Scotiabank Has Lowered Expectations for Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Price

Rocket Pharmaceuticals (NASDAQ:RCKT) had its price objective cut by Scotiabank from $52.00 to $51.00 in a research note released on Monday,Benzinga reports. They currently have a sector outperform rating on the biotechnology company’s stock.

Other analysts have also issued research reports about the stock. Canaccord Genuity Group reduced their target price on shares of Rocket Pharmaceuticals from $36.00 to $34.00 and set a “buy” rating for the company in a research note on Monday. Needham & Company LLC reiterated a “buy” rating and issued a $42.00 target price on shares of Rocket Pharmaceuticals in a research note on Wednesday, April 9th. JPMorgan Chase & Co. reduced their target price on shares of Rocket Pharmaceuticals from $45.00 to $44.00 and set an “overweight” rating for the company in a research note on Friday, May 9th. Chardan Capital reduced their target price on shares of Rocket Pharmaceuticals from $54.00 to $45.00 and set a “buy” rating for the company in a research note on Friday, May 9th. Finally, BMO Capital Markets began 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. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, Rocket Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $40.82.

Rocket Pharmaceuticals Stock Performance

Shares of RCKT stock opened at $6.05 on Monday. Rocket Pharmaceuticals has a 12 month low of $4.55 and a 12 month high of $26.98. The company has a current ratio of 6.05, a quick ratio of 6.05 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $646.06 million, a PE ratio of -2.20 and a beta of 1.02. The firm has a fifty day simple moving average of $7.00 and a two-hundred day simple moving average of $10.47.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its earnings results on Tuesday, May 13th. The biotechnology company reported ($0.56) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.58) by $0.02. During the same quarter in the prior year, the business posted ($0.66) earnings per share. Analysts forecast that Rocket Pharmaceuticals will post -2.83 EPS for the current fiscal year.

Insider Activity at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals 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 sale, the chief financial officer now directly owns 129,650 shares of the company’s stock, valued at $685,848.50. This represents a 5.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Gaurav Shah acquired 20,000 shares of the company’s stock in a transaction on Thursday, April 10th. The shares were acquired at an average cost of $5.08 per share, for a total transaction of $101,600.00. Following the completion of the acquisition, the chief executive officer now owns 792,680 shares of the company’s stock, valued at approximately $4,026,814.40. The trade was a 2.59% 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 Investors Weigh In On Rocket Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the business. Covestor Ltd lifted its holdings in Rocket Pharmaceuticals by 33,166.7% during the fourth quarter. Covestor Ltd now owns 1,996 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 1,990 shares during the last quarter. Signaturefd LLC lifted its holdings in Rocket Pharmaceuticals by 319.8% during the fourth quarter. Signaturefd LLC now owns 4,916 shares of the biotechnology company’s stock valued at $62,000 after purchasing an additional 3,745 shares during the last quarter. Harbour Investments Inc. lifted its holdings in Rocket Pharmaceuticals by 51.9% during the fourth quarter. Harbour Investments Inc. now owns 5,385 shares of the biotechnology company’s stock valued at $68,000 after purchasing an additional 1,840 shares during the last quarter. KBC Group NV lifted its holdings in Rocket Pharmaceuticals by 159.6% during the fourth quarter. KBC Group NV now owns 5,475 shares of the biotechnology company’s stock valued at $69,000 after purchasing an additional 3,366 shares during the last quarter. Finally, Virtus ETF Advisers LLC lifted its holdings in Rocket Pharmaceuticals by 40.4% during the fourth quarter. Virtus ETF Advisers LLC now owns 5,656 shares of the biotechnology company’s stock valued at $71,000 after purchasing an additional 1,628 shares during the last quarter. 98.39% of the stock is owned by hedge funds and other institutional investors.

Rocket Pharmaceuticals Company Profile

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.