Rocket Pharmaceuticals price target lowered to $40 from $44 at Leerink

Leerink analyst Mani Foroohar lowered the firm’s price target on Rocket Pharmaceuticals (RCKT) to $40 from $44 and keeps an Outperform rating on the shares. The company’s recently announced public offering addresses a simmering bear thesis on balance sheet position that emerged as Kresladi complete response letter in June, and priority review voucher sale tied to Kresladi approval was seen as part of the capital bridge to the Danon launch, the analyst tells investors in a research note. The firm updated its model for the offering, resulting in a price target decrease.