Rocket Pharmaceuticals (NASDAQ:RCKT) Given New $34.00 Price Target at Canaccord Genuity Group

Rocket Pharmaceuticals (NASDAQ:RCKT) had its price target dropped by equities researchers at Canaccord Genuity Group from $36.00 to $34.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. Canaccord Genuity Group’s price objective indicates a potential upside of 382.61% from the company’s current price.

Several other research firms have also recently weighed in on RCKT. BMO Capital Markets began coverage on shares of Rocket Pharmaceuticals in a research report on Wednesday, March 12th. They set an “outperform” rating and a $50.00 price objective for the company. The Goldman Sachs Group dropped their price objective on Rocket Pharmaceuticals from $15.00 to $13.00 and set a “neutral” rating on the stock in a research note on Friday. Chardan Capital dropped their price objective on Rocket Pharmaceuticals from $54.00 to $45.00 and set a “buy” rating on the stock in a research note on Friday. Scotiabank boosted their price objective on Rocket Pharmaceuticals from $51.00 to $52.00 and gave the company a “sector outperform” rating in a research note on Monday, March 3rd. Finally, JPMorgan Chase & Co. dropped their price objective on Rocket Pharmaceuticals from $45.00 to $44.00 and set an “overweight” rating on the stock in a research note on Friday. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Rocket Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $40.91.

Rocket Pharmaceuticals Price Performance

RCKT stock traded up $0.06 during midday trading on Monday, reaching $7.05. 348,927 shares of the stock were exchanged, compared to its average volume of 1,412,480. The stock has a market capitalization of $752.31 million, a PE ratio of -2.58 and a beta of 1.02. Rocket Pharmaceuticals has a 52 week low of $4.55 and a 52 week high of $26.98. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05. The company has a fifty day moving average price of $7.15 and a 200 day moving average price of $10.60.

Rocket Pharmaceuticals (NASDAQ:RCKT) last announced its earnings results on Monday, May 5th. The biotechnology company reported ($0.56) EPS for the quarter, topping the consensus estimate of ($0.59) by $0.03. During the same period last year, the company earned ($0.66) EPS. As a group, analysts expect that Rocket Pharmaceuticals will post -2.83 EPS for the current fiscal year.

Insider Activity at Rocket Pharmaceuticals

In related news, CFO Aaron Ondrey sold 7,489 shares of the firm’s stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $5.29, for a total transaction of $39,616.81. Following the completion of the sale, the chief financial officer now 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 filing with the SEC, which is accessible through this link. Also, CEO Gaurav Shah bought 20,000 shares of the firm’s stock in a transaction on Thursday, April 10th. The stock was purchased at an average cost of $5.08 per share, with a total value of $101,600.00. Following the completion of the transaction, the chief executive officer now directly owns 792,680 shares of the company’s stock, valued at approximately $4,026,814.40. The trade was a 2.59% increase in their ownership of the stock. The disclosure for this purchase can be found here. 28.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Large investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP raised its stake in shares of Rocket Pharmaceuticals by 24.5% during the fourth quarter. Wellington Management Group LLP now owns 13,995,177 shares of the biotechnology company’s stock worth $175,919,000 after acquiring an additional 2,753,033 shares in the last quarter. Suvretta Capital Management LLC purchased a new position in shares of Rocket Pharmaceuticals during the fourth quarter worth approximately $32,267,000. Janus Henderson Group PLC raised its stake in shares of Rocket Pharmaceuticals by 111.0% during the fourth quarter. Janus Henderson Group PLC now owns 4,004,039 shares of the biotechnology company’s stock worth $50,343,000 after acquiring an additional 2,106,699 shares in the last quarter. Point72 Asset Management L.P. lifted its stake in shares of Rocket Pharmaceuticals by 3,163.9% in the 4th quarter. Point72 Asset Management L.P. now owns 1,569,823 shares of the biotechnology company’s stock valued at $19,733,000 after acquiring an additional 1,521,727 shares during the last quarter. Finally, Boxer Capital Management LLC bought a new stake in shares of Rocket Pharmaceuticals in the 4th quarter valued at about $18,428,000. 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.