Rocket Pharmaceuticals (NASDAQ:RCKT) Earns “Buy” Rating from Chardan Capital

Rocket Pharmaceuticals (NASDAQ:RCKT)‘s stock had its “buy” rating reissued by investment analysts at Chardan Capital in a research report issued on Tuesday, Benzinga reports. They presently have a $11.00 target price on the biotechnology company’s stock. Chardan Capital’s price objective points to a potential upside of 216.27% from the stock’s previous close.

Other research analysts have also recently issued research reports about the company. Wedbush cut their target price on Rocket Pharmaceuticals from $16.00 to $15.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 11th. Wall Street Zen raised shares of Rocket Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Monday, August 17th. Finally, Weiss Ratings lowered Rocket Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $8.57.

Rocket Pharmaceuticals Stock Up 1.4%

Shares of RCKT stock opened at $3.48 on Tuesday. The company has a market capitalization of $381.81 million, a price-to-earnings ratio of -20.95 and a beta of 0.50. The company has a debt-to-equity ratio of 0.05, a current ratio of 9.24 and a quick ratio of 9.24. The company’s fifty day moving average price is $3.56 and its 200-day moving average price is $3.63. Rocket Pharmaceuticals has a one year low of $2.53 and a one year high of $5.45.

Rocket Pharmaceuticals (NASDAQ:RCKT) last announced its quarterly earnings results on Monday, August 10th. The biotechnology company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.22. During the same quarter in the prior year, the company earned ($0.62) earnings per share. Sell-side analysts expect that Rocket Pharmaceuticals will post -1.39 EPS for the current fiscal year.

Insider Buying and Selling

In other Rocket Pharmaceuticals news, COO Christopher Stevens sold 36,658 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $3.50, for a total value of $128,303.00. Following the transaction, the chief operating officer directly owned 505,784 shares of the company’s stock, valued at $1,770,244. This trade represents a 6.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 50,613 shares of company stock valued at $176,035. 21.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of large investors have recently made changes to their positions in the stock. Opaleye Management Inc. lifted its position in Rocket Pharmaceuticals by 4.7% during the second quarter. Opaleye Management Inc. now owns 1,000,000 shares of the biotechnology company’s stock worth $3,420,000 after buying an additional 45,000 shares in the last quarter. Squarepoint Ops LLC boosted its stake in Rocket Pharmaceuticals by 524.9% during the second quarter. Squarepoint Ops LLC now owns 181,147 shares of the biotechnology company’s stock worth $620,000 after buying an additional 152,161 shares during the period. Corient Private Wealth LP raised its position in Rocket Pharmaceuticals by 17.0% in the second quarter. Corient Private Wealth LP now owns 37,819 shares of the biotechnology company’s stock valued at $129,000 after purchasing an additional 5,501 shares during the period. HB Wealth Management LLC acquired a new position in Rocket Pharmaceuticals during the 2nd quarter worth about $36,000. Finally, Wellington Management Group LLP acquired a new position in shares of Rocket Pharmaceuticals in the second quarter valued at approximately $211,000. 98.39% of the stock is currently owned by hedge funds and other institutional investors.

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.