Rocket Pharmaceuticals (NASDAQ:RCKT) Lowered to Underweight Rating by JPMorgan Chase & Co.

Rocket Pharmaceuticals (NASDAQ:RCKT) was downgraded by stock analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a research note issued to investors on Tuesday, MarketBeat reports.

Other research analysts have also recently issued reports about the stock. Wedbush reiterated an “outperform” rating and set a $16.00 price target on shares of Rocket Pharmaceuticals in a research report on Friday, November 7th. Cantor Fitzgerald reduced their target price on shares of Rocket Pharmaceuticals from $10.00 to $8.00 and set an “overweight” rating on the stock in a report on Friday, August 8th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Rocket Pharmaceuticals in a research report on Wednesday, October 8th. Chardan Capital restated a “buy” rating and set a $11.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday, October 14th. Finally, Bank of America upgraded Rocket Pharmaceuticals from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $4.00 to $10.00 in a report on Wednesday, August 20th. Eight investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $15.47.

Rocket Pharmaceuticals Price Performance

Shares of RCKT stock traded down $0.05 on Tuesday, reaching $2.90. The company’s stock had a trading volume of 1,453,159 shares, compared to its average volume of 3,388,851. The company has a market capitalization of $313.30 million, a P/E ratio of -1.16 and a beta of 0.69. Rocket Pharmaceuticals has a 12-month low of $2.19 and a 12-month high of $15.01. The stock’s 50 day simple moving average is $3.42 and its 200-day simple moving average is $3.57. The company has a quick ratio of 6.39, a current ratio of 6.39 and a debt-to-equity ratio of 0.05.

Rocket Pharmaceuticals (NASDAQ:RCKT) last announced its earnings results on Thursday, November 6th. The biotechnology company reported ($0.45) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.03. During the same period in the prior year, the business earned ($0.71) earnings per share. As a group, equities analysts predict that Rocket Pharmaceuticals will post -2.83 earnings per share for the current fiscal year.

Insider Buying and Selling at Rocket Pharmaceuticals

In related news, Director Elisabeth Bjork bought 10,000 shares of the company’s stock in a transaction dated Wednesday, August 27th. The stock was purchased at an average cost of $3.41 per share, with a total value of $34,100.00. Following the transaction, the director owned 40,000 shares in the company, valued at approximately $136,400. This trade represents a 33.33% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John Militello sold 28,918 shares of Rocket Pharmaceuticals stock in a transaction dated Tuesday, October 14th. The shares were sold at an average price of $3.96, for a total transaction of $114,515.28. Following the sale, the insider directly owned 67,006 shares in the company, valued at $265,343.76. The trade was a 30.15% decrease in their position. The disclosure for this sale is available in the SEC filing. 24.76% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Prudential Financial Inc. bought a new stake in shares of Rocket Pharmaceuticals during the second quarter valued at approximately $25,000. CANADA LIFE ASSURANCE Co raised its holdings in Rocket Pharmaceuticals by 94.4% in the second quarter. CANADA LIFE ASSURANCE Co now owns 12,202 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 5,926 shares in the last quarter. Farther Finance Advisors LLC lifted its position in Rocket Pharmaceuticals by 7,818.1% during the second quarter. Farther Finance Advisors LLC now owns 13,540 shares of the biotechnology company’s stock valued at $33,000 after buying an additional 13,369 shares during the period. Corton Capital Inc. bought a new stake in shares of Rocket Pharmaceuticals during the 2nd quarter valued at $38,000. Finally, Virtu Financial LLC bought a new stake in shares of Rocket Pharmaceuticals during the 3rd quarter valued at $40,000. Institutional investors own 98.39% of the company’s stock.

About Rocket Pharmaceuticals

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.