the FDA for the final design of a potential pivotal phase 2 study, while the phase 1 study remains open due to patients' demand to undergo treatment without waiting for the next study, the brokerage said.
Rocket's RP-A701 program for BAG3-associated dilated cardiomyopathy is also on track to begin a phase 1 study with a fast track designation and first patient dosing expected mid-year, according to the note.
Wedbush reiterated its outperform rating on the stock, with a price target of $16.
Shares of Rocket Pharmaceuticals were down about 2.9% in Friday trading.
Price: $3.57, Change: $-0.11, Percent Change: -2.86%