Rocket Pharmaceuticals’ (RCKT) “Outperform” Rating Reiterated at Wedbush

Wedbush restated their outperform rating on shares of Rocket Pharmaceuticals (NASDAQ:RCKT) in a research note released on Wednesday,Benzinga reports.

Several other equities analysts also recently commented on RCKT. Jefferies Financial Group restated a “hold” rating and issued a $2.95 price target on shares of Rocket Pharmaceuticals in a research note on Wednesday. Weiss Ratings downgraded shares of Rocket Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, August 11th. Chardan Capital restated a “buy” rating and set a $11.00 target price on shares of Rocket Pharmaceuticals in a research report on Wednesday. Needham & Company LLC raised shares of Rocket Pharmaceuticals from a “hold” rating to a “buy” rating and set a $9.00 target price on the stock in a report on Wednesday, September 16th. Finally, Wall Street Zen upgraded shares of Rocket Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Monday, August 17th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Rocket Pharmaceuticals has an average rating of “Hold” and a consensus price target of $7.77.

Rocket Pharmaceuticals Stock Performance

RCKT opened at $2.56 on Wednesday. The company has a debt-to-equity ratio of 0.05, a current ratio of 9.24 and a quick ratio of 9.24. The business has a fifty day simple moving average of $3.31 and a 200 day simple moving average of $3.39. Rocket Pharmaceuticals has a 1 year low of $2.42 and a 1 year high of $5.45. The company has a market capitalization of $281.04 million, a PE ratio of -15.06 and a beta of 0.50.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its quarterly earnings data on Monday, August 10th. The biotechnology company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.22. During the same period in the prior year, the firm posted ($0.62) EPS. Research analysts expect that Rocket Pharmaceuticals will post -1.36 EPS for the current year.

Insiders Place Their Bets

In other news, General Counsel Martin Wilson sold 75,364 shares of Rocket Pharmaceuticals stock in a transaction on Friday, September 11th. The stock was sold at an average price of $3.40, for a total value of $256,237.60. Following the transaction, the general counsel owned 598,489 shares in the company, valued at approximately $2,034,862.60. This trade represents a 11.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Christopher Stevens sold 36,658 shares of the business’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $3.50, for a total value of $128,303.00. Following the transaction, the chief operating officer directly owned 505,784 shares of the company’s stock, valued at $1,770,244. This trade represents a 6.76% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 125,977 shares of company stock worth $432,273. Company insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of RCKT. BlackRock Inc. bought a new position in shares of Rocket Pharmaceuticals in the second quarter worth about $33,940,000. Maverick Capital Ltd. boosted its stake in shares of 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 purchasing an additional 1,054,262 shares in the last quarter. Monaco Asset Management SAM bought a new stake in shares of Rocket Pharmaceuticals during the 2nd quarter valued at approximately $8,483,000. Opaleye Management Inc. grew its holdings in shares of Rocket Pharmaceuticals by 4.7% during the 2nd quarter. Opaleye Management Inc. now owns 1,000,000 shares of the biotechnology company’s stock valued at $3,420,000 after purchasing an additional 45,000 shares during the last quarter. Finally, Bank of America Corp DE acquired a new position in Rocket Pharmaceuticals during the 2nd quarter worth approximately $2,512,000. Institutional investors and hedge funds own 98.39% of the company’s stock.

Rocket Pharmaceuticals Company Profile

Rocket Pharmaceuticals, Inc (NASDAQ:RCKT) is a biotechnology company focused on developing gene therapies for rare and devastating diseases. The company uses both ex vivo hematopoietic stem cell gene therapy and in vivo adeno-associated virus (AAV) gene therapy approaches to address conditions with limited or no effective treatment options.

Rocket’s development programs have included marnetegragene autotemcel (RP-L102) for leukocyte adhesion deficiency-I, a rare inherited immune disorder; RP-A501 for Danon disease, a genetic heart condition; RP-A601 for arrhythmogenic right ventricular cardiomyopathy associated with PKP2 mutations; and RP-L301 for pyruvate kinase deficiency, an inherited blood disorder.