Brokerages Set Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) Price Target at $8.44

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) has earned an average recommendation of “Hold” from the thirteen research firms that are presently covering the stock, Marketbeat reports. Three research analysts have rated the stock with a sell recommendation, three have given a hold recommendation, six have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $8.4444.

Several research firms have commented on RCKT. Bank of America increased their target price on Rocket Pharmaceuticals from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Monday, March 30th. Cantor Fitzgerald increased their target price on Rocket Pharmaceuticals from $8.00 to $10.00 and gave the company an “overweight” rating in a research report on Friday, February 27th. Wall Street Zen upgraded Rocket Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Weiss Ratings upgraded Rocket Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 1st. Finally, The Goldman Sachs Group increased their target price on Rocket Pharmaceuticals to $3.00 and gave the company a “sell” rating in a research report on Monday, March 2nd.

Insider Activity

In other news, CEO Gaurav Shah sold 55,684 shares of the firm’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $3.09, for a total transaction of $172,063.56. Following the completion of the transaction, the chief executive officer directly owned 1,061,724 shares in the company, valued at $3,280,727.16. This trade represents a 4.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sarbani Chaudhuri sold 17,650 shares of the firm’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $3.84, for a total value of $67,776.00. Following the transaction, the insider owned 267,510 shares of the company’s stock, valued at $1,027,238.40. This trade represents a 6.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 83,733 shares of company stock valued at $275,307 over the last quarter. Corporate insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

A number of hedge funds have recently made changes to their positions in RCKT. Prudential Financial Inc. bought a new position in shares of Rocket Pharmaceuticals during the second quarter worth about $25,000. CANADA LIFE ASSURANCE Co raised its position in shares of Rocket Pharmaceuticals by 94.4% during the second 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. Franklin Resources Inc. bought a new position in shares of Rocket Pharmaceuticals during the fourth quarter worth about $38,000. Virtu Financial LLC bought a new position in shares of Rocket Pharmaceuticals during the third quarter worth about $40,000. Finally, Sequoia Financial Advisors LLC bought a new position in shares of Rocket Pharmaceuticals during the fourth quarter worth about $42,000. 98.39% of the stock is currently owned by institutional investors.

Rocket Pharmaceuticals Price Performance

Rocket Pharmaceuticals stock opened at $2.75 on Friday. The company has a current ratio of 6.12, a quick ratio of 6.12 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $300.28 million, a PE ratio of -1.47 and a beta of 0.48. Rocket Pharmaceuticals has a 12 month low of $2.40 and a 12 month high of $5.45. The stock has a 50-day moving average price of $3.32 and a two-hundred day moving average price of $3.62.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its earnings results on Thursday, May 7th. The biotechnology company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.41) by ($0.01). During the same quarter in the previous year, the company posted ($0.56) earnings per share. Analysts expect that Rocket Pharmaceuticals will post -1.16 EPS for the current year.

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.