Rocket Pharmaceuticals shares are poised to nearly quadruple as it rolls out its lineup of late-stage targeted gene therapies, according to Cantor Fitzgerald. The firm initiated coverage of the biotech stock at an overweight rating, setting a price target of $65. This implies a whopping 286% potential upside from its closing price of $16.82 on Monday. Shares of Rocket Pharmaceuticals have shed 9% since the start of the year. RCKT YTD mountain RCKT YTD chart Analyst Josh Schimmer called the stock one of his “top picks” as its products address unmet medical needs. It also benefits from a “thoughtful management team with a knack for identifying compelling gene therapy programs,” he said. Schimmer is extremely bullish on Rocket’s portfolio of advanced gene therapy products. These include both lentivirus and adeno-associated virus-based therapies that target a range of rare genetic diseases such as Danon Syndrome, a fatal congenital cardiomyopathy, and Fanconi anemia, which causes bone marrow failure. Key upcoming drivers for the company include the FDA approval of these therapies over the next few years. “RCKT should be stacking larger and larger gene therapy programs,” the analyst wrote. “Each will improve margins and help drive sustainable revenue as prevalent patients are depleted and penetration focuses on incident patients.” Schimmer said he expects across Rocket’s portfolio, steady-state sales have the potential to surpass $1 billion a year, which would drive up the stock’s value from its current market capitalization of $1.5 billion. — CNBC’s Michael Bloom contributed to this report.