Rocket Pharmaceuticals Q3 net loss narrows as R&D costs fall

Overview

• US biotechnology firm's Q3 net loss narrowed from prior year

• Company achieved FDA alignment on pivotal Phase 2 trial for RP-A501 in Danon disease

• KRESLADI reached commercial readiness with treatment centers activated

Outlook

• Company expects cash and investments to fund operations into Q3 2028

• Rocket expects to complete pivotal trial dosing for RP-A501 by mid-2027

• Additional borrowings could extend cash runway into 2029, subject to conditions

Result Drivers

• R&D EXPENSES - Decrease in R&D costs was mainly driven by lower compensation and manufacturing expenses, partially offset by higher lab and clinical trial costs

• G&A EXPENSES - Increase in G&A expenses was mainly due to higher post-marketing and commercial preparation costs for KRESLADI

• PIPELINE PROGRESS - Initiation of new clinical trials and FDA alignment on pivotal studies advanced the company's cardiovascular gene therapy portfolio

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 6 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Rocket Pharmaceuticals, Inc. is $9.50, about 283.1% above its November 11 closing price of $2.48

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)