Rocket Pharmaceuticals (NASDAQ:RCKT) Raised to Buy at Needham & Company LLC

Rocket Pharmaceuticals (NASDAQ:RCKT) was upgraded by stock analysts at Needham & Company LLC from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, Marketbeat Ratings reports. The brokerage presently has a $9.00 price target on the biotechnology company’s stock. Needham & Company LLC’s price objective suggests a potential upside of 163.93% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. Chardan Capital reiterated a “buy” rating and set a $11.00 price objective on shares of Rocket Pharmaceuticals in a research note on Tuesday. Weiss Ratings cut shares of Rocket Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, August 11th. Wall Street Zen raised shares of Rocket Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Monday, August 17th. Finally, Wedbush reduced 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 report on Tuesday, August 11th. One 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 company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $8.62.

Rocket Pharmaceuticals Price Performance

Shares of NASDAQ RCKT opened at $3.41 on Wednesday. The business has a fifty day moving average price of $3.54 and a two-hundred day moving average price of $3.63. The stock has a market capitalization of $374.35 million, a PE ratio of -20.06 and a beta of 0.50. The company has a debt-to-equity ratio of 0.05, a current ratio of 9.24 and a quick ratio of 9.24. Rocket Pharmaceuticals has a fifty-two week low of $2.53 and a fifty-two week high of $5.45.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its earnings results on Monday, August 10th. The biotechnology company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.22. During the same period last year, the business earned ($0.62) EPS. As a group, equities analysts predict that Rocket Pharmaceuticals will post -1.36 earnings per share for the current fiscal year.

Insider Activity

In other Rocket Pharmaceuticals news, COO Christopher 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 transaction, the chief operating officer owned 505,784 shares in the company, valued at $1,770,244. The trade was a 6.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 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 transaction of $256,237.60. Following the transaction, the general counsel owned 598,489 shares of the company’s stock, valued at approximately $2,034,862.60. This represents a 11.18% 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. Insiders sold 125,977 shares of company stock worth $432,273 over the last ninety days. 21.30% of the stock is currently owned by insiders.

Institutional Trading of Rocket Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in Rocket Pharmaceuticals during the 2nd quarter worth approximately $33,940,000. Monaco Asset Management SAM bought a new position in Rocket Pharmaceuticals during the second quarter worth $8,483,000. Maverick Capital Ltd. lifted its holdings in 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 during the period. Bank of America Corp DE acquired a new position in Rocket Pharmaceuticals in the second quarter valued at $2,512,000. Finally, Ieq Capital LLC bought a new stake in Rocket Pharmaceuticals during the second quarter valued at $1,506,000. 98.39% of the stock is currently owned by institutional investors.

Key Rocket Pharmaceuticals News

Here are the key news stories impacting Rocket Pharmaceuticals this week:

• Positive Sentiment: The FDA aligned with Rocket Pharmaceuticals on continued enrollment and dosing in the pivotal Phase 2 trial of RP-A501 for Danon disease. Agreement on the recalibrated dose and other key trial elements reduces regulatory uncertainty and supports progress toward potentially important clinical data. Rocket Pharmaceuticals Announces FDA Alignment on Path to Complete Pivotal Phase 2 Trial of RP-A501 in Danon Disease
• Positive Sentiment: Chardan Capital reaffirmed its Buy rating and set an $11 price target, implying substantial upside from recent trading levels. This reflects continued analyst confidence in Rocket’s gene-therapy pipeline and the RP-A501 program. Chardan Capital rating update
• Positive Sentiment: Institutional ownership activity was generally constructive in the second quarter. Opaleye Management, Squarepoint Ops and Corient Private Wealth increased their positions, while Wellington Management and HB Wealth Management initiated stakes. Institutional investors and hedge funds collectively own approximately 98.39% of the shares.
• Neutral Sentiment: Rocket presented at the Morgan Stanley 24th Annual Global Healthcare Conference, giving investors an opportunity to evaluate management’s development strategy and clinical pipeline. Morgan Stanley Healthcare Conference transcript
• Neutral Sentiment: Despite the bullish Chardan view, the broader analyst consensus remains Hold, with an average price target of $8.57 and a mix of Buy, Hold and Sell ratings.
• Negative Sentiment: General Counsel Martin Wilson sold 75,364 shares worth approximately $256,238, reducing his ownership by 11.18%. The company said the sale covered tax-withholding obligations tied to vested equity awards, making it less concerning than a discretionary sale, but it may still weigh on sentiment.

Rocket Pharmaceuticals Company Profile

Rocket Pharmaceuticals, Inc is a biotechnology company focused on developing gene therapies for rare and devastating diseases. The company uses lentiviral and adeno-associated virus (AAV) vector platforms to deliver genetic material intended to address the underlying causes of inherited disorders, with research programs spanning hematology, immunology, metabolic disease and cardiac 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-system disorder; and RP-L301 for pyruvate kinase deficiency, a rare red blood cell disorder.