Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) Stock Has Average Price Target of $7.77

Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) have been assigned a consensus recommendation of “Hold” from the twelve analysts that are covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, four have issued a hold recommendation, five have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $7.77.

RCKT has been the subject of a number of analyst reports. Jefferies Financial Group restated a “hold” rating and set a $2.95 price objective on shares of Rocket Pharmaceuticals in a research report on Wednesday, October 7th. Wedbush reaffirmed an “outperform” rating on shares of Rocket Pharmaceuticals in a report on Wednesday, October 7th. Wall Street Zen upgraded shares of Rocket Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Monday, August 17th. Leerink Partners dropped their price target on shares of Rocket Pharmaceuticals from $7.00 to $4.00 and set a “market perform” rating on the stock in a research note on Wednesday, October 7th. Finally, The Goldman Sachs Group raised shares of Rocket Pharmaceuticals from a “sell” rating to a “neutral” rating and increased their price target for the stock from $3.00 to $4.00 in a report on Thursday, October 8th.

Rocket Pharmaceuticals Price Performance

Rocket Pharmaceuticals stock opened at $2.38 on Wednesday. Rocket Pharmaceuticals has a 12 month low of $2.16 and a 12 month high of $5.45. 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 50 day simple moving average of $2.85 and a 200-day simple moving average of $3.42. The stock has a market capitalization of $261.28 million, a PE ratio of -14.00 and a beta of 0.51.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its quarterly earnings results 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 last year, the company earned ($0.62) EPS. Equities analysts predict that Rocket Pharmaceuticals will post -1.36 earnings per share for the current year.

Insider Buying and Selling

In other Rocket Pharmaceuticals news, General Counsel Martin Wilson sold 75,364 shares of the business’s stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $3.40, for a total transaction of $256,237.60. Following the transaction, the general counsel owned 598,489 shares in the company, valued at approximately $2,034,862.60. The trade was a 11.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 that occurred 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 owned 505,784 shares in the company, valued at $1,770,244. The trade was a 6.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 125,977 shares of company stock worth $432,273 in the last ninety days. 21.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in shares of Rocket Pharmaceuticals in the second quarter worth approximately $33,940,000. Maverick Capital Ltd. grew its holdings in Rocket Pharmaceuticals by 42.0% in the first 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 during the period. Monaco Asset Management SAM purchased a new stake in Rocket Pharmaceuticals in the second quarter valued at approximately $8,483,000. Opaleye Management Inc. increased its position in Rocket Pharmaceuticals by 4.7% during the second quarter. Opaleye Management Inc. now owns 1,000,000 shares of the biotechnology company’s stock worth $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 second quarter worth approximately $2,512,000. Institutional investors and hedge funds own 98.39% of the company’s stock.

About Rocket Pharmaceuticals

Rocket Pharmaceuticals, Inc is a clinical-stage biotechnology company focused on developing gene therapies for rare and devastating diseases. The company uses lentiviral and adeno-associated virus (AAV) technologies to address genetic disorders with significant unmet medical needs, including hematologic, metabolic, and cardiovascular conditions.

Rocket’s pipeline has included RP-L102 for Fanconi anemia, a rare inherited bone-marrow-failure disorder; RP-L201 for leukocyte adhesion deficiency-I, an immune disorder; and gene therapy programs targeting Danon disease and arrhythmogenic cardiomyopathy.