Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target Cut to $8.00 by Analysts at Bank of America

Rocket Pharmaceuticals (NASDAQ:RCKT) had its target price lowered by research analysts at Bank of America from $10.00 to $8.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the biotechnology company’s stock. Bank of America‘s target price would indicate a potential upside of 168.82% from the stock’s current price.

A number of other brokerages also recently issued reports on RCKT. Needham & Company LLC reiterated a “hold” rating on shares of Rocket Pharmaceuticals in a report on Thursday, July 24th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Rocket Pharmaceuticals in a report on Wednesday, October 8th. Leerink Partners reduced their price target on shares of Rocket Pharmaceuticals from $9.00 to $7.00 and set a “market perform” rating for the company in a research report on Friday, October 3rd. Canaccord Genuity Group lowered their price target on Rocket Pharmaceuticals from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Friday, July 25th. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $11.00 price objective on shares of Rocket Pharmaceuticals in a research note on Tuesday, October 14th. Eight analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $15.47.

Rocket Pharmaceuticals Stock Performance

NASDAQ RCKT traded down $0.06 on Tuesday, hitting $2.98. 2,069,567 shares of the company’s stock were exchanged, compared to its average volume of 3,391,311. The firm has a market cap of $322.07 million, a price-to-earnings ratio of -1.19 and a beta of 0.69. The firm’s 50-day moving average price is $3.42 and its two-hundred day moving average price is $3.60. Rocket Pharmaceuticals has a fifty-two week low of $2.19 and a fifty-two week high of $15.01. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.39 and a quick ratio of 6.39.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its quarterly earnings data on Thursday, November 6th. The biotechnology company reported ($0.45) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.48) by $0.03. During the same period in the previous year, the firm posted ($0.71) earnings per share. On average, research analysts expect that Rocket Pharmaceuticals will post -2.83 EPS for the current year.

Insider Buying and Selling at Rocket Pharmaceuticals

In related news, Director Elisabeth Bjork purchased 10,000 shares of the business’s stock in a transaction dated Wednesday, August 27th. The stock was bought at an average cost of $3.41 per share, with a total value of $34,100.00. Following the completion of the acquisition, the director directly owned 40,000 shares in the company, valued at $136,400. The trade was a 33.33% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John Militello sold 28,918 shares of the company’s stock in a transaction on Tuesday, October 14th. The shares were sold at an average price of $3.96, for a total value of $114,515.28. Following the completion of the sale, the insider owned 67,006 shares in the company, valued at $265,343.76. This represents a 30.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 24.76% of the company’s stock.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Voleon Capital Management LP boosted its holdings in shares of Rocket Pharmaceuticals by 70.0% during the third quarter. Voleon Capital Management LP now owns 68,037 shares of the biotechnology company’s stock worth $222,000 after purchasing an additional 28,010 shares during the last quarter. Newtyn Management LLC lifted its position in Rocket Pharmaceuticals by 25.1% during the third quarter. Newtyn Management LLC now owns 2,502,863 shares of the biotechnology company’s stock worth $8,159,000 after buying an additional 502,863 shares during the period. Mercer Global Advisors Inc. ADV acquired a new stake in Rocket Pharmaceuticals in the 3rd quarter worth about $50,000. Millennium Management LLC grew its holdings in Rocket Pharmaceuticals by 52.0% in the 3rd quarter. Millennium Management LLC now owns 3,570,391 shares of the biotechnology company’s stock valued at $11,639,000 after buying an additional 1,221,554 shares during the period. Finally, Bank of America Corp DE grew its holdings in Rocket Pharmaceuticals by 10.2% in the 3rd quarter. Bank of America Corp DE now owns 514,921 shares of the biotechnology company’s stock valued at $1,679,000 after buying an additional 47,816 shares during the period. 98.39% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Pharmaceuticals Company Profile

Rocket Pharmaceuticals, Inc, together with its subsidiaries, operates as a late-stage 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 pyruvate kinase deficiency, a rare red blood cell autosomal recessive disorder that results in chronic non-spherocytic hemolytic anemia.