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

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

Several other brokerages have also issued reports on RCKT. Weiss Ratings restated a “sell (e+)” rating on shares of Rocket Pharmaceuticals in a research note on Wednesday, October 8th. Bank of America raised Rocket Pharmaceuticals from a “neutral” rating to a “buy” rating and raised their target price for the stock from $4.00 to $10.00 in a research report on Wednesday, August 20th. Wedbush reaffirmed an “outperform” rating and set a $16.00 price target on shares of Rocket Pharmaceuticals in a research report on Friday, November 7th. Leerink Partners cut their price target on Rocket Pharmaceuticals from $9.00 to $7.00 and set a “market perform” rating for the company in a research note on Friday, October 3rd. Finally, Canaccord Genuity Group decreased their price objective on Rocket Pharmaceuticals from $11.00 to $10.00 and set a “buy” rating for the company in a report on Friday, July 25th. Eight investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $15.47.

Rocket Pharmaceuticals Price Performance

Shares of NASDAQ:RCKT opened at $2.94 on Tuesday. The company has a market capitalization of $318.17 million, a P/E ratio of -1.17 and a beta of 0.69. The company’s 50-day moving average is $3.42 and its 200 day moving average is $3.57. The company has a debt-to-equity ratio of 0.05, a quick ratio of 6.39 and a current ratio of 6.39. Rocket Pharmaceuticals has a fifty-two week low of $2.19 and a fifty-two week high of $15.01.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its quarterly earnings data on Thursday, November 6th. The biotechnology company reported ($0.45) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.03. During the same quarter in the previous year, the company posted ($0.71) EPS. On average, equities research analysts forecast that Rocket Pharmaceuticals will post -2.83 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of RCKT. Prudential Financial Inc. bought a new position in shares of Rocket Pharmaceuticals in the second quarter valued at approximately $25,000. CANADA LIFE ASSURANCE Co lifted its stake in Rocket Pharmaceuticals by 94.4% in the 2nd 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 boosted its holdings in Rocket Pharmaceuticals by 7,818.1% in the 2nd quarter. Farther Finance Advisors LLC now owns 13,540 shares of the biotechnology company’s stock valued at $33,000 after purchasing an additional 13,369 shares during the period. Corton Capital Inc. bought a new position in Rocket Pharmaceuticals in the 2nd quarter valued at $38,000. Finally, Virtu Financial LLC purchased a new position in shares of Rocket Pharmaceuticals during the 3rd quarter valued at $40,000. 98.39% of the stock is owned by hedge funds and other institutional investors.

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.