Rocket Pharmaceuticals (RCKT) Now Covered by Bank of America
Analysts at Bank of America began coverage on shares of Rocket Pharmaceuticals (NASDAQ:RCKT) in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. The firm set a “buy” rating and a $27.00 price target on the biotechnology company’s stock. Bank of America‘s price target would indicate a potential upside of 69.60% from the stock’s current price.
Several other research firms also recently weighed in on RCKT. Cowen assumed coverage on Rocket Pharmaceuticals in a research note on Tuesday, February 26th. They set an “outperform” rating on the stock. Oppenheimer set a $39.00 price target on Rocket Pharmaceuticals and gave the company a “buy” rating in a research note on Tuesday, March 5th. Leerink Swann assumed coverage on Rocket Pharmaceuticals in a research note on Tuesday, November 27th. They set an “outperform” rating and a $22.00 price target on the stock. William Blair reiterated a “buy” rating on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 27th. Finally, Zacks Investment Research downgraded Rocket Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, January 9th. One analyst has rated the stock with a sell rating and eight have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $28.83.
Rocket Pharmaceuticals stock opened at $15.92 on Friday. The company has a current ratio of 13.60, a quick ratio of 12.52 and a debt-to-equity ratio of 0.21. The stock has a market cap of $655.11 million, a price-to-earnings ratio of -8.42 and a beta of 3.13. Rocket Pharmaceuticals has a fifty-two week low of $10.75 and a fifty-two week high of $25.96.
In other news, insider Gaurav Shah sold 74,900 shares of the company’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $17.17, for a total value of $1,286,033.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 47.67% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of RCKT. Northern Trust Corp boosted its stake in shares of Rocket Pharmaceuticals by 622.2% in the second quarter. Northern Trust Corp now owns 239,036 shares of the biotechnology company’s stock worth $4,693,000 after buying an additional 205,938 shares during the last quarter. AXA purchased a new stake in shares of Rocket Pharmaceuticals in the third quarter worth about $3,166,000. Bank of New York Mellon Corp boosted its stake in shares of Rocket Pharmaceuticals by 11.3% in the third quarter. Bank of New York Mellon Corp now owns 78,395 shares of the biotechnology company’s stock worth $1,930,000 after buying an additional 7,944 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Rocket Pharmaceuticals by 12.4% in the third quarter. BlackRock Inc. now owns 1,468,109 shares of the biotechnology company’s stock worth $36,146,000 after buying an additional 162,233 shares during the last quarter. Finally, FMR LLC purchased a new stake in shares of Rocket Pharmaceuticals in the third quarter worth about $26,398,000. Hedge funds and other institutional investors own 97.07% of the company’s stock.
About Rocket Pharmaceuticals
Rocket Pharmaceuticals, Inc, together with its subsidiaries, operates as a multi-platform biotechnology company that focuses on developing gene therapies for rare and devastating pediatric diseases. It has two lentiviral vector (LVV) programs under clinical testing to treat fanconi anemia, a genetic defect in the bone marrow that reduces production of blood cells; and three LVV programs for the treatment of other rare genetic diseases, as well as an adeno-associated viral vector program, which is under preclinical development.
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