Rocket Pharmaceuticals has a $12.50 price target set by Investing.com

CRANBURY, NJ – Rocket Pharmaceuticals, Inc. (NASDAQ: NASDAQ: ), currently valued at $1.2 billion, has made a public offering for 13,200,000 shares of its common stock at $12.50 per share. The company anticipates gross proceeds of $165 million, before deducting discounts, commissions and other offering expenses. This development was announced on Wednesday, and Rocket Pharmaceuticals indicated that all the shares in the offer will be sold by the company itself. According to InvestingPro The stock has fallen about 55% since the start of the year, trading near its 52-week low of $12.62, according to the data.

The biotech firm, which focuses on developing genetic therapies for rare disorders, also granted a 30-day option to purchase up to an additional 1,980,000 shares. The expected closing date of the offering is December 12, 2024, subject to standard closing conditions. InvestingPro analysis shows that the company maintains a strong current ratio of 6.05 and holds more cash than debt on its balance sheet, although it is currently experiencing a rapid cash burn. Nine analysts recently revised their earnings expectations for the coming period.

Morgan Stanley (NISE:), Leerink Partners and Cantor are serving as joint book-running managers for the offering, while LifeSci Capital is the lead manager. The offering was made possible through an effective shelf registration statement filed with the US Securities and Exchange Commission (SEC). A final prospectus supplement and accompanying prospectus detailing the terms of the offering will be filed with the SEC and will be available on its website.

Rocket Pharmaceuticals is known for its late-stage programs targeting a range of genetic diseases, including Fanconi anemia, leukocyte adhesion deficiency-I and pyruvate kinase deficiency. The company’s portfolio also includes cardiovascular programs for conditions such as Danon disease and arrhythmogenic cardiomyopathy.

The announcement emphasizes that this announcement will not constitute an offer to sell or the solicitation of an offer to buy securities, and that there will be no sale of these securities in any jurisdiction where such an offer, solicitation or sale would be illegal prior to registration. or qualifications under the securities laws of any such jurisdiction. For investors seeking deeper insight, a comprehensive research report for RCKT, along with 8 additional key financial tips, is available at InvestingProoffering valuable analysis for informed investment decisions.

The information presented in this article is based on a press release from Rocket Pharmaceuticals, Inc.

In other recent news, Rocket Pharmaceuticals announced a $150 million equity offering, with Morgan Stanley, Leerink Partners and Cantor serving as joint book-running managers. The company is also making progress in gene therapy research, with promising Phase 1 results for Danon’s disease therapy, RP-A501. The company has completed enrollment in a pivotal phase 2 trial of this therapy, a significant milestone in the drug’s development.

Canaccord Genuity and Morgan Stanley maintained their positive views on Rocket Pharmaceuticals, with Canaccord Genuity reiterating a Buy rating and a $38.00 price target, and Morgan Stanley maintaining an Overweight rating. The company also appointed Dr. Mikael Dolsten to its Board of Directors and initiated a biologics license application with the US Food and Drug Administration for RP-L102, a potential treatment for Fanconi anemia.

Despite receiving a full response letter from the FDA regarding its biologics license application for KRESLADI™, a gene therapy designed to treat severe leukocyte adhesion deficiency-I, Canaccord Genuity remains optimistic that the issues will be resolved. This is one of the recent developments marking progress in Rocket Pharmaceuticals’ mission to develop gene therapies for rare genetic disorders.

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