Rocket Pharmaceuticals initiated with a Buy at Jefferies

Jefferies initiated coverage of Rocket Pharmaceuticals (RCKT) with a Buy rating and $29 price target The company has five potentially best- and first-in-class, curative gene therapies in the clinic for fatal rare diseases with no approved therapies, the analyst tells investors in a research note. The firm’s thesis centers on RP-A501, which it says has a high 65%-75% chance to succeed in a pivotal Phase II study in 2025 for Danon heart disease. The data could push Rocket shares up 100%, implying a favorable risk/reward, contends Jefferies.