Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Keeps Outperform Rating at Wedbush

Rocket Pharmaceuticals (NASDAQ:RCKT)‘s stock had its “outperform” rating reiterated by investment analysts at Wedbush in a report released on Wednesday, Benzinga reports.

Other analysts also recently issued research reports about the stock. Wall Street Zen upgraded shares of Rocket Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Monday, August 17th. Weiss Ratings cut shares of Rocket Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, August 11th. Jefferies Financial Group restated a “hold” rating and issued a $2.95 target price on shares of Rocket Pharmaceuticals in a report on Wednesday. Needham & Company LLC upgraded Rocket Pharmaceuticals from a “hold” rating to a “buy” rating and set a $9.00 price target for the company in a research note on Wednesday, September 16th. Finally, Chardan Capital reissued a “buy” rating and issued a $11.00 price objective on shares of Rocket Pharmaceuticals in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $8.12.

Rocket Pharmaceuticals Stock Down 5.0%

RCKT stock opened at $2.48 on Wednesday. The stock’s 50 day simple moving average is $3.35 and its 200 day simple moving average is $3.42. The company has a market cap of $272.25 million, a P/E ratio of -14.59 and a beta of 0.50. 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 has a fifty-two week low of $2.46 and a fifty-two week high of $5.45.

Rocket Pharmaceuticals (NASDAQ:RCKT) last announced its quarterly earnings data on Monday, August 10th. The biotechnology company reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.22. During the same period last year, the firm posted ($0.62) earnings per share. On average, research analysts expect that Rocket Pharmaceuticals will post -1.36 earnings per share for the current fiscal year.

Insider Activity

In other news, General Counsel Martin Wilson sold 75,364 shares of the company’s stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $3.40, for a total value of $256,237.60. Following the completion of the transaction, the general counsel directly owned 598,489 shares of the company’s stock, valued at $2,034,862.60. This represents a 11.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Christopher Stevens sold 36,658 shares of the 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 sale, the chief operating officer directly owned 505,784 shares of the company’s stock, valued at $1,770,244. The trade was a 6.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 125,977 shares of company stock valued at $432,273. Company insiders own 21.30% of the company’s stock.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Several large investors have recently made changes to their positions in RCKT. Corient Private Wealth LP grew its holdings in shares of Rocket Pharmaceuticals by 17.0% in the second quarter. Corient Private Wealth LP now owns 37,819 shares of the biotechnology company’s stock worth $129,000 after purchasing an additional 5,501 shares during the last quarter. Rice Hall James & Associates LLC raised its holdings in Rocket Pharmaceuticals by 8.1% during the 1st quarter. Rice Hall James & Associates LLC now owns 91,887 shares of the biotechnology company’s stock valued at $329,000 after buying an additional 6,900 shares during the last quarter. Allworth Financial LP bought a new stake in Rocket Pharmaceuticals during the 2nd quarter valued at $28,000. Sequoia Financial Advisors LLC boosted its position in Rocket Pharmaceuticals by 68.9% during the 1st quarter. Sequoia Financial Advisors LLC now owns 20,349 shares of the biotechnology company’s stock valued at $73,000 after buying an additional 8,298 shares during the period. Finally, Legal & General Group Plc bought a new stake in Rocket Pharmaceuticals in the 2nd quarter worth $31,000. 98.39% of the stock is owned by hedge funds and other institutional investors.

Rocket Pharmaceuticals Company Profile

Rocket Pharmaceuticals, Inc (NASDAQ:RCKT) is a biotechnology company focused on developing gene therapies for rare and devastating diseases. The company uses both ex vivo hematopoietic stem cell gene therapy and in vivo adeno-associated virus (AAV) gene therapy approaches to address conditions with limited or no effective treatment options.

Rocket’s development programs have included marnetegragene autotemcel (RP-L102) for leukocyte adhesion deficiency-I, a rare inherited immune disorder; RP-A501 for Danon disease, a genetic heart condition; RP-A601 for arrhythmogenic right ventricular cardiomyopathy associated with PKP2 mutations; and RP-L301 for pyruvate kinase deficiency, an inherited blood disorder.