Bank of America Issues Pessimistic Forecast for Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Price

Rocket Pharmaceuticals (NASDAQ:RCKT) had its price objective lowered by Bank of America from $10.00 to $8.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the biotechnology company’s stock. Bank of America‘s target price would suggest a potential upside of 168.82% from the company’s current price.

Other analysts have also recently issued research reports about the stock. Cantor Fitzgerald reduced their target price on shares of Rocket Pharmaceuticals from $10.00 to $8.00 and set an “overweight” rating on the stock in a report on Friday, August 8th. Weiss Ratings reissued a “sell (e+)” rating on shares of Rocket Pharmaceuticals in a research report on Wednesday, October 8th. Wedbush reaffirmed an “outperform” rating and set a $16.00 price objective on shares of Rocket Pharmaceuticals in a research report on Friday, November 7th. Leerink Partners lowered their target price on shares of Rocket Pharmaceuticals from $9.00 to $7.00 and set a “market perform” rating for the company in a research note on Friday, October 3rd. Finally, Canaccord Genuity Group dropped their target price on Rocket Pharmaceuticals from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Friday, July 25th. Eight equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $15.47.

Rocket Pharmaceuticals Stock Down 2.1%

Shares of NASDAQ RCKT traded down $0.06 during mid-day trading on Tuesday, hitting $2.98. The company had a trading volume of 2,069,567 shares, compared to its average volume of 3,391,311. The company has a market capitalization of $322.07 million, a PE ratio of -1.19 and a beta of 0.69. The business’s 50-day simple moving average is $3.42 and its 200 day simple moving average is $3.60. Rocket Pharmaceuticals has a 1-year low of $2.19 and a 1-year high of $15.01. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.39 and a quick ratio of 6.39.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its quarterly earnings results on Thursday, November 6th. The biotechnology company reported ($0.45) earnings per share for the quarter, topping the consensus estimate of ($0.48) by $0.03. During the same period in the previous year, the company posted ($0.71) EPS. On average, analysts predict that Rocket Pharmaceuticals will post -2.83 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Elisabeth Bjork acquired 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 27th. The stock was acquired at an average cost of $3.41 per share, with a total value of $34,100.00. Following the completion of the acquisition, the director owned 40,000 shares of the company’s stock, valued at $136,400. The trade was a 33.33% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John Militello sold 28,918 shares of Rocket Pharmaceuticals stock in a transaction on Tuesday, October 14th. The shares were sold at an average price of $3.96, for a total transaction of $114,515.28. Following the completion of the transaction, the insider directly owned 67,006 shares in the company, valued at $265,343.76. The trade was a 30.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 24.76% of the stock is currently owned by insiders.

Institutional Trading of Rocket Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in RCKT. Prudential Financial Inc. purchased a new position in shares of Rocket Pharmaceuticals in the 2nd quarter valued at approximately $25,000. CANADA LIFE ASSURANCE Co raised its stake in shares of Rocket Pharmaceuticals by 94.4% during the second quarter. CANADA LIFE ASSURANCE Co now owns 12,202 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 5,926 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of Rocket Pharmaceuticals by 7,818.1% during the second quarter. Farther Finance Advisors LLC now owns 13,540 shares of the biotechnology company’s stock worth $33,000 after purchasing an additional 13,369 shares during the period. Corton Capital Inc. purchased a new position in Rocket Pharmaceuticals in the 2nd quarter valued at $38,000. Finally, Virtu Financial LLC purchased a new position in Rocket Pharmaceuticals in the 3rd quarter valued at $40,000. 98.39% of the stock is 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.