Rocket Pharmaceuticals sets $12.50 share price for offering By Investing.com goodinves.com

CRANBURY, N.J. – Rocket Pharmaceuticals, Inc. (NASDAQ: NASDAQ:), currently valued at $1.2 billion, has set the public offering price for 13,200,000 shares of its common stock at $12.50 per share. The company anticipates gross proceeds of $165 million, before the deduction of underwriting discounts, commissions, and other offering expenses. This development was announced on Wednesday, with Rocket Pharmaceuticals indicating that all shares in the offering are to be sold by the company itself. According to InvestingPro data, the stock has declined about 55% year-to-date, trading near its 52-week low of $12.62.

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

Morgan Stanley (NYSE:), Leerink Partners, and Cantor are serving as joint book-running managers for the offering, while LifeSci Capital is the lead manager. The offering is made possible through an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC). A final prospectus supplement and accompanying prospectus detailing the offering terms will be filed with the SEC and made 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 press release emphasizes that this announcement shall not constitute an offer to sell or a solicitation of an offer to buy the securities, and there will be no sale of these securities in any jurisdiction where such offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of any such jurisdiction. For investors seeking deeper insights, a comprehensive Pro Research Report for RCKT, along with 8 additional key financial tips, is available on InvestingPro, offering valuable analysis for informed investment decisions.

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

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

Canaccord Genuity and Morgan Stanley have maintained their positive outlook on Rocket Pharmaceuticals, with Canaccord Genuity reiterating a Buy rating and a price target of $38.00, and Morgan Stanley maintaining an Overweight rating. The company has also appointed Dr. Mikael Dolsten to its Board of Directors and initiated a rolling Biologics License Application with the U.S. Food and Drug Administration for RP-L102, a potential treatment for Fanconi Anemia.

Despite receiving a Complete 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. These are among the recent developments marking progress in Rocket Pharmaceuticals’ mission to develop gene therapies for rare genetic disorders.

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