RCKT
Rocket Pharmaceuticals, Inc.Rocket Pharmaceuticals, Inc., together with its subsidiaries, operates as a multi-platform biotechnology company that focuses on developing gene therapies for rare and devastating diseases. It has three clinical-stage ex vivo lentiviral vector programs for fanconi anemia, a genetic defect in the bone marrow that reduces production of blood cells or promotes the production of faulty blood cells; leukocyte adhesion deficiency-I, a genetic disorder that causes the immune system to malfunction; and
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q4 | 30.0 | -24.0 | -- | -25.5 | -- | -28.5 | -1.4 | -94.2 | -- | -- | -- | -- | -- |
| Est | 2027-Q3 | 25.0 | -25.0 | -- | -26.3 | -- | -30.0 | -1.3 | -65.7 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 22.0 | -26.4 | -- | -28.6 | -- | -31.9 | -1.3 | -35.7 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 18.0 | -28.8 | -- | -30.6 | -- | -34.2 | -1.3 | -3.8 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 15.0 | -30.0 | -- | -31.5 | -- | -36.0 | -1.2 | 30.4 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 10.0 | -32.0 | -- | -34.0 | -- | -38.0 | -1.0 | 66.4 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 5.0 | -35.0 | -- | -37.5 | -- | -40.0 | -1.0 | 104.4 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 144.4 | -- | -- | -- | -- | -- |
| Act | 2026-Q1 | 0.0 | -46.4 | -48.5 | -47.6 | -45.4 | -45.5 | -0.1 | 144.4 | 24.8 | 112.1 | -783.6% | -98.0x | -- |
| Act | 2025-Q4 | 0.0 | -37.0 | -44.0 | -42.5 | -34.8 | -34.9 | -0.1 | 77.6 | 24.9 | 111.1 | -706.9% | -11.2x | -- |
| Act | 2025-Q3 | 0.0 | -46.6 | -52.3 | -50.3 | -50.4 | -50.4 | -0.1 | 222.8 | 25.1 | 111.6 | -716.8% | -98.6x | -- |
| Act | 2025-Q2 | 0.0 | -65.9 | -71.2 | -68.9 | -49.0 | -49.0 | -0.1 | 271.5 | 25.2 | 111.0 | -403.4% | -139.3x | -- |
| Act | 2025-Q1 | 0.0 | -57.9 | -64.4 | -61.3 | -55.8 | -56.2 | -0.4 | 318.2 | 25.4 | 110.1 | -197.8% | -122.6x | -- |
| Act | 2024-Q4 | 0.0 | -57.5 | -62.7 | -60.3 | -47.0 | -47.3 | -0.3 | 372.3 | 25.5 | 97.5 | -136.4% | -121.5x | -- |
| Act | 2024-Q3 | 0.0 | -63.9 | -69.4 | -66.7 | -52.1 | -53.7 | -1.6 | 235.7 | 25.6 | 94.2 | -544.7% | -135.6x | -- |
| Act | 2024-Q2 | 0.0 | -66.8 | -73.7 | -69.7 | -53.9 | -55.8 | -1.9 | 278.8 | 25.8 | 93.8 | -274.9% | -141.9x | -- |
| Act | 2024-Q1 | 0.0 | -59.3 | -67.4 | -62.1 | -56.9 | -58.9 | -2.0 | 330.3 | 26.0 | 93.6 | -161.9% | -126.0x | -- |
| Act | 2023-Q4 | 0.0 | -57.3 | -63.3 | -59.7 | -29.4 | -34.0 | -4.7 | 373.2 | 25.0 | 93.3 | -115.3% | -121.8x | -- |
| Act | 2023-Q3 | 0.0 | -59.7 | -65.4 | -61.9 | -57.2 | -61.8 | -4.7 | 437.2 | 25.2 | 82.6 | -96.2% | -127.2x | -- |
