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Rocket's (RCKT) Q1 Loss Narrower Than Expected, Sales Nil
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Rocket Pharmaceutical (RCKT - Free Report) reported a loss of 66 cents per share in the first quarter of 2024, narrower than the Zacks Consensus Estimate of a loss of 69 cents. In the year-ago quarter, the company posted a loss of 73 cents.
As the company lacks any marketed product in its portfolio, it did not record any revenues during the quarter.
Quarter in Detail
In the reported quarter, general and administrative (G&A) expenses rose 40% year over year to $22.1 million. The upside was driven by an increase in the company’s commercial preparation expenses in anticipation of a potential FDA approval for Kresladi gene therapy in severe leukocyte adhesion deficiency-I (LAD-I).
Research and development (R&D) expenses were $45.2 million, down 2.5% from the year-ago quarter’s figure. The downside was due to a decline in manufacturing and development costs.
As of Mar 31, 2024, Rocket Pharmaceuticals had cash, cash equivalents and investments of $330.3 million compared with $407.5 million on Dec 31, 2023. Management expects this cash balance to fund operations and meet capital expenditure requirements into 2026.
Shares of Rocket rose 2.2% in after-market trading on May 6, likely due to the narrower-than-expected loss. Year to date, the stock has lost 22.6% compared with the industry’s 5.8% fall.
Image Source: Zacks Investment Research
Pipeline Updates
Rocket is focused on developing its gene therapy pipeline, which is targeted at multiple cardiovascular (CV) and hematology indications.
In hematology, the company’s three gene therapy candidates are in clinical development, namely Kresladi (RP-L201 or marnetegragene autotemcel), RP-L102 and RP-L301. All of these therapies utilize lentiviral vectors (LV) (gene delivery vehicle) for genetic modifications.
A biologics license application (BLA) seeking approval of Kresladi for treating severe LAD-I is under review with the FDA. A final decision is expected by Jun 30, 2024.
RP-L102 is being evaluated in a pivotal mid-stage study for the treatment of fanconi anemia (FA). Last year, management reported new data from this study wherein FA patients treated with RP-L102 achieved sustained genetic corrections and comprehensive phenotypic correction at 12 months post-infusion. Based on this data, Rocket submitted a regulatory filing for the therapy in Europe. It intends to submit a similar filing with the FDA by first-half 2024.
Management is in the process of starting a pivotal mid-stage study on RP-L301 in pyruvate kinase deficiency (PKD).
Rocket is developing adeno-associated virus (AAV) gene therapies to target genetic CV indications caused by mutations or defects in different genes. The most advanced AAV-based candidate in the company’s pipeline is RP-A501, which is in a mid-stage study to treat Danon disease (DD).
Another AAV-based gene therapy candidate is RP-A601, which is in early-stage development for arrhythmogenic cardiomyopathy (ACM). It also plans to submit an investigational new drug (IND) application with the FDA for a new gene therapy candidate to treat BAG3-associated dilated cardiomyopathy (DCM).
Currently, Rocket has a Zacks Rank #3 (Hold). Some better-ranked stocks in the overall healthcare sector include ANI Pharmaceuticals (ANIP - Free Report) , Ligand Pharmaceuticals (LGND - Free Report) and United Therapeutics (UTHR - Free Report) . While LGND and UTHR each sport a Zacks Rank #1 (Strong Buy) at present, ANIP carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for Ligand Pharmaceuticals’ 2024 earnings per share (EPS) have risen from $4.42 to $4.56. During the same period, EPS estimates for 2025 have improved from $5.11 to $5.27. Year to date, LGND’s shares have risen 2.0%.
Earnings of Ligand Pharmaceuticals beat estimates in each of the last four quarters. Ligand delivered a four-quarter average earnings surprise of 84.81%.
In the past 60 days, estimates for United Therapeutics’ 2024 EPS have improved from $23.15 to $23.88. During the same period, EPS estimates for 2025 have risen from $24.12 to $25.05. Year to date, shares of UTHR have inched up 18.5%.
Earnings of United Therapeutics beat estimates in each of the last four quarters. UTHR delivered a four-quarter average earnings surprise of 12.41%.
In the past 60 days, estimates for ANI Pharmaceuticals’ 2024 EPS have risen from $4.40 to $4.44. During the same period, EPS estimates for 2025 have improved from $5.01 to $5.04. Year to date, shares of ANIP have rallied 22.2%.
Earnings of ANI Pharmaceuticals beat estimates in each of the last four quarters. ANI delivered a four-quarter average earnings surprise of 109.06%.
