Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) Receives $8.71 Consensus Price Target from Analysts

Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) have been given an average recommendation of “Hold” by the ten brokerages that are covering the stock, Marketbeat.com reports. Three investment analysts have rated the stock with a sell rating, two have given a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $8.7143.

Several analysts recently weighed in on the company. Chardan Capital reissued a “buy” rating and set a $11.00 price target on shares of Rocket Pharmaceuticals in a report on Monday, May 11th. Weiss Ratings raised Rocket Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, July 15th. Finally, Wall Street Zen upgraded Rocket Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday.

Rocket Pharmaceuticals Price Performance

Shares of RCKT opened at $3.11 on Monday. Rocket Pharmaceuticals has a 52 week low of $2.53 and a 52 week high of $5.45. The firm has a market cap of $339.58 million, a P/E ratio of -1.66 and a beta of 0.47. The firm’s 50-day simple moving average is $3.28 and its 200 day simple moving average is $3.62. The company has a debt-to-equity ratio of 0.08, a quick ratio of 6.12 and a current ratio of 6.12.

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

Insider Transactions at Rocket Pharmaceuticals

In related news, CEO Gaurav Shah sold 55,684 shares of the company’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $3.09, for a total value of $172,063.56. Following the transaction, the chief executive officer directly owned 1,061,724 shares in the company, valued at approximately $3,280,727.16. This represents a 4.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Sarbani Chaudhuri sold 17,650 shares of Rocket Pharmaceuticals stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $3.84, for a total transaction of $67,776.00. Following the completion of the sale, 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 position. 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. In the last three months, insiders sold 83,733 shares of company stock valued at $275,307. 21.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in RCKT. Optiver Holding B.V. grew its position in Rocket Pharmaceuticals by 584.1% during the first quarter. Optiver Holding B.V. now owns 12,484 shares of the biotechnology company’s stock worth $45,000 after buying an additional 10,659 shares in the last quarter. Essential Partners LLC increased its stake in Rocket Pharmaceuticals by 371.6% during the 1st quarter. Essential Partners LLC now owns 13,541 shares of the biotechnology company’s stock worth $48,000 after acquiring an additional 10,670 shares during the period. Bank of America Corp DE raised its holdings in Rocket Pharmaceuticals by 8.7% in the 1st quarter. Bank of America Corp DE now owns 630,125 shares of the biotechnology company’s stock valued at $2,256,000 after acquiring an additional 50,618 shares in the last quarter. Maverick Capital Ltd. raised its holdings in Rocket Pharmaceuticals by 42.0% in the 1st quarter. Maverick Capital Ltd. now owns 3,567,372 shares of the biotechnology company’s stock valued at $12,771,000 after acquiring an additional 1,054,262 shares in the last quarter. Finally, Quantinno Capital Management LP lifted its position in shares of Rocket Pharmaceuticals by 88.7% during the 1st quarter. Quantinno Capital Management LP now owns 76,248 shares of the biotechnology company’s stock valued at $273,000 after acquiring an additional 35,851 shares during the period. 98.39% of the stock is currently owned by institutional investors and hedge funds.

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.