Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target Lowered to $15.00 at Wedbush

Rocket Pharmaceuticals (NASDAQ:RCKT) had its price target reduced by Wedbush from $16.00 to $15.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the biotechnology company’s stock. Wedbush’s target price indicates a potential upside of 341.83% from the company’s previous close.

A number of other research analysts have also weighed in on RCKT. Chardan Capital reissued a “buy” rating and issued a $11.00 target price on shares of Rocket Pharmaceuticals in a report on Monday, May 11th. Weiss Ratings raised shares of Rocket Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, July 15th. Finally, Wall Street Zen lowered shares of Rocket Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Sunday. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $8.57.

Rocket Pharmaceuticals Price Performance

NASDAQ RCKT traded down $0.24 during trading on Tuesday, hitting $3.40. 330,778 shares of the stock traded hands, compared to its average volume of 2,736,482. The company has a market capitalization of $370.70 million, a P/E ratio of -1.86 and a beta of 0.47. The firm has a 50-day simple moving average of $3.34 and a 200-day simple moving average of $3.61. The company has a quick ratio of 6.12, a current ratio of 6.12 and a debt-to-equity ratio of 0.08. Rocket Pharmaceuticals has a 12-month low of $2.53 and a 12-month high of $5.45.

Insiders Place Their Bets

In related news, CEO Gaurav Shah sold 55,684 shares of the firm’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $3.09, for a total value of $172,063.56. Following the completion of the sale, the chief executive officer directly owned 1,061,724 shares in the company, valued at $3,280,727.16. This trade represents a 4.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders sold 66,083 shares of company stock worth $207,531. Corporate insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in the company. Barclays PLC lifted its stake in Rocket Pharmaceuticals by 2.4% in the fourth quarter. Barclays PLC now owns 153,049 shares of the biotechnology company’s stock worth $537,000 after purchasing an additional 3,656 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its stake in shares of Rocket Pharmaceuticals by 94.4% during the second 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 in the last quarter. Sanctuary Advisors LLC boosted its holdings in shares of Rocket Pharmaceuticals by 63.5% in the fourth quarter. Sanctuary Advisors LLC now owns 17,437 shares of the biotechnology company’s stock valued at $61,000 after purchasing an additional 6,769 shares during the period. Rice Hall James & Associates LLC grew its position in shares of 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 buying an additional 6,900 shares in the last quarter. Finally, Quadrant Capital Group LLC grew its holdings in Rocket Pharmaceuticals by 44.0% during the 4th quarter. Quadrant Capital Group LLC now owns 23,096 shares of the biotechnology company’s stock worth $81,000 after acquiring an additional 7,056 shares in the last quarter. 98.39% of the stock is currently owned by 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.