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Rocket's (RCKT) Q1 Loss Narrower Than Expected, Sales Nil
Rocket Pharmaceutical (RCKT - Free Report) reported a loss of 66 cents per share in the first quarter of 2024, narrower than the Zacks Consensus Estimate of a loss of 69 cents. In the year-ago quarter, the company posted a loss of 73 cents.
As the company lacks any marketed product in its portfolio, it did not record any revenues during the quarter.
Quarter in Detail
In the reported quarter, general and administrative (G&A) expenses rose 40% year over year to $22.1 million. The upside was driven by an increase in the company’s commercial preparation expenses in anticipation of a potential FDA approval for Kresladi gene therapy in severe leukocyte adhesion deficiency-I (LAD-I).
Research and development (R&D) expenses were $45.2 million, down 2.5% from the year-ago quarter’s figure. The downside was due to a decline in manufacturing and development costs.
As of Mar 31, 2024, Rocket Pharmaceuticals had cash, cash equivalents and investments of $330.3 million compared with $407.5 million on Dec 31, 2023. Management expects this cash balance to fund operations and meet capital expenditure requirements into 2026.
Shares of Rocket rose 2.2% in after-market trading on May 6, likely due to the narrower-than-expected loss. Year to date, the stock has lost 22.6% compared with the industry’s 5.8% fall.
Image Source: Zacks Investment Research
Pipeline Updates
Rocket is focused on developing its gene therapy pipeline, which is targeted at multiple cardiovascular (CV) and hematology indications.
In hematology, the company’s three gene therapy candidates are in clinical development, namely Kresladi (RP-L201 or marnetegragene autotemcel), RP-L102 and RP-L301. All of these therapies utilize lentiviral vectors (LV) (gene delivery vehicle) for genetic modifications.
A biologics license application (BLA) seeking approval of Kresladi for treating severe LAD-I is under review with the FDA. A final decision is expected by Jun 30, 2024.
RP-L102 is being evaluated in a pivotal mid-stage study for the treatment of fanconi anemia (FA). Last year, management reported new data from this study wherein FA patients treated with RP-L102 achieved sustained genetic corrections and comprehensive phenotypic correction at 12 months post-infusion. Based on this data, Rocket submitted a regulatory filing for the therapy in Europe. It intends to submit a similar filing with the FDA by first-half 2024.
Management is in the process of starting a pivotal mid-stage study on RP-L301 in pyruvate kinase deficiency (PKD).
Rocket is developing adeno-associated virus (AAV) gene therapies to target genetic CV indications caused by mutations or defects in different genes. The most advanced AAV-based candidate in the company’s pipeline is RP-A501, which is in a mid-stage study to treat Danon disease (DD).
Another AAV-based gene therapy candidate is RP-A601, which is in early-stage development for arrhythmogenic cardiomyopathy (ACM). It also plans to submit an investigational new drug (IND) application with the FDA for a new gene therapy candidate to treat BAG3-associated dilated cardiomyopathy (DCM).
Rocket Pharmaceuticals, Inc. Price
Rocket Pharmaceuticals, Inc. price | Rocket Pharmaceuticals, Inc. Quote
Zacks Rank & Key Picks
Currently, Rocket has a Zacks Rank #3 (Hold). Some better-ranked stocks in the overall healthcare sector include ANI Pharmaceuticals (ANIP - Free Report) , Ligand Pharmaceuticals (LGND - Free Report) and United Therapeutics (UTHR - Free Report) . While LGND and UTHR each sport a Zacks Rank #1 (Strong Buy) at present, ANIP carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for Ligand Pharmaceuticals’ 2024 earnings per share (EPS) have risen from $4.42 to $4.56. During the same period, EPS estimates for 2025 have improved from $5.11 to $5.27. Year to date, LGND’s shares have risen 2.0%.
Earnings of Ligand Pharmaceuticals beat estimates in each of the last four quarters. Ligand delivered a four-quarter average earnings surprise of 84.81%.
In the past 60 days, estimates for United Therapeutics’ 2024 EPS have improved from $23.15 to $23.88. During the same period, EPS estimates for 2025 have risen from $24.12 to $25.05. Year to date, shares of UTHR have inched up 18.5%.
Earnings of United Therapeutics beat estimates in each of the last four quarters. UTHR delivered a four-quarter average earnings surprise of 12.41%.
In the past 60 days, estimates for ANI Pharmaceuticals’ 2024 EPS have risen from $4.40 to $4.44. During the same period, EPS estimates for 2025 have improved from $5.01 to $5.04. Year to date, shares of ANIP have rallied 22.2%.
Earnings of ANI Pharmaceuticals beat estimates in each of the last four quarters. ANI delivered a four-quarter average earnings surprise of 109.06%.