Rocket Pharmaceuticals’ (RCKT) Buy Rating Reiterated at Chardan Capital

Rocket Pharmaceuticals (NASDAQ:RCKT)‘s stock had its “buy” rating restated by equities researchers at Chardan Capital in a note issued to investors on Tuesday, Benzinga reports. They currently have a $11.00 target price on the biotechnology company’s stock. Chardan Capital’s target price points to a potential upside of 195.70% from the stock’s current price.

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

Rocket Pharmaceuticals Stock Down 3.6%

RCKT opened at $3.72 on Tuesday. The company has a fifty day moving average of $3.53 and a two-hundred day moving average of $3.62. The stock has a market capitalization of $408.38 million, a price-to-earnings ratio of -21.88 and a beta of 0.47. Rocket Pharmaceuticals has a fifty-two week low of $2.53 and a fifty-two week high of $5.45. The company has a debt-to-equity ratio of 0.05, a quick ratio of 9.24 and a current ratio of 9.24.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its quarterly earnings data on Monday, August 10th. The biotechnology company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.22. During the same quarter last year, the firm earned ($0.62) EPS. On average, research analysts expect that Rocket Pharmaceuticals will post -1.39 earnings per share for the current year.

Insider Activity

In other news, COO Christopher James Stevens sold 36,658 shares of Rocket Pharmaceuticals stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $3.50, for a total value of $128,303.00. Following the completion of the transaction, the chief operating officer owned 505,784 shares in the company, valued at approximately $1,770,244. This trade represents a 6.76% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 50,613 shares of company stock valued at $176,035 in the last 90 days. 21.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the stock. Prudential Financial Inc. acquired a new position in Rocket Pharmaceuticals during the second quarter worth approximately $25,000. Allworth Financial LP purchased a new position in shares of Rocket Pharmaceuticals during the second quarter worth about $28,000. 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 valued at $29,000 after acquiring an additional 5,926 shares during the last quarter. Legal & General Group Plc acquired a new position in shares of Rocket Pharmaceuticals in the second quarter valued at approximately $31,000. Finally, HB Wealth Management LLC purchased a new position in Rocket Pharmaceuticals in the 2nd quarter valued at $36,000. 98.39% of the stock is owned by hedge funds and other institutional investors.

Rocket Pharmaceuticals Company Profile

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.