UBS Group Cuts Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target to $5.00

Rocket Pharmaceuticals (NASDAQ:RCKT) had its target price cut by UBS Group from $12.00 to $5.00 in a research report report published on Tuesday,Benzinga reports. They currently have a buy rating on the biotechnology company’s stock.

Other equities research analysts have also recently issued research reports about the company. Leerink Partners reiterated a “market perform” rating and issued a $8.00 price objective (down previously from $37.00) on shares of Rocket Pharmaceuticals in a research note on Wednesday, May 28th. Leerink Partnrs lowered Rocket Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 27th. Wedbush reissued an “outperform” rating and issued a $32.00 target price on shares of Rocket Pharmaceuticals in a report on Friday, May 16th. The Goldman Sachs Group lowered Rocket Pharmaceuticals from a “neutral” rating to a “sell” rating in a report on Wednesday, May 28th. Finally, BMO Capital Markets dropped their target price on Rocket Pharmaceuticals from $30.00 to $8.00 and set an “outperform” rating on the stock in a report on Wednesday, May 28th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $18.60.

Rocket Pharmaceuticals Price Performance

RCKT stock opened at $2.83 on Tuesday. The business has a 50 day moving average price of $5.36 and a 200 day moving average price of $8.42. The stock has a market cap of $302.22 million, a price-to-earnings ratio of -1.08 and a beta of 0.68. Rocket Pharmaceuticals has a fifty-two week low of $2.19 and a fifty-two week high of $26.98. The company has a quick ratio of 9.19, a current ratio of 9.19 and a debt-to-equity ratio of 0.05.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its earnings results on Tuesday, May 13th. The biotechnology company reported ($0.56) earnings per share for the quarter, topping the consensus estimate of ($0.58) by $0.02. During the same period in the previous year, the firm posted ($0.66) EPS. Equities research analysts anticipate that Rocket Pharmaceuticals will post -2.83 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Gaurav Shah bought 20,000 shares of the stock in a transaction on Thursday, April 10th. The shares were bought at an average