Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) Receives $8.57 Consensus Price Target from Analysts

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) has received a consensus recommendation of “Hold” from the ten analysts that are covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a sell recommendation, two have issued a hold recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $8.5714.

RCKT has been the subject of a number of recent analyst reports. Weiss Ratings downgraded Rocket Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, August 11th. Wedbush cut their price objective on shares of Rocket Pharmaceuticals from $16.00 to $15.00 and set an “outperform” rating for the company in a research report on Tuesday, August 11th. Wall Street Zen upgraded shares of Rocket Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Monday, August 17th. Finally, Chardan Capital reissued a “buy” rating and issued a $11.00 target price on shares of Rocket Pharmaceuticals in a report on Monday, May 11th.

Rocket Pharmaceuticals Price Performance

NASDAQ:RCKT opened at $3.51 on Friday. 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 $385.33 million, a price-to-earnings ratio of -20.65 and a beta of 0.47. The firm’s 50-day simple moving average is $3.46 and its 200 day simple moving average is $3.60. The company has a debt-to-equity ratio of 0.05, a quick ratio of 9.24 and a current ratio of 9.24.

Rocket Pharmaceuticals (NASDAQ:RCKT) last announced its earnings results on Monday, August 10th. The biotechnology company reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.22. During the same quarter last year, the business posted ($0.62) EPS. As a group, sell-side analysts predict that Rocket Pharmaceuticals will post -1.39 earnings per share for the current year.

Insider Transactions at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, COO Christopher James Stevens sold 36,658 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $3.50, for a total transaction of $128,303.00. Following the completion of the transaction, the chief operating officer directly owned 505,784 shares in the company, valued at $1,770,244. The trade was a 6.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 50,613 shares of company stock valued at $176,035 over the last quarter. Company insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

A number of institutional investors have recently modified their holdings of the business. HB Wealth Management LLC acquired a new position in Rocket Pharmaceuticals during the second quarter worth about $36,000. Wellington Management Group LLP acquired a new stake in shares of Rocket Pharmaceuticals in the 2nd quarter valued at approximately $211,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Rocket Pharmaceuticals in the 2nd quarter valued at approximately $462,000. Corient Private Wealth LP bought a new stake in shares of Rocket Pharmaceuticals during the 2nd quarter valued at approximately $125,000. Finally, Bank of America Corp DE bought a new stake in shares of Rocket Pharmaceuticals during the 2nd quarter valued at approximately $2,512,000. Institutional investors and hedge funds own 98.39% of the company’s stock.

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.