Rocket Pharmaceuticals (RCKT) Announces Third Quarter Financial Results

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Shares of Rocket Pharmaceuticals, Inc. (NASDAQ: RCKT) soared 10.93% after the company announced today the 2020 financial results of the Third quarter ended September 30, 2020. The company has also disclosed the update of its business operations, upcoming milestones, and key developments.

It has reported the Cash, cash equivalents, and investments as of September 30, 2020, of $228.7 million. Its balance sheet includes $52.0 million of fully convertible notes. Rocket Pharmaceuticals has reported that its Research & Development expenses for the three months ended September 30, 2020, were $21.7 million.

The biotechnology company has revealed that it has recorded the General and administrative expenses of $5.7 million for the three months ended September 30, 2020.  Its Net loss was $29.0 million or $0.53 per share for the three months ended September 30, 2020. Furthermore, it has reported the 55,204,127 shares of common stock were outstanding as of September 30, 2020.

Rocket Pharmaceuticals revealed that the Phase 1/2 clinical trial of RP-L201 for LAD-I has shown positive results.  It has announced that the first patient has received a higher dose level of 1.1×1014 genome copies/kilograms after clearance from the U.S.

Furthermore, it has announced the establishment of the Research & Development (R&D) and Chemistry, Manufacturing, and Controls (CMC) facility in Cranbury, New Jersey. The new facility is 103,720 square feet. It has dislcosed that the Fast Track Designation has been granted to RP-L401 gene therapy for IMO and RP-A501 for Danon Disease got Rare Pediatric Disease Designation.

Rocket Pharmaceuticals, Inc. (NASDAQ: RCKT) shares were trading up 9.39% at $32.14 at the time of writing on Wednesday. It has a trading volume of 201.27K as compared to the average volume of 273.50K. Rocket Pharmaceuticals, Inc. (RCKT) share price went from a low point around $9.01 to briefly over $30.43 in the past 52 weeks. RCKT market cap has remained high, hitting $1.67 Billion at the time of writing.

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