Rocket Pharmaceuticals’ (RCKT) “Buy” Rating Reaffirmed at Chardan Capital

Rocket Pharmaceuticals (NASDAQ:RCKT)‘s stock had its “buy” rating reissued by analysts at Chardan Capital in a research report issued on Monday,Benzinga reports. They presently have a $11.00 target price on the biotechnology company’s stock. Chardan Capital’s price objective points to a potential upside of 203.03% from the stock’s current price.

A number of other brokerages have also commented on RCKT. Bank of America lifted their price target on Rocket Pharmaceuticals from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Monday, March 30th. The Goldman Sachs Group lifted their price target on Rocket Pharmaceuticals to $3.00 and gave the stock a “sell” rating in a report on Monday, March 2nd. Cantor Fitzgerald lifted their price target on Rocket Pharmaceuticals from $8.00 to $10.00 and gave the stock an “overweight” rating in a report on Friday, February 27th. Weiss Ratings upgraded Rocket Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, April 24th. Finally, Lifesci Capital upgraded Rocket Pharmaceuticals to a “strong-buy” rating in a report on Thursday, February 26th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $11.54.

Rocket Pharmaceuticals Price Performance

RCKT stock opened at $3.63 on Monday. Rocket Pharmaceuticals has a twelve month low of $2.19 and a twelve month high of $7.39. The company has a quick ratio of 6.12, a current ratio of 6.12 and a debt-to-equity ratio of 0.08. The stock’s 50 day moving average is $4.09 and its 200-day moving average is $3.69. The firm has a market capitalization of $396.12 million, a PE ratio of -1.94 and a beta of 0.52.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its earnings results on Thursday, May 7th. The biotechnology company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.01). During the same quarter in the prior year, the company posted ($0.56) earnings per share. Sell-side analysts expect that Rocket Pharmaceuticals will post -1.68 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, General Counsel Martin Wilson sold 12,253 shares of Rocket Pharmaceuticals stock in a transaction on Friday, February 13th. The stock was sold at an average price of $3.31, for a total value of $40,557.43. Following the completion of the transaction, the general counsel directly owned 683,376 shares in the company, valued at approximately $2,261,974.56. The trade was a 1.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gaurav Shah sold 12,279 shares of Rocket Pharmaceuticals stock in a transaction on Friday, February 13th. The shares were sold at an average price of $3.31, for a total value of $40,643.49. Following the completion of the transaction, the chief executive officer owned 1,052,045 shares of the company’s stock, valued at approximately $3,482,268.95. This trade represents a 1.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 29,415 shares of company stock valued at $97,398 over the last three months. Company insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several hedge funds have recently made changes to their positions in RCKT. Prudential Financial Inc. bought a new position in shares of Rocket Pharmaceuticals in the second quarter valued at approximately $25,000. CANADA LIFE ASSURANCE Co grew its stake in Rocket Pharmaceuticals by 94.4% during the second quarter. CANADA LIFE ASSURANCE Co now owns 12,202 shares of the biotechnology company’s stock valued at $29,000 after acquiring an additional 5,926 shares in the last quarter. Franklin Resources Inc. bought a new stake in Rocket Pharmaceuticals during the 4th quarter worth approximately $38,000. Virtu Financial LLC bought a new stake in Rocket Pharmaceuticals during the 3rd quarter worth approximately $40,000. Finally, Sequoia Financial Advisors LLC purchased a new stake in Rocket Pharmaceuticals in the 4th quarter worth approximately $42,000. 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.