Rocket Pharmaceuticals (NASDAQ:RCKT – Get Free Report)‘s stock had its “outperform” rating reissued by investment analysts at Wedbush in a note issued to investors on Wednesday, Benzinga reports. They presently have a $15.00 target price on the biotechnology company’s stock. Wedbush’s price objective suggests a potential upside of 339.88% from the company’s previous close.
RCKT has been the subject of a number of other research reports. Wall Street Zen raised Rocket Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Monday, August 17th. Needham & Company LLC raised Rocket Pharmaceuticals from a “hold” rating to a “buy” rating and set a $9.00 target price for the company in a research report 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. Finally, Chardan Capital reissued a “buy” rating and set a $11.00 price objective on shares of Rocket Pharmaceuticals in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $8.62.
Rocket Pharmaceuticals Stock Performance
Rocket Pharmaceuticals (NASDAQ:RCKT – Get Free Report) last posted its earnings results on Monday, August 10th. The biotechnology company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.22. During the same period in the previous year, the company posted ($0.62) EPS. As a group, research analysts expect that Rocket Pharmaceuticals will post -1.36 earnings per share for the current year.
Insider Buying and Selling at Rocket Pharmaceuticals
In other news, COO Christopher Stevens sold 36,658 shares of the company’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 completion of the sale, the chief operating officer directly owned 505,784 shares in the company, valued at $1,770,244. This represents a 6.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Martin Wilson sold 75,364 shares of Rocket Pharmaceuticals stock in a transaction on Friday, September 11th. The shares were 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 $2,034,862.60. This trade represents a 11.18% decrease in their ownership of the stock. 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 valued at $432,273 over the last 90 days. 21.30% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Rocket Pharmaceuticals
A number of hedge funds have recently modified their holdings of the company. Allworth Financial LP bought a new position in Rocket Pharmaceuticals in the 2nd quarter worth $28,000. Legal & General Group Plc purchased a new stake in shares of Rocket Pharmaceuticals during the second quarter worth about $31,000. HB Wealth Management LLC bought a new stake in Rocket Pharmaceuticals during the 2nd quarter valued at approximately $36,000. Focus Partners Advisor Solutions LLC bought a new position in Rocket Pharmaceuticals in the 2nd quarter worth approximately $41,000. Finally, Sequoia Financial Advisors LLC purchased a new stake in Rocket Pharmaceuticals during the 4th quarter valued at approximately $42,000. 98.39% of the stock is currently owned by institutional investors.
Trending Headlines about Rocket Pharmaceuticals
Here are the key news stories impacting Rocket Pharmaceuticals this week:
- Positive Sentiment: The FDA aligned with Rocket Pharmaceuticals on continued enrollment and dosing in the pivotal Phase 2 trial of RP-A501 for Danon disease. Agreement on the recalibrated dose and other key trial elements reduces regulatory uncertainty and supports progress toward potentially important clinical data. Rocket Pharmaceuticals Announces FDA Alignment on Path to Complete Pivotal Phase 2 Trial of RP-A501 in Danon Disease
- Positive Sentiment: Chardan Capital reaffirmed its Buy rating and set an $11 price target, implying substantial upside from recent trading levels. This reflects continued analyst confidence in Rocket’s gene-therapy pipeline and the RP-A501 program. Chardan Capital rating update
- Positive Sentiment: Institutional ownership activity was generally constructive in the second quarter. Opaleye Management, Squarepoint Ops and Corient Private Wealth increased their positions, while Wellington Management and HB Wealth Management initiated stakes. Institutional investors and hedge funds collectively own approximately 98.39% of the shares.
- Neutral Sentiment: Rocket presented at the Morgan Stanley 24th Annual Global Healthcare Conference, giving investors an opportunity to evaluate management’s development strategy and clinical pipeline. Morgan Stanley Healthcare Conference transcript
- Neutral Sentiment: Despite the bullish Chardan view, the broader analyst consensus remains Hold, with an average price target of $8.57 and a mix of Buy, Hold and Sell ratings.
- Negative Sentiment: General Counsel Martin Wilson sold 75,364 shares worth approximately $256,238, reducing his ownership by 11.18%. The company said the sale covered tax-withholding obligations tied to vested equity awards, making it less concerning than a discretionary sale, but it may still weigh on sentiment.
About Rocket Pharmaceuticals
Rocket Pharmaceuticals, Inc is a biotechnology company focused on developing gene therapies for rare and devastating diseases. The company uses lentiviral and adeno-associated virus (AAV) vector platforms to deliver genetic material intended to address the underlying causes of inherited disorders, with research programs spanning hematology, immunology, metabolic disease and cardiac 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-system disorder; and RP-L301 for pyruvate kinase deficiency, a rare red blood cell disorder.
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