| Act | 2023-Q2 | 0.0 | -63.5 | -68.8 | -65.7 | -50.9 | -55.0 | -4.2 | 307.0 | 25.4 | 80.5 | -202.5% | -135.7x | -- |
| Act | 2023-Q1 | 0.0 | -56.2 | -62.2 | -58.3 | -57.6 | -60.6 | -3.0 | 331.1 | 25.4 | 79.5 | -128.0% | -120.1x | -- |
| Act | 2022-Q4 | 0.0 | -64.0 | -69.1 | -66.7 | -56.1 | -59.3 | -3.3 | 356.4 | 22.9 | 72.9 | -122.4% | -136.9x | -- |
| Act | 2022-Q3 | 0.0 | -55.5 | -58.5 | -57.8 | -43.9 | -44.4 | -0.5 | 306.5 | 22.1 | 66.2 | -225.4% | -89.4x | -- |
| Act | 2022-Q2 | 0.0 | -52.0 | -54.2 | -54.4 | -39.0 | -41.9 | -2.9 | 321.4 | 22.3 | 65.5 | -172.2% | -60.4x | -- |
| Act | 2022-Q1 | 0.0 | -40.6 | -42.6 | -43.0 | -39.3 | -41.2 | -2.0 | 346.6 | 22.4 | 64.5 | -107.7% | -39.0x | -- |
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 19.57 | — | — | -212 | n/m | n/m | n/m | — |
| 2023 | 29.97 | — | — | -237 | n/m | n/m | n/m | — |
| 2024 | 12.57 | — | — | -248 | n/m | n/m | n/m | — |
| 2025 | 3.51 | — | — | -207 | n/m | n/m | n/m | — |
| TTM | 3.07 | — | — | -196 | 0.0× | 0.0× | 0.0× | — |
| 2026E | 3.07 | — | -3.2% | -1 | 0.0× | 0.0× | 0.0× | 0.0× |
| 2027E | 3.07 | +216.7% | -1.1% | -1 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
AI Analysis
LLM Evaluations
Rocket Pharmaceuticals is a high-risk pre-revenue gene therapy company approaching a critical inflection point with the March 2026 PDUFA date for KRESLADI. While approval would be transformative and validate the platform, the company faces a daunting combination of challenges: ~5 months of cash runway, near-certain dilutive capital raise in 2026, active securities litigation, 16% short interest, history of clinical holds and a patient death in its Danon program, and the well-documented difficulty of commercializing ultra-rare gene therapies (see Bluebird Bio's struggles). Even in an approval scenario, the addressable patient population is extremely small, making the path to profitability long and uncertain. The 14% annual dilution rate effectively destroys shareholder value while the company burns cash. At ~$540M market cap, the stock prices in meaningful probability of approval success, leaving limited upside relative to the substantial downside risks of a CRL, failed capital raise, or litigation settlement.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Options
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $2.50 | $0.50/$1.35 | 991 | --/$0.55 | 123 |
| $5.00 | $0.05/$0.35 | 1,806 | $1.40/$2.70 | 75 |
| $7.50 | --/$0.15 | 5,828 | $2.30/$5.20 | 20 |
| $10.00 | --/$0.15 | 2 | $6.00/$8.10 | 0 |
Forward Projections & Estimates
Employees
Cash Runway
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 24.8% of float, sold 7.2%. 7 filers moved >1% of shares (6 buying, 1 selling).
