Rocket Pharmaceuticals’ (RCKT) Buy Rating Reiterated at Canaccord Genuity Group

Canaccord Genuity Group reissued their buy rating on shares of Rocket Pharmaceuticals (NASDAQ:RCKT) in a research report released on Tuesday,Benzinga reports. They currently have a $39.00 price target on the biotechnology company’s stock.

Several other equities research analysts have also commented on the stock. JPMorgan Chase & Co. boosted their target price on shares of Rocket Pharmaceuticals from $50.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 6th. Needham & Company LLC reissued a “buy” rating and set a $52.00 price objective on shares of Rocket Pharmaceuticals in a report on Tuesday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $65.00 target price on shares of Rocket Pharmaceuticals in a report on Tuesday. Scotiabank initiated coverage on shares of Rocket Pharmaceuticals in a research report on Wednesday, October 16th. They set a “sector outperform” rating and a $50.00 price target for the company. Finally, Chardan Capital restated a “buy” rating and issued a $62.00 price target on shares of Rocket Pharmaceuticals in a report on Monday. One research analyst has rated the stock with a sell rating, one has given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Rocket Pharmaceuticals presently has an average rating of “Moderate Buy” and an average price target of $51.00.

Rocket Pharmaceuticals Stock Performance

Shares of RCKT stock opened at $13.16 on Tuesday. The company has a current ratio of 6.05, a quick ratio of 6.05 and a debt-to-equity ratio of 0.06. Rocket Pharmaceuticals has a 12-month low of $13.07 and a 12-month high of $32.53. The company has a market cap of $1.20 billion, a price-to-earnings ratio of -4.79 and a beta of 1.09. The stock has a 50 day simple moving average of $17.50 and a 200-day simple moving average of $20.03.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of RCKT. Geode Capital Management LLC raised its holdings in shares of Rocket Pharmaceuticals by 0.9% in the third quarter. Geode Capital Management LLC now owns 1,617,866 shares of the biotechnology company’s stock worth $29,888,000 after acquiring an additional 14,256 shares during the last quarter. Main Management ETF Advisors LLC purchased a new stake in Rocket Pharmaceuticals during the 3rd quarter worth about $602,000. XTX Topco Ltd purchased a new stake in Rocket Pharmaceuticals during the 3rd quarter worth about $286,000. Wellington Management Group LLP raised its stake in Rocket Pharmaceuticals by 22.8% in the 3rd quarter. Wellington Management Group LLP now owns 11,242,144 shares of the biotechnology company’s stock valued at $207,642,000 after purchasing an additional 2,086,424 shares during the last quarter. Finally, Sphera Funds Management LTD. lifted its holdings in Rocket Pharmaceuticals by 12.0% in the 3rd quarter. Sphera Funds Management LTD. now owns 231,792 shares of the biotechnology company’s stock valued at $4,281,000 after purchasing an additional 24,859 shares in the last quarter. Hedge funds and other 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.