Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) Stock Has Average Price Target of $7.77

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) has been assigned an average rating of “Hold” from the twelve research firms that are presently covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation, five have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $7.77.

A number of research analysts have recently issued reports on the stock. Weiss Ratings downgraded shares of Rocket Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, August 11th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Rocket Pharmaceuticals in a research note on Wednesday, October 7th. Wall Street Zen raised shares of Rocket Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Monday, August 17th. Leerink Partners dropped their price objective on shares of Rocket Pharmaceuticals from $7.00 to $4.00 and set a “market perform” rating on the stock in a report on Wednesday, October 7th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and set a $2.95 price objective on shares of Rocket Pharmaceuticals in a research report on Wednesday, October 7th.

Insider Activity at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, COO Christopher Stevens sold 36,658 shares of the business’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $3.50, for a total transaction of $128,303.00. Following the transaction, the chief operating officer owned 505,784 shares of the company’s stock, valued at approximately $1,770,244. The trade was a 6.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $3.40, for a total transaction 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 approximately $2,034,862.60. This trade represents a 11.18% decrease in their ownership of the stock. 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. Insiders sold a total of 125,977 shares of company stock valued at $432,273 over the last ninety days. 21.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. BlackRock Inc. bought a new position in shares of Rocket Pharmaceuticals in the 2nd quarter worth about $33,940,000. Maverick Capital Ltd. increased its position in shares of Rocket Pharmaceuticals by 42.0% in the first quarter. Maverick Capital Ltd. now owns 3,567,372 shares of the biotechnology company’s stock valued at $12,771,000 after buying an additional 1,054,262 shares in the last quarter. Monaco Asset Management SAM acquired a new position in Rocket Pharmaceuticals during the second quarter worth $8,483,000. Opaleye Management Inc. increased its position in Rocket Pharmaceuticals by 4.7% during the second quarter. Opaleye Management Inc. now owns 1,000,000 shares of the biotechnology company’s stock worth $3,420,000 after buying an additional 45,000 shares during the period. Finally, Bank of America Corp DE purchased a new stake in Rocket Pharmaceuticals during the second quarter worth $2,512,000. Hedge funds and other institutional investors own 98.39% of the company’s stock.

Rocket Pharmaceuticals Stock Performance

NASDAQ:RCKT opened at $2.38 on Wednesday. The company has a market capitalization of $261.28 million, a P/E ratio of -14.00 and a beta of 0.51. The company has a current ratio of 9.24, a quick ratio of 9.24 and a debt-to-equity ratio of 0.05. The firm has a 50-day moving average price of $2.85 and a two-hundred day moving average price of $3.42. Rocket Pharmaceuticals has a twelve month low of $2.16 and a twelve month high of $5.45.

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

About Rocket Pharmaceuticals

Rocket Pharmaceuticals, Inc is a clinical-stage biotechnology company focused on developing gene therapies for rare and devastating diseases. The company uses lentiviral and adeno-associated virus (AAV) technologies to address genetic disorders with significant unmet medical needs, including hematologic, metabolic, and cardiovascular conditions.

Rocket’s pipeline has included RP-L102 for Fanconi anemia, a rare inherited bone-marrow-failure disorder; RP-L201 for leukocyte adhesion deficiency-I, an immune disorder; and gene therapy programs targeting Danon disease and arrhythmogenic cardiomyopathy.