Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) Receives $43.00 Average Price Target from Analysts

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) has been assigned an average recommendation of “Moderate Buy” from the twelve analysts that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $41.09.

A number of research firms have issued reports on RCKT. BMO Capital Markets assumed coverage on shares of Rocket Pharmaceuticals in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $50.00 target price for the company. Scotiabank lifted their price objective on shares of Rocket Pharmaceuticals from $51.00 to $52.00 and gave the company a “sector outperform” rating in a research note on Monday, March 3rd. The Goldman Sachs Group decreased their price objective on shares of Rocket Pharmaceuticals from $15.00 to $13.00 and set a “neutral” rating for the company in a report on Friday. Chardan Capital cut their target price on Rocket Pharmaceuticals from $54.00 to $45.00 and set a “buy” rating on the stock in a report on Friday. Finally, JPMorgan Chase & Co. decreased their price target on Rocket Pharmaceuticals from $45.00 to $44.00 and set an “overweight” rating for the company in a research note on Friday.

Rocket Pharmaceuticals Trading Down 1.0 %

NASDAQ RCKT opened at $6.97 on Friday. The company has a current ratio of 6.05, a quick ratio of 6.05 and a debt-to-equity ratio of 0.06. Rocket Pharmaceuticals has a 1-year low of $4.55 and a 1-year high of $26.98. The firm’s fifty day simple moving average is $7.15 and its 200-day simple moving average is $10.70. The company has a market capitalization of $744.30 million, a PE ratio of -2.53 and a beta of 1.02.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its earnings results on Thursday, May 8th. The biotechnology company reported ($0.56) earnings per share for the quarter, topping the consensus estimate of ($0.59) by $0.03. During the same period last year, the business earned ($0.66) earnings per share. As a group, sell-side analysts anticipate that Rocket Pharmaceuticals will post -2.83 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Aaron Ondrey sold 7,489 shares of the company’s stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $5.29, for a total transaction of $39,616.81. Following the completion of the transaction, the chief financial officer now owns 129,650 shares of the company’s stock, valued at approximately $685,848.50. This represents a 5.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kinnari Patel bought 21,099 shares of the firm’s stock in a transaction that occurred on Wednesday, April 9th. The shares were purchased at an average cost of $4.70 per share, for a total transaction of $99,165.30. Following the completion of the transaction, the insider now owns 26,774 shares of the company’s stock, valued at $125,837.80. This represents a 371.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 28.50% of the stock is owned by company insiders.

Institutional Trading of Rocket Pharmaceuticals

Hedge funds have recently modified their holdings of the company. Wellington Management Group LLP raised its stake in shares of Rocket Pharmaceuticals by 24.5% in the fourth quarter. Wellington Management Group LLP now owns 13,995,177 shares of the biotechnology company’s stock valued at $175,919,000 after purchasing an additional 2,753,033 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Rocket Pharmaceuticals by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 6,617,784 shares of the biotechnology company’s stock valued at $44,141,000 after buying an additional 40,189 shares in the last quarter. Westfield Capital Management Co. LP lifted its holdings in shares of Rocket Pharmaceuticals by 2.3% during the 1st quarter. Westfield Capital Management Co. LP now owns 4,820,701 shares of the biotechnology company’s stock worth $32,154,000 after acquiring an additional 106,091 shares during the period. Janus Henderson Group PLC boosted its position in shares of Rocket Pharmaceuticals by 111.0% during the 4th quarter. Janus Henderson Group PLC now owns 4,004,039 shares of the biotechnology company’s stock valued at $50,343,000 after acquiring an additional 2,106,699 shares in the last quarter. Finally, Suvretta Capital Management LLC acquired a new position in Rocket Pharmaceuticals in the fourth quarter worth about $32,267,000. Institutional investors own 98.39% of the company’s stock.

About Rocket Pharmaceuticals

Rocket Pharmaceuticals, Inc, together with its subsidiaries, operates as a late-stage biotechnology company that focuses on developing gene therapies for rare and devastating diseases. It has three clinical-stage ex vivo lentiviral vector programs for fanconi anemia, a genetic defect in the bone marrow that reduces production of blood cells or promotes the production of faulty blood cells; leukocyte adhesion deficiency-I, a genetic disorder that causes the immune system to malfunction; and pyruvate kinase deficiency, a rare red blood cell autosomal recessive disorder that results in chronic non-spherocytic hemolytic anemia.