Morgan Stanley on Rocket Pharmaceuticals (RCKT): 'we are encouraged by rapid enrollment'

Morgan Stanley analyst Michael E Ulz reiterated an Overweight rating and $45.00 price target on Rocket Pharmaceuticals (NASDAQ: RCKT).

The analyst comments "Ph2 enrollment completed, setting up likely pivotal readout by YE25. This morning, Rocket announced (PR here) that it completed enrollment in the Ph2 trial of RP-A501 (lead program) in Danon disease. We see the news as an incremental positive, providing clarity on the timeline for the study readout, which, based on the 12-month endpoint, we expect by YE25. Furthermore, we are encouraged by the rapid pace of enrollment of the final 10 patients within 3 months following the pediatric safety run-in, despite stringent enrollment criteria, highlighting strong demand based on the potential of RP-A501 and the high unmet need. Recall, the Ph2 pivotal study is a global, single-arm trial evaluating 6.7x1013GC/kg of RP-A501 in (n=12) patients with Danon disease, with a global natural history study running concurrently as a comparator. For a potential accelerated approval, the study has co-primary endpoints of improvements in LAMP2 protein expression (≥ Grade 1 IHC), and reductions in left ventricular mass (≥10% decrease). Overall, we are encouraged by rapid enrollment in the pivotal Danon study, setting the stage for a key readout likely by YE25. Thus, we reiterate our Overweight rating."

For an analyst ratings summary and ratings history on Rocket Pharmaceuticals click here. For more ratings news on Rocket Pharmaceuticals click here.

Shares of Rocket Pharmaceuticals closed at $19.20 yesterday.

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