Rocket Pharmaceuticals vice president sells $9,300 in stock

John Militello, Vice President of Finance and Treasurer at Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT), recently sold 896 shares of the company's common stock. The sale, which occurred on January 23, 2025, was executed at an average price of $10.38 per share, amounting to a total transaction value of approximately $9,300. The transaction comes as RCKT trades near its 52-week low of $10.07, with the stock down nearly 58% over the past six months. According to InvestingPro analysis, the company currently appears fairly valued. Following this transaction, Militello holds 48,414 shares in the company.

The shares were sold to cover tax withholding obligations related to the vesting of Restricted Stock Units (RSUs), as noted in the company's filing. RSUs convert to common stock on a one-for-one basis, and this transaction was part of Militello's direct ownership portfolio.

In other recent news, Rocket Pharmaceuticals has been making significant strides in its clinical and financial operations. The biotechnology firm has completed a substantial public stock offering, generating net proceeds of approximately $178.1 million. The firm has also set a public offering price for 13,200,000 shares of its common stock at $12.50 per share, expecting gross proceeds of $165 million.

Jefferies recently initiated coverage on Rocket Pharmaceuticals with a Buy rating, highlighting the company's robust pipeline of over five potentially market-leading gene therapies currently in clinical trials. The firm's analysis particularly focuses on RP-A501, a gene therapy candidate for Danon heart disease, which is expected to have a 65-75% chance of success in a pivotal Phase II study by the end of 2025.

Furthermore, Rocket Pharmaceuticals reported promising long-term results from its Phase 1 study of RP-A501 for Danon disease, showing sustained improvements in cardiac health and quality of life in all evaluated patients. The company has also initiated a rolling Biologics License Application with the U.S. Food and Drug Administration for RP-L102, a potential treatment for Fanconi Anemia.

Analysts from Canaccord Genuity and Morgan Stanley (NYSE:MS) have maintained their positive outlook on Rocket Pharmaceuticals, reiterating a Buy rating and an Overweight rating respectively. These recent developments highlight the company's progress in its mission to develop gene therapies for rare genetic disorders.

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