Rocket Pharmaceuticals (NASDAQ:RCKT) Upgraded to Hold at TD Cowen

TD Cowen upgraded shares of Rocket Pharmaceuticals (NASDAQ:RCKT) to a hold rating in a research note issued to investors on Friday,Zacks.com reports.

A number of other research firms have also weighed in on RCKT. JPMorgan Chase & Co. lowered shares of Rocket Pharmaceuticals from a “neutral” rating to an “underweight” rating in a research report on Tuesday, November 18th. Leerink Partners lowered their target price on shares of Rocket Pharmaceuticals from $9.00 to $7.00 and set a “market perform” rating on the stock in a research note on Friday, October 3rd. Chardan Capital reiterated a “buy” rating and issued a $11.00 price target on shares of Rocket Pharmaceuticals in a research note on Tuesday, October 14th. Bank of America decreased their price target on Rocket Pharmaceuticals from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Tuesday, November 18th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $16.00 price objective on shares of Rocket Pharmaceuticals in a research note on Friday, November 7th. Eight equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $14.50.

Rocket Pharmaceuticals Stock Performance

Shares of RCKT opened at $3.23 on Friday. The business has a 50-day simple moving average of $3.43 and a two-hundred day simple moving average of $3.21. The company has a quick ratio of 7.30, a current ratio of 7.30 and a debt-to-equity ratio of 0.06. Rocket Pharmaceuticals has a 52 week low of $2.19 and a 52 week high of $13.35. The stock has a market cap of $349.55 million, a price-to-earnings ratio of -1.44 and a beta of 0.66.

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

Insider Activity at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, insider John Militello sold 28,918 shares of the 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 completion of the transaction, the insider owned 67,006 shares of the company’s stock, valued at $265,343.76. This represents a 30.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 24.76% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of hedge funds have recently made changes to their positions in RCKT. Hudson Bay Capital Management LP grew its holdings in Rocket Pharmaceuticals by 26.6% during the 3rd quarter. Hudson Bay Capital Management LP now owns 34,700 shares of the biotechnology company’s stock valued at $113,000 after buying an additional 7,300 shares in the last quarter. CIBC Bancorp USA Inc. purchased a new stake in shares of Rocket Pharmaceuticals during the 3rd quarter worth approximately $47,000. Voleon Capital Management LP boosted its position in shares of Rocket Pharmaceuticals by 70.0% during the 3rd quarter. Voleon Capital Management LP now owns 68,037 shares of the biotechnology company’s stock valued at $222,000 after acquiring an additional 28,010 shares during the last quarter. Newtyn Management LLC grew its holdings in shares of Rocket Pharmaceuticals by 25.1% in the third quarter. Newtyn Management LLC now owns 2,502,863 shares of the biotechnology company’s stock valued at $8,159,000 after purchasing an additional 502,863 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV purchased a new position in shares of Rocket Pharmaceuticals in the third quarter valued at $50,000. 98.39% of the stock is currently owned by hedge funds and other institutional investors.

About Rocket Pharmaceuticals

Rocket Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing gene therapies for rare, inherited pediatric diseases. The company employs a proprietary adeno-associated virus (AAV) and lentiviral vector platform to deliver functional copies of genes in patients with genetic deficiencies. Its programs target a spectrum of disorders, including Fanconi anemia, leukocyte adhesion deficiency type I and Danon disease, with the goal of delivering one-time treatments that address the underlying causes of disease rather than merely managing symptoms.

The company’s pipeline comprises multiple product candidates in various stages of development.