Rocket Pharmaceuticals’ (RCKT) Buy Rating Reiterated at Chardan Capital

Chardan Capital reiterated their buy rating on shares of Rocket Pharmaceuticals (NASDAQ:RCKT) in a report released on Wednesday morning,Benzinga reports. Chardan Capital currently has a $11.00 target price on the biotechnology company’s stock.

Several other equities research analysts have also issued reports on the stock. TD Cowen restated a “hold” rating on shares of Rocket Pharmaceuticals in a research note on Tuesday, May 27th. Scotiabank decreased their price target on shares of Rocket Pharmaceuticals from $51.00 to $19.00 and set a “sector outperform” rating for the company in a research note on Wednesday, May 28th. Cantor Fitzgerald decreased their price target on shares of Rocket Pharmaceuticals from $10.00 to $8.00 and set an “overweight” rating for the company in a research note on Friday, August 8th. Morgan Stanley restated an “equal weight” rating and set a $7.00 price target on shares of Rocket Pharmaceuticals in a research note on Wednesday, May 28th. Finally, Wedbush restated an “outperform” rating and set a $32.00 price target on shares of Rocket Pharmaceuticals in a research note on Friday, May 16th. Eight investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Rocket Pharmaceuticals has an average rating of “Hold” and a consensus price target of $16.73.

Rocket Pharmaceuticals Trading Down 2.4%

NASDAQ:RCKT opened at $3.64 on Wednesday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 6.39 and a current ratio of 6.39. The firm has a market cap of $392.76 million, a price-to-earnings ratio of -1.45 and a beta of 0.65. Rocket Pharmaceuticals has a 52 week low of $2.19 and a 52 week high of $22.01. The firm has a 50-day moving average price of $2.99 and a two-hundred day moving average price of $5.66.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its quarterly earnings results on Thursday, August 7th. The biotechnology company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.57) by ($0.02). During the same period in the prior year, the firm posted ($0.74) EPS. On average, equities analysts expect that Rocket Pharmaceuticals will post -2.83 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, General Counsel Martin Wilson sold 12,109 shares of Rocket Pharmaceuticals stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $3.02, for a total value of $36,569.18. Following the completion of the transaction, the general counsel directly owned 137,054 shares in the company, valued at approximately $413,903.08. The trade was a 8.12% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jonathan David Schwartz sold 11,161 shares of Rocket Pharmaceuticals stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $3.02, for a total transaction of $33,706.22. Following the completion of the transaction, the insider owned 224,094 shares of the company’s stock, valued at $676,763.88. This represents a 4.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 36,927 shares of company stock valued at $111,413 over the last quarter. 24.76% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of RCKT. Wells Fargo & Company MN boosted its holdings in Rocket Pharmaceuticals by 40.9% in the 4th quarter. Wells Fargo & Company MN now owns 34,970 shares of the biotechnology company’s stock valued at $440,000 after purchasing an additional 10,147 shares during the period. Envestnet Asset Management Inc. boosted its holdings in Rocket Pharmaceuticals by 4.1% in the 4th quarter. Envestnet Asset Management Inc. now owns 32,422 shares of the biotechnology company’s stock valued at $408,000 after purchasing an additional 1,280 shares during the period. Invesco Ltd. boosted its holdings in Rocket Pharmaceuticals by 1.5% in the 4th quarter. Invesco Ltd. now owns 357,840 shares of the biotechnology company’s stock valued at $4,498,000 after purchasing an additional 5,218 shares during the period. Legal & General Group Plc boosted its holdings in Rocket Pharmaceuticals by 3.3% in the 4th quarter. Legal & General Group Plc now owns 75,454 shares of the biotechnology company’s stock valued at $948,000 after purchasing an additional 2,416 shares during the period. Finally, Renaissance Technologies LLC bought a new position in Rocket Pharmaceuticals in the 4th quarter valued at $2,747,000. 98.39% of the stock is currently owned by hedge funds and other institutional investors.

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.