Brokerages Set Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) Price Target at $16.73

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) has received an average recommendation of “Hold” from the eighteen ratings firms that are presently covering the company, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, eight have given a hold recommendation and eight have issued a buy recommendation on the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $16.6667.

Several research firms have commented on RCKT. UBS Group cut their price target on Rocket Pharmaceuticals from $12.00 to $5.00 and set a “buy” rating for the company in a report on Tuesday, June 17th. Canaccord Genuity Group cut their target price on Rocket Pharmaceuticals from $11.00 to $10.00 and set a “buy” rating for the company in a research note on Friday, July 25th. Chardan Capital reiterated a “buy” rating and set a $11.00 price target on shares of Rocket Pharmaceuticals in a research note on Wednesday, August 20th. Bank of America upgraded shares of Rocket Pharmaceuticals from a “neutral” rating to a “buy” rating and increased their price objective for the company from $4.00 to $10.00 in a research note on Wednesday, August 20th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Rocket Pharmaceuticals in a report on Saturday, September 27th.

Insiders Place Their Bets

In other Rocket Pharmaceuticals news, General Counsel Martin Wilson sold 12,109 shares of the stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $3.02, for a total transaction of $36,569.18. Following the completion of the transaction, the general counsel directly owned 137,054 shares in the company, valued at $413,903.08. This represents a 8.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jonathan David Schwartz sold 11,161 shares of Rocket Pharmaceuticals stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $3.02, for a total value of $33,706.22. Following the transaction, the insider directly owned 224,094 shares of the company’s stock, valued at approximately $676,763.88. The trade was a 4.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 35,450 shares of company stock worth $107,159 over the last quarter. Company insiders own 24.76% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in the company. Maverick Capital Ltd. grew its stake in Rocket Pharmaceuticals by 60.9% during the second quarter. Maverick Capital Ltd. now owns 8,363,813 shares of the biotechnology company’s stock worth $20,491,000 after buying an additional 3,164,595 shares during the last quarter. MPM Bioimpact LLC grew its position in Rocket Pharmaceuticals by 141.2% during the 2nd quarter. MPM Bioimpact LLC now owns 3,903,081 shares of the biotechnology company’s stock worth $9,563,000 after acquiring an additional 2,284,816 shares during the last quarter. Qube Research & Technologies Ltd increased its holdings in Rocket Pharmaceuticals by 690.8% during the 2nd quarter. Qube Research & Technologies Ltd now owns 1,548,262 shares of the biotechnology company’s stock valued at $3,793,000 after purchasing an additional 1,352,469 shares in the last quarter. Baker BROS. Advisors LP increased its holdings in Rocket Pharmaceuticals by 1,030.1% during the 1st quarter. Baker BROS. Advisors LP now owns 1,097,079 shares of the biotechnology company’s stock valued at $7,318,000 after purchasing an additional 1,000,000 shares in the last quarter. Finally, Nantahala Capital Management LLC acquired a new position in Rocket Pharmaceuticals during the 1st quarter worth about $4,200,000. 98.39% of the stock is owned by institutional investors.

Rocket Pharmaceuticals Stock Performance

NASDAQ RCKT opened at $3.15 on Tuesday. The company’s fifty day moving average is $3.19 and its two-hundred day moving average is $4.31. Rocket Pharmaceuticals has a 52-week low of $2.19 and a 52-week high of $18.89. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.39 and a quick ratio of 6.39. The firm has a market capitalization of $339.89 million, a price-to-earnings ratio of -1.25 and a beta of 0.60.

Rocket Pharmaceuticals (NASDAQ:RCKT) last announced its quarterly earnings data on Thursday, August 7th. The biotechnology company reported ($0.59) EPS for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.02). During the same quarter last year, the business earned ($0.74) EPS. Equities research analysts forecast that Rocket Pharmaceuticals will post -2.83 EPS for the current year.

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.