Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target Lowered to $7.00 at Leerink Partners

Rocket Pharmaceuticals (NASDAQ:RCKT) had its price objective lowered by Leerink Partners from $9.00 to $7.00 in a research report sent to investors on Friday morning, Marketbeat reports. The firm currently has a market perform rating on the biotechnology company’s stock.

RCKT has been the subject of several other reports. Needham & Company LLC reissued a “hold” rating on shares of Rocket Pharmaceuticals in a report on Thursday, July 24th. Bank of America raised shares of Rocket Pharmaceuticals from a “neutral” rating to a “buy” rating and increased their price target for the stock from $4.00 to $10.00 in a report on Wednesday, August 20th. Cantor Fitzgerald cut their price target on shares of Rocket Pharmaceuticals from $10.00 to $8.00 and set an “overweight” rating for the company in a report on Friday, August 8th. Chardan Capital reaffirmed a “buy” rating and issued a $11.00 target price on shares of Rocket Pharmaceuticals in a report on Wednesday, August 20th. Finally, UBS Group dropped their target price on shares of Rocket Pharmaceuticals from $12.00 to $5.00 and set a “buy” rating for the company in a report on Tuesday, June 17th. Eight analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $16.67.

Rocket Pharmaceuticals Trading Down 1.9%

NASDAQ RCKT opened at $3.15 on Friday. The stock has a market capitalization of $339.90 million, a P/E ratio of -1.25 and a beta of 0.60. Rocket Pharmaceuticals has a 52-week low of $2.19 and a 52-week high of $18.89. The firm has a 50-day moving average price of $3.19 and a 200 day moving average price of $4.34. 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 posted its quarterly earnings results on Thursday, August 7th. The biotechnology company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.57) by ($0.02). During the same period in the previous year, the firm earned ($0.74) EPS. Equities research analysts expect that Rocket Pharmaceuticals will post -2.83 EPS for the current year.

Insider Transactions at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, Director Elisabeth Bjork acquired 10,000 shares of the company’s stock in a transaction dated Wednesday, August 27th. The stock was acquired at an average cost of $3.41 per share, with a total value of $34,100.00. Following the purchase, the director directly owned 40,000 shares in the company, valued at approximately $136,400. This trade represents a 33.33% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, insider Jonathan David Schwartz sold 11,161 shares of the firm’s stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $3.02, for a total transaction of $33,706.22. Following the transaction, the insider directly owned 224,094 shares of the company’s stock, valued at approximately $676,763.88. This trade represents a 4.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 35,450 shares of company stock valued at $107,159 in the last ninety days. Corporate insiders own 24.76% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Signaturefd LLC increased its stake in shares of Rocket Pharmaceuticals by 83.6% during the 1st quarter. Signaturefd LLC now owns 9,024 shares of the biotechnology company’s stock worth $60,000 after purchasing an additional 4,108 shares in the last quarter. Prudential Financial Inc. acquired a new stake in Rocket Pharmaceuticals during the second quarter worth approximately $25,000. Hsbc Holdings PLC purchased a new stake in Rocket Pharmaceuticals in the 1st quarter worth approximately $69,000. Victory Capital Management Inc. grew its stake in Rocket Pharmaceuticals by 16.1% in the 1st quarter. Victory Capital Management Inc. now owns 11,929 shares of the biotechnology company’s stock worth $80,000 after acquiring an additional 1,658 shares during the period. Finally, LJI Wealth Management LLC purchased a new stake in Rocket Pharmaceuticals in the 1st quarter worth approximately $80,000. 98.39% of the stock is owned by hedge funds and other institutional investors.

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.