Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target Cut to $44.00 by Analysts at JPMorgan Chase & Co.

Rocket Pharmaceuticals (NASDAQ:RCKT) had its price target trimmed by JPMorgan Chase & Co. from $45.00 to $44.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an overweight rating on the biotechnology company’s stock.

RCKT has been the topic of a number of other research reports. BMO Capital Markets began coverage on Rocket Pharmaceuticals in a report on Wednesday, March 12th. They set an “outperform” rating and a $50.00 target price on the stock. Canaccord Genuity Group reduced their price target on Rocket Pharmaceuticals from $39.00 to $36.00 and set a “buy” rating on the stock in a research note on Monday, March 3rd. Needham & Company LLC reissued a “buy” rating and set a $42.00 price objective on shares of Rocket Pharmaceuticals in a research report on Wednesday, April 9th. The Goldman Sachs Group reduced their target price on shares of Rocket Pharmaceuticals from $15.00 to $13.00 and set a “neutral” rating on the stock in a research report on Friday. Finally, Chardan Capital lowered their price target on shares of Rocket Pharmaceuticals from $62.00 to $54.00 and set a “buy” rating for the company in a research report on Friday, February 28th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $41.09.

Rocket Pharmaceuticals Stock Performance

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

Rocket Pharmaceuticals (NASDAQ:RCKT) last announced its earnings results on Thursday, May 8th. The biotechnology company reported ($0.56) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.03. During the same quarter in the prior year, the business posted ($0.66) EPS. As a group, research analysts predict that Rocket Pharmaceuticals will post -2.83 EPS for the current year.

Insider Activity at Rocket Pharmaceuticals

In other news, CFO Aaron Ondrey sold 7,489 shares of the company’s stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $5.29, for a total value of $39,616.81. Following the transaction, the chief financial officer now owns 129,650 shares in the company, 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 SEC, which is accessible through this link. Also, insider Kinnari Patel purchased 21,099 shares of the business’s stock in a transaction dated Wednesday, April 9th. The shares were purchased at an average price of $4.70 per share, for a total transaction of $99,165.30. Following the acquisition, the insider now owns 26,774 shares of the company’s stock, valued at approximately $125,837.80. The trade was 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 currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. SG Americas Securities LLC increased its holdings in Rocket Pharmaceuticals by 796.2% in the 4th quarter. SG Americas Securities LLC now owns 54,921 shares of the biotechnology company’s stock worth $690,000 after buying an additional 48,793 shares in the last quarter. Jennison Associates LLC grew its stake in shares of Rocket Pharmaceuticals by 72.6% in the fourth quarter. Jennison Associates LLC now owns 70,304 shares of the biotechnology company’s stock worth $884,000 after acquiring an additional 29,564 shares during the period. Mirador Capital Partners LP raised its holdings in shares of Rocket Pharmaceuticals by 403.9% during the fourth quarter. Mirador Capital Partners LP now owns 84,529 shares of the biotechnology company’s stock valued at $1,063,000 after purchasing an additional 67,755 shares during the last quarter. Sovran Advisors LLC bought a new position in Rocket Pharmaceuticals during the fourth quarter valued at approximately $1,895,000. Finally, Strategic Financial Concepts LLC purchased a new stake in Rocket Pharmaceuticals in the fourth quarter worth approximately $141,000. Hedge funds and other institutional investors own 98.39% of the company’s stock.

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.