Rocket Pharmaceuticals (NASDAQ:RCKT) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Rocket Pharmaceuticals (NASDAQ:RCKT) in a research report released on Wednesday,Benzinga reports. Needham & Company LLC currently has a $42.00 price target on the biotechnology company’s stock.

Several other analysts have also recently issued reports on RCKT. Wedbush initiated coverage on Rocket Pharmaceuticals in a report on Monday, December 30th. They set an “outperform” rating and a $32.00 price objective on the stock. Scotiabank lifted their price objective on shares of Rocket Pharmaceuticals from $51.00 to $52.00 and gave the stock a “sector outperform” rating in a research note on Monday, March 3rd. The Goldman Sachs Group decreased their target price on shares of Rocket Pharmaceuticals from $29.00 to $15.00 and set a “neutral” rating on the stock in a research report on Monday, March 3rd. BMO Capital Markets initiated coverage on Rocket Pharmaceuticals in a research note on Wednesday, March 12th. They set an “outperform” rating and a $50.00 price objective on the stock. Finally, Jefferies Financial Group began coverage on Rocket Pharmaceuticals in a report on Wednesday, December 18th. They issued a “buy” rating and a $29.00 target price for the company. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Rocket Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $43.00.

Rocket Pharmaceuticals Price Performance

Shares of Rocket Pharmaceuticals stock traded down $0.48 during trading hours on Wednesday, hitting $4.93. The company’s stock had a trading volume of 1,439,301 shares, compared to its average volume of 1,198,787. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.05 and a current ratio of 6.05. The business has a 50 day moving average price of $8.61 and a two-hundred day moving average price of $12.27. Rocket Pharmaceuticals has a 12-month low of $4.55 and a 12-month high of $26.98. The company has a market cap of $525.15 million, a PE ratio of -1.79 and a beta of 1.00.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its quarterly earnings data on Monday, March 3rd. The biotechnology company reported ($0.62) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.06. Analysts expect that Rocket Pharmaceuticals will post -2.83 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Aaron Ondrey sold 7,489 shares of the stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $5.29, for a total transaction of $39,616.81. Following the transaction, the chief financial officer now directly owns 129,650 shares in the company, valued at approximately $685,848.50. This trade represents a 5.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 28.50% of the company’s stock.

Institutional Trading of Rocket Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC raised its position in shares of Rocket Pharmaceuticals by 796.2% in the 4th quarter. SG Americas Securities LLC now owns 54,921 shares of the biotechnology company’s stock worth $690,000 after acquiring an additional 48,793 shares in the last quarter. Jennison Associates LLC raised its holdings in Rocket Pharmaceuticals by 72.6% in the fourth quarter. Jennison Associates LLC now owns 70,304 shares of the biotechnology company’s stock worth $884,000 after purchasing an additional 29,564 shares in the last quarter. Mirador Capital Partners LP lifted its position in shares of Rocket Pharmaceuticals by 403.9% during the fourth quarter. Mirador Capital Partners LP now owns 84,529 shares of the biotechnology company’s stock valued at $1,063,000 after buying an additional 67,755 shares during the last quarter. Sovran Advisors LLC bought a new stake in shares of Rocket Pharmaceuticals in the 4th quarter valued at about $1,895,000. Finally, Strategic Financial Concepts LLC purchased a new position in shares of Rocket Pharmaceuticals in the 4th quarter worth approximately $141,000. Hedge funds and other 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.