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| RTW INVESTMENTS, LP | $63.3M | $19.57 | +$0 | +$0 | -2.2% | $9.26B |
| BlackRock, Inc.Passive | $28.0M | $15.95 | −$255K | +$2.0M | -0.2% | $5.69T |
| CITIGROUP INC | $18.3M | $5.51 | −$496K | +$17.4M | -0.3% | $156.55B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $16.8M | $3.58 | +$16.8M | +$16.8M | — | $1.91T |
| STATE STREET CORPPassive | $16.1M | $12.47 | +$10.0M | +$2.8M | -0.2% | $2.89T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $13.5M | $3.58 | +$13.5M | +$13.5M | — | $4.04T |
| MAVERICK CAPITAL LTD | $12.8M | $10.53 | +$3.8M | −$5.8M | -1.3% | $8.60B |
| Newtyn Management, LLC | $11.3M | $2.81 | +$1.8M | +$11.3M | -4.1% | $936M |
| Nuveen, LLC | $11.2M | $3.59 | +$10.6M | +$10.6M | +0.0% | $368.63B |
| MILLENNIUM MANAGEMENT LLC | $11.2M | $8.41 | +$4.8M | +$8.5M | -0.5% | $127.40B |
| AQR CAPITAL MANAGEMENT LLC | $11.0M | $3.70 | +$8.5M | +$10.4M | -0.2% | $218.19B |
| MARSHALL WACE, LLP | $10.9M | $5.05 | +$10.8M | +$9.3M | +0.6% | $92.71B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $7.8M | $15.12 | +$247K | +$699K | +2.3% | $1.61T |
| D. E. Shaw & Co., Inc. | $7.8M | $4.35 | −$1.7M | +$7.8M | -0.3% | $118.02B |
| Monaco Asset Management SAM | $7.4M | $3.15 | −$3.3M | +$7.4M | +1.9% | $315M |
| MORGAN STANLEY | $7.2M | $8.79 | −$6.9M | −$2.2M | -0.3% | $1.65T |
| GOLDMAN SACHS GROUP INC | $6.2M | $11.88 | +$2.8M | +$2.6M | -0.2% | $760.93B |
| UBS Group AG | $4.6M | $11.59 | +$4.1M | +$2.3M | -0.3% | $562.11B |
| TWO SIGMA INVESTMENTS, LP | $3.9M | $5.99 | −$3.7M | +$3.9M | -0.9% | $117.03B |
| FEDERATED HERMES, INC. | $3.7M | $7.89 | +$510K | +$2.2M | -1.1% | $61.33B |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
New buyers this quarter
Top-5 holders · 41.0%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Analyst Coverage
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2025 Q3 | 0M | 0M | -56M | $-0.50 | $-0.62 – $-0.38 | 10 |
| 2025 Q4 | 0M | 0M | -50M | $-0.44 | $-0.48 – $-0.41 | 8 |
| 2026 Q1 | 4M | 0M | -46M | $-0.41 | $-0.49 – $-0.36 | 6 |
| 2026 Q2 | 0M | 0M | 115M | $1.02 | $-4.18 – $9.47 | 6 |
| 2026 Q3 | 1M | 0M | -48M | $-0.43 | $-0.56 – $-0.33 | 5 |
| 2026 Q4 | 1M | 0M | -48M | $-0.43 | $-0.43 – $-0.43 | 1 |
| 2027 Q1 | 3M | 0M | -47M | $-0.42 | $-0.42 – $-0.42 | 1 |
| 2027 Q2 | 20M | 0M | -40M | $-0.36 | $-0.36 – $-0.36 | 1 |
| 2027 Q3 | 25M | 0M | -38M | $-0.34 | $-0.34 – $-0.34 | 1 |
| 2027 Q4 | 31M | 0M | -34M | $-0.30 | $-0.30 – $-0.30 | 1 |
Corporate
Executive Compensation (2023-2025)
Insider Trading (last 12mo)
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-19 | SELL | Militello John | officer: See Remarks | 384 | $3.01 | $1K | $271K |
| 2026-05-19 | SELL | Wilson Martin | officer: General Counsel | 662 | $3.01 | $2K | $2.04M |
| 2026-05-19 | SELL | Shah Gaurav | officer: CEO | 2,409 | $3.01 | $7K | $3.14M |
| 2026-05-13 | SELL | Militello John | officer: See Remarks | 855 | $3.61 | $3K | $325K |
| 2026-05-13 | SELL | Shah Gaurav | officer: CEO | 2,728 | $3.61 | $10K | $3.76M |
| 2026-05-13 | SELL | Wilson Martin | officer: General Counsel | 3,361 | $3.61 | $12K | $2.45M |
| 2026-05-07 | SELL | Chaudhuri Sarbani | officer: See Remarks | 17,650 | $3.84 | $68K | $1.03M |
| 2026-02-18 | SELL | Militello John | officer: See Remarks | 1,157 | $3.34 | $4K | $304K |
| 2026-02-18 | SELL | Shah Gaurav | officer: CEO | 5,990 | $3.34 | $20K | $3.49M |
