Canaccord Genuity Group Reiterates Buy Rating for Rocket Pharmaceuticals (NASDAQ:RCKT)

Rocket Pharmaceuticals (NASDAQ:RCKT)‘s stock had its “buy” rating restated by investment analysts at Canaccord Genuity Group in a research note issued on Monday, Benzinga reports. They currently have a $38.00 price objective on the biotechnology company’s stock. Canaccord Genuity Group’s target price would suggest a potential upside of 121.96% from the company’s current price.

Other research analysts also recently issued reports about the stock. Needham & Company LLC restated a “buy” rating and set a $52.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday, September 17th. JPMorgan Chase & Co. boosted their price objective on shares of Rocket Pharmaceuticals from $50.00 to $54.00 and gave the company an “overweight” rating in a research report on Tuesday, August 6th. William Blair restated an “outperform” rating on shares of Rocket Pharmaceuticals in a research report on Monday, June 3rd. Chardan Capital restated a “buy” rating and set a $62.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday, August 6th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $65.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Rocket Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus target price of $52.00.

Rocket Pharmaceuticals Trading Down 7.3 %

Shares of RCKT stock opened at $17.12 on Monday. The company has a current ratio of 7.79, a quick ratio of 7.79 and a debt-to-equity ratio of 0.05. The stock has a market cap of $1.55 billion, a P/E ratio of -5.97 and a beta of 1.09. The stock has a 50 day simple moving average of $20.05 and a 200 day simple moving average of $22.09. Rocket Pharmaceuticals has a 1 year low of $16.21 and a 1 year high of $32.53.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its quarterly earnings results on Monday, August 5th. The biotechnology company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.72) by ($0.02). During the same quarter last year, the company posted ($0.82) earnings per share. On average, research analysts predict that Rocket Pharmaceuticals will post -2.97 earnings per share for the current fiscal year.

Insider Buying and Selling at Rocket Pharmaceuticals

In related news, insider Mark Andrew White sold 3,026 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $20.39, for a total value of $61,700.14. Following the sale, the insider now owns 72,220 shares in the company, valued at approximately $1,472,565.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 31.10% of the company’s stock.

Institutional Trading of Rocket Pharmaceuticals

A number of large investors have recently bought and sold shares of the company. Dana Investment Advisors Inc. grew its position in Rocket Pharmaceuticals by 4.4% during the second quarter. Dana Investment Advisors Inc. now owns 13,847 shares of the biotechnology company’s stock worth $298,000 after buying an additional 586 shares in the last quarter. Novo Holdings A S increased its holdings in Rocket Pharmaceuticals by 4.8% during the 2nd quarter. Novo Holdings A S now owns 1,100,000 shares of the biotechnology company’s stock valued at $23,683,000 after purchasing an additional 50,000 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Rocket Pharmaceuticals by 23.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 139,613 shares of the biotechnology company’s stock valued at $3,006,000 after purchasing an additional 26,556 shares during the period. Maverick Capital Ltd. grew its holdings in shares of Rocket Pharmaceuticals by 1.0% during the 2nd quarter. Maverick Capital Ltd. now owns 3,928,312 shares of the biotechnology company’s stock worth $84,577,000 after acquiring an additional 40,000 shares during the period. Finally, Marshall Wace LLP purchased a new position in shares of Rocket Pharmaceuticals during the 2nd quarter worth approximately $422,000. 98.39% of the stock is owned by hedge funds and other institutional investors.

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.