Rocket Pharmaceuticals (NASDAQ:RCKT) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Rocket Pharmaceuticals (NASDAQ:RCKT) from a sell rating to a hold rating in a research note released on Saturday morning.

A number of other research firms have also commented on RCKT. Chardan Capital reiterated a “buy” rating and issued a $11.00 price target on shares of Rocket Pharmaceuticals in a research report on Monday, May 11th. Weiss Ratings raised Rocket Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Rocket Pharmaceuticals has a consensus rating of “Hold” and an average price target of $8.71.

Rocket Pharmaceuticals Price Performance

Shares of NASDAQ:RCKT opened at $3.11 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 6.12 and a current ratio of 6.12. Rocket Pharmaceuticals has a 52 week low of $2.53 and a 52 week high of $5.45. The firm has a market cap of $339.58 million, a PE ratio of -1.66 and a beta of 0.45. The firm’s fifty day moving average is $3.28 and its 200-day moving average is $3.62.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its quarterly earnings data on Thursday, May 7th. The biotechnology company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.01). During the same quarter last year, the business posted ($0.56) earnings per share. Sell-side analysts predict that Rocket Pharmaceuticals will post -1.16 earnings per share for the current year.

Insider Activity at Rocket Pharmaceuticals

In other news, CEO Gaurav Shah sold 55,684 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $3.09, for a total transaction of $172,063.56. Following the completion of the sale, the chief executive officer owned 1,061,724 shares of the company’s stock, valued at $3,280,727.16. This trade represents a 4.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Sarbani Chaudhuri sold 17,650 shares of the business’s stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $3.84, for a total transaction of $67,776.00. Following the transaction, the insider owned 267,510 shares in the company, valued at $1,027,238.40. The trade was a 6.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 83,733 shares of company stock valued at $275,307. Insiders own 21.30% of the company’s stock.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Prudential Financial Inc. bought a new position in shares of Rocket Pharmaceuticals during the 2nd quarter worth about $25,000. Franklin Resources Inc. bought a new stake in Rocket Pharmaceuticals in the 4th quarter valued at about $38,000. Sequoia Financial Advisors LLC acquired a new position in Rocket Pharmaceuticals during the 4th quarter worth approximately $42,000. CANADA LIFE ASSURANCE Co raised its stake in Rocket Pharmaceuticals by 94.4% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 12,202 shares of the biotechnology company’s stock worth $29,000 after buying an additional 5,926 shares during the period. Finally, Virtu Financial LLC bought a new position in Rocket Pharmaceuticals in the third quarter worth approximately $40,000. 98.39% of the stock is owned by institutional investors.

About Rocket Pharmaceuticals

Rocket Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing gene therapies for rare, inherited pediatric diseases. The company employs a proprietary adeno-associated virus (AAV) and lentiviral vector platform to deliver functional copies of genes in patients with genetic deficiencies. Its programs target a spectrum of disorders, including Fanconi anemia, leukocyte adhesion deficiency type I and Danon disease, with the goal of delivering one-time treatments that address the underlying causes of disease rather than merely managing symptoms.

The company’s pipeline comprises multiple product candidates in various stages of development.