| 2026-02-18 | SELL | Wilson Martin | officer: General Counsel | 1,376 | $3.34 | $5K | $2.28M |
| 2026-02-13 | SELL | Militello John | officer: See Remarks | 3,726 | $3.31 | $12K | $305K |
| 2026-02-13 | SELL | Shah Gaurav | officer: CEO | 12,279 | $3.31 | $41K | $3.48M |
| 2026-02-13 | SELL | Wilson Martin | officer: General Counsel | 12,253 | $3.31 | $41K | $2.26M |
| 2026-01-02 | BUY | Bjork Elisabeth | director | 10,000 | $3.44 | $34K | $172K |
| 2025-11-18 | SELL | Shah Gaurav | director, officer: CEO | 6,276 | $2.98 | $19K | $2.32M |
| 2025-11-18 | SELL | Wilson Martin | officer: General Counsel | 1,646 | $2.98 | $5K | $1.14M |
| 2025-11-18 | SELL | Schwartz Jonathan David | officer: See Remarks | 2,545 | $2.98 | $8K | $892K |
| 2025-11-18 | SELL | Militello John | officer: See Remarks | 1,086 | $2.98 | $3K | $197K |
| 2025-10-14 | SELL | Militello John | officer: See Remarks | 28,918 | $3.96 | $115K | $265K |
| 2025-08-27 | BUY | Bjork Elisabeth | director | 10,000 | $3.41 | $34K | $136K |
Order Flow (FINRA, ~3w lag)
Filing Risk Analysis
Filing Risk Scores
Rocket Pharmaceuticals: PRV Life-Support Amidst Mounting Legal Turbulence and Dilution Ramps
Counter-Thesis
Counter-Thesis & Recent News
As of March 2026, Rocket Pharmaceuticals has several major catalysts: the FDA set a PDUFA action date of March 28, 2026, for KRESLADI (RP-L102) for the treatment of LAD-I, which would mark the company's first commercial launch. Additionally, the FDA recently lifted the clinical hold on the RP-A501 program for Danon disease in Q3 2025, with trials expected to resume in H1 2026. The company also reported a Q4 2025 earnings beat with an EPS of -$0.38 versus the -$0.42 expected (Intellectia.AI, MarketBeat).
The bear thesis focuses on a high cash burn rate and a history of regulatory setbacks, including a previous CRL for KRESLADI and clinical holds due to patient safety concerns (a death was reported in the RP-A501 trial in mid-2025). Bears, led by JP Morgan and Goldman Sachs (who maintain 'Underweight' and 'Sell' ratings respectively), argue that the path to profitability remains years away and that the company faces significant execution risk in the competitive gene therapy market (Seeking Alpha, GuruFocus).
Notable red flags include recent insider selling by the CEO and General Counsel in February 2026. While the company holds $188.9 million in cash as of year-end 2025, the negative EPS of -$2.25 for the fiscal year suggests a limited runway without further dilutive capital raises or a successful Priority Review Voucher (PRV) sale following potential KRESLADI approval (MarketBeat, Intellectia.AI).
Rocket faces direct competition in the cardiovascular gene therapy space from Lexeo Therapeutics (LX2020), which is developing a treatment for PKP2-associated cardiomyopathy and is expected to release interim clinical data in H2 2025. Additionally, larger biopharma entities entering the rare disease space pose a threat to Rocket's niche market dominance as patent cliffs force big-cap firms to seek orphan drug acquisitions (Seeking Alpha).
Sentiment among the rare disease patient community remains cautiously optimistic, particularly for Danon disease and LAD-I families who have no other curative options. The receipt of RMAT (Regenerative Medicine Advanced Therapy) designations for multiple programs suggests strong support from both clinical investigators and regulatory bodies who prioritize these high-unmet-need areas (Intellectia.AI).