Rocket Companies Shares Rise on ValueAct’s 9.9% Stake, Cantor $30 PT, and RP-A601 Gene Therapy Data

Shares of Rocket Companies Inc. (ticker: RKT) experienced a notable increase, rising by 4.8% in pre-market trading following the announcement of ValueAct Capital's acquisition of a 9.9% stake in the company. The stock also benefited from positive analyst activity, with Cantor Fitzgerald raising its price target on RKT to $30 from $20 and maintaining an overweight rating after the company reported preliminary data for its RP-A601 gene therapy in PKP2-Arrhythmogenic Cardiomyopathy (PKP2-ACM). Cantor Fitzgerald described the data as "very encouraging" despite the early stage of development. Additionally, Chardan Capital increased its price target slightly to $46 from $45 and reiterated a buy rating, noting initial activity from the PKP2 gene therapy data. Rocket's life sciences segment, Rocket Companies' subsidiary LIFESCI (ticker: RCKT), is advancing the 8E13 GC/kg dose of RP-A601 into the next phase of development, with a program update for the Phase 2 pivotal study of RP-A501 in Danon disease expected by mid-2025. Investors responded positively, with the stock gaining as much as 8% during the trading session.