Jefferies Financial Group Initiates Coverage on Rocket Pharmaceuticals (NASDAQ:RCKT)

Equities research analysts at Jefferies Financial Group started coverage on shares of Rocket Pharmaceuticals (NASDAQ:RCKT) in a research note issued to investors on Wednesday, Marketbeat reports. The brokerage set a “buy” rating and a $29.00 price target on the biotechnology company’s stock. Jefferies Financial Group’s price objective would suggest a potential upside of 155.51% from the stock’s current price.

RCKT has been the subject of several other reports. Canaccord Genuity Group restated a “buy” rating and set a $39.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $65.00 price target on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. Needham & Company LLC reiterated a “buy” rating and set a $52.00 price target on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. Scotiabank assumed coverage on shares of Rocket Pharmaceuticals in a report on Wednesday, October 16th. They issued a “sector outperform” rating and a $50.00 price objective for the company. Finally, Chardan Capital restated a “buy” rating and set a $62.00 price objective on shares of Rocket Pharmaceuticals in a research report on Monday, November 18th. One research analyst has rated the stock with a sell rating, one has given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $48.80.

Rocket Pharmaceuticals Stock Performance

RCKT opened at $11.35 on Wednesday. The company has a quick ratio of 6.05, a current ratio of 6.05 and a debt-to-equity ratio of 0.06. Rocket Pharmaceuticals has a 12-month low of $11.27 and a 12-month high of $32.53. The business has a 50 day moving average of $15.32 and a 200-day moving average of $18.72. The stock has a market cap of $1.03 billion, a price-to-earnings ratio of -4.13 and a beta of 1.01.

Insider Transactions at Rocket Pharmaceuticals

In other news, CEO Gaurav Shah sold 11,091 shares of Rocket Pharmaceuticals stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $13.05, for a total value of $144,737.55. Following the completion of the transaction, the chief executive officer now directly owns 707,328 shares in the company, valued at approximately $9,230,630.40. The trade was a 1.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 13,490 shares of company stock worth $176,045 in the last quarter. Insiders own 28.50% of the company’s stock.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Several large investors have recently added to or reduced their stakes in RCKT. Novo Holdings A S increased its position in shares of Rocket Pharmaceuticals by 4.8% in the second quarter. Novo Holdings A S now owns 1,100,000 shares of the biotechnology company’s stock worth $23,683,000 after purchasing an additional 50,000 shares during the last quarter. Renaissance Technologies LLC bought a new position in shares of Rocket Pharmaceuticals in the 2nd quarter worth $2,144,000. First Turn Management LLC raised its position in shares of Rocket Pharmaceuticals by 10.8% during the 3rd quarter. First Turn Management LLC now owns 621,306 shares of the biotechnology company’s stock valued at $11,476,000 after buying an additional 60,317 shares in the last quarter. Maverick Capital Ltd. lifted its holdings in shares of Rocket Pharmaceuticals by 1.0% during the 2nd quarter. Maverick Capital Ltd. now owns 3,928,312 shares of the biotechnology company’s stock worth $84,577,000 after acquiring an additional 40,000 shares during the last quarter. Finally, Westfield Capital Management Co. LP grew its position in Rocket Pharmaceuticals by 3.8% in the third quarter. Westfield Capital Management Co. LP now owns 4,493,833 shares of the biotechnology company’s stock worth $83,001,000 after acquiring an additional 165,911 shares in the last quarter. Institutional investors own 98.39% of the company’s stock.

Rocket Pharmaceuticals Company Profile

Rocket Pharmaceuticals, Inc, together with its subsidiaries, operates as a late-stage biotechnology company that focuses on developing gene therapies for rare and devastating diseases. It has three clinical-stage ex vivo lentiviral vector programs for fanconi anemia, a genetic defect in the bone marrow that reduces production of blood cells or promotes the production of faulty blood cells; leukocyte adhesion deficiency-I, a genetic disorder that causes the immune system to malfunction; and pyruvate kinase deficiency, a rare red blood cell autosomal recessive disorder that results in chronic non-spherocytic hemolytic anemia.