Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) Stock Has Consensus Target Price of $7.77 According to Brokerages

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) has earned an average rating of “Hold” from the twelve research firms that are currently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, four have given a hold rating, five have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $7.77.

Several research firms recently weighed in on RCKT. Cantor Fitzgerald reissued an “overweight” rating on shares of Rocket Pharmaceuticals in a report on Wednesday, October 7th. Leerink Partners lowered their target price on Rocket Pharmaceuticals from $7.00 to $4.00 and set a “market perform” rating for the company in a report on Wednesday, October 7th. Wedbush reaffirmed an “outperform” rating on shares of Rocket Pharmaceuticals in a report on Wednesday, October 7th. Wall Street Zen upgraded Rocket Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Monday, August 17th. Finally, Jefferies Financial Group reissued a “hold” rating and set a $2.95 price target on shares of Rocket Pharmaceuticals in a research note on Wednesday, October 7th.

Insider Activity at Rocket Pharmaceuticals

In related news, COO Christopher Stevens sold 36,658 shares of Rocket Pharmaceuticals stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $3.50, for a total transaction of $128,303.00. Following the sale, the chief operating officer directly owned 505,784 shares in the company, valued at $1,770,244. This trade represents a 6.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Martin Wilson sold 75,364 shares of the business’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 transaction of $256,237.60. Following the sale, the general counsel directly owned 598,489 shares in the company, valued at $2,034,862.60. The trade was a 11.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 125,977 shares of company stock valued at $432,273 in the last ninety days. 21.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

A number of hedge funds have recently modified their holdings of RCKT. Corient Private Wealth LP boosted its holdings 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 acquiring 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 worth $329,000 after purchasing an additional 6,900 shares during the last quarter. Allworth Financial LP bought a new position in Rocket Pharmaceuticals during the 2nd quarter worth approximately $28,000. Sequoia Financial Advisors LLC lifted its position in shares of Rocket Pharmaceuticals by 68.9% in the 1st quarter. Sequoia Financial Advisors LLC now owns 20,349 shares of the biotechnology company’s stock worth $73,000 after purchasing an additional 8,298 shares during the period. Finally, Legal & General Group Plc acquired a new position in shares of Rocket Pharmaceuticals in the 2nd quarter worth approximately $31,000. Institutional investors and hedge funds own 98.39% of the company’s stock.

Rocket Pharmaceuticals Price Performance

Shares of NASDAQ:RCKT opened at $2.48 on Friday. Rocket Pharmaceuticals has a one year low of $2.42 and a one year high of $5.45. 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 has a market cap of $272.25 million, a price-to-earnings ratio of -14.59 and a beta of 0.50. The firm has a 50 day simple moving average of $3.29 and a 200 day simple moving average of $3.37.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its earnings results 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 in the prior year, the firm posted ($0.62) EPS. Research analysts predict that Rocket Pharmaceuticals will post -1.36 earnings per share for the current fiscal year.

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.