Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) Receives $14.36 Average PT from Brokerages

Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) have been given a consensus rating of “Hold” by the eighteen ratings firms that are presently covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation, eight have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $14.50.

Several brokerages recently commented on RCKT. Wedbush reaffirmed an “outperform” rating and set a $16.00 price objective on shares of Rocket Pharmaceuticals in a research note on Friday, November 7th. Cantor Fitzgerald raised their price target on shares of Rocket Pharmaceuticals from $8.00 to $10.00 and gave the company an “overweight” rating in a report on Friday. TD Cowen upgraded shares of Rocket Pharmaceuticals to a “hold” rating in a research report on Friday, December 19th. Bank of America decreased their price target on shares of Rocket Pharmaceuticals from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Tuesday, November 18th. Finally, JPMorgan Chase & Co. lowered Rocket Pharmaceuticals from a “neutral” rating to an “underweight” rating in a research note on Tuesday, November 18th.

Rocket Pharmaceuticals Stock Performance

Shares of RCKT opened at $5.01 on Friday. Rocket Pharmaceuticals has a 52-week low of $2.19 and a 52-week high of $9.73. The stock’s 50-day simple moving average is $3.62 and its 200 day simple moving average is $3.45. The company has a debt-to-equity ratio of 0.07, a quick ratio of 6.38 and a current ratio of 6.38. The stock has a market capitalization of $543.94 million, a price-to-earnings ratio of -2.49 and a beta of 0.39.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its earnings results on Thursday, February 26th. The biotechnology company reported ($0.38) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.04. During the same period in the previous year, the business posted ($0.62) EPS. Research analysts forecast that Rocket Pharmaceuticals will post -2.83 EPS for the current fiscal year.

Insider Activity

In related news, General Counsel Martin Wilson sold 12,253 shares of the company’s stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $3.31, for a total value of $40,557.43. Following the transaction, the general counsel directly owned 683,376 shares in the company, valued at approximately $2,261,974.56. This represents a 1.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gaurav Shah sold 12,279 shares of the firm’s stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $3.31, for a total transaction of $40,643.49. Following the completion of the sale, the chief executive officer directly owned 1,052,045 shares in the company, valued at $3,482,268.95. This represents a 1.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 29,415 shares of company stock worth $97,398. Insiders own 24.76% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of RCKT. Prudential Financial Inc. bought a new stake in shares of Rocket Pharmaceuticals in the 2nd quarter worth approximately $25,000. CANADA LIFE ASSURANCE Co grew its position in Rocket Pharmaceuticals by 94.4% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 12,202 shares of the biotechnology company’s stock worth $29,000 after acquiring an additional 5,926 shares during the last quarter. Corton Capital Inc. bought a new position in shares of Rocket Pharmaceuticals in the second quarter worth approximately $38,000. Franklin Resources Inc. purchased a new position in shares of Rocket Pharmaceuticals in the fourth quarter worth $38,000. Finally, Virtu Financial LLC purchased a new position in shares of Rocket Pharmaceuticals in the third quarter worth $40,000. 98.39% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Pharmaceuticals Company Profile

Rocket Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing gene therapies for rare, inherited pediatric diseases. The company employs a proprietary adeno-associated virus (AAV) and lentiviral vector platform to deliver functional copies of genes in patients with genetic deficiencies. Its programs target a spectrum of disorders, including Fanconi anemia, leukocyte adhesion deficiency type I and Danon disease, with the goal of delivering one-time treatments that address the underlying causes of disease rather than merely managing symptoms.

The company’s pipeline comprises multiple product candidates in various stages of development.