Adaptimmune stock plunges after announcing Nasdaq delisting plans
Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) stock has experienced a significant downturn, touching a 52-week low of $5.68. According to InvestingPro data, the stock’s technical indicators suggest oversold conditions, while analyst targets range from $29 to $55, indicating potential upside despite current market sentiment. This latest price level reflects a stark contrast to the company’s performance over the past year, which has seen the stock undergo a precipitous decline of 77.06%. Investors are closely monitoring the biotechnology firm, currently valued at $613 million, as it navigates through a challenging period. While the company maintains a strong liquidity position with a current ratio of 9.3 and more cash than debt, it faces significant cash burn challenges. The 52-week low serves as a critical indicator for shareholders and potential investors, who are now assessing the company’s prospects and strategic responses to regain its financial footing. For deeper insights into RCKT’s financial health and growth potential, access the comprehensive Pro Research Report available on InvestingPro, which offers 12 additional exclusive tips and detailed analysis.
In other recent news, Rocket Pharmaceuticals has been the focus of several analyst updates and company developments. The company reported having $372 million in cash reserves at the end of the fourth quarter of 2024, which is expected to fund operations into the third quarter of 2026. Scotiabank (TSX:BNS) increased its price target for Rocket Pharmaceuticals to $52, citing progress in its Danon program and other upcoming milestones. Meanwhile, BMO Capital Markets initiated coverage with an Outperform rating and a $50 price target, highlighting the company’s strategic focus on gene therapies for severe unmet medical needs.
Cantor Fitzgerald maintained an Overweight rating with a $50 price target, expressing confidence in Rocket’s PKP2 arrhythmogenic cardiomyopathy gene therapy program. However, Canaccord Genuity adjusted its price target to $36 from $39, while retaining a Buy rating, following an uneventful fourth quarter earnings report. The company is progressing with its Phase 1 trial for RP-A601 and plans to update on its Danon disease program in the first half of 2025.
Rocket Pharmaceuticals is also advancing its Biologics License Application for RP-L102 in Fanconi anemia, with completion expected in 2025. Additionally, the company is addressing a Complete Response Letter for Kresladi aimed at treating severe leukocyte adhesion deficiency-I, with a launch anticipated later this year. These developments reflect Rocket Pharmaceuticals’ ongoing efforts in advancing its pipeline and strategic initiatives in the gene therapy space.
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