Analysts Set Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) Target Price at $8.57

Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) have been assigned a consensus rating of “Hold” from the eleven research firms that are covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell recommendation, two have issued a hold recommendation, five have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $8.6250.

A number of brokerages recently issued reports on RCKT. Wedbush reiterated an “outperform” rating and issued a $15.00 price target on shares of Rocket Pharmaceuticals in a report on Wednesday. Chardan Capital restated a “buy” rating and set a $11.00 price objective on shares of Rocket Pharmaceuticals in a report on Tuesday. Weiss Ratings lowered Rocket Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, August 11th. Wall Street Zen raised Rocket Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Monday, August 17th. Finally, Needham & Company LLC upgraded Rocket Pharmaceuticals from a “hold” rating to a “buy” rating and set a $9.00 target price for the company in a report on Wednesday.

Insider Buying and Selling at Rocket Pharmaceuticals

In related 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 completion of the sale, the chief operating officer directly 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 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 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 in the company, valued at approximately $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. In the last 90 days, insiders have sold 125,977 shares of company stock worth $432,273. Insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. bought a new position in Rocket Pharmaceuticals in the second quarter worth approximately $33,940,000. Maverick Capital Ltd. increased its holdings in shares of Rocket Pharmaceuticals by 42.0% in the 1st quarter. Maverick Capital Ltd. now owns 3,567,372 shares of the biotechnology company’s stock valued at $12,771,000 after acquiring an additional 1,054,262 shares during the period. Monaco Asset Management SAM increased its holdings in shares of Rocket Pharmaceuticals by 3.3% in the 4th quarter. Monaco Asset Management SAM now owns 2,987,296 shares of the biotechnology company’s stock valued at $10,485,000 after acquiring an additional 95,035 shares during the period. Opaleye Management Inc. raised its position in shares of Rocket Pharmaceuticals by 4.7% in the 2nd quarter. Opaleye Management Inc. now owns 1,000,000 shares of the biotechnology company’s stock worth $3,420,000 after acquiring an additional 45,000 shares in the last quarter. Finally, Bank of America Corp DE purchased a new stake in shares of Rocket Pharmaceuticals during the 2nd quarter worth $2,512,000. 98.39% of the stock is currently owned by institutional investors.

Rocket Pharmaceuticals Trading Up 0.6%

RCKT stock opened at $3.50 on Tuesday. Rocket Pharmaceuticals has a 12 month low of $2.53 and a 12 month high of $5.45. The firm’s 50-day moving average is $3.51 and its 200 day moving average is $3.61. The company has a market capitalization of $384.23 million, a PE ratio of -20.59 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 (NASDAQ:RCKT) last released its quarterly earnings data on Monday, August 10th. The biotechnology company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.22. During the same quarter in the previous year, the firm earned ($0.62) earnings per share. On average, research analysts anticipate that Rocket Pharmaceuticals will post -1.36 EPS for the current year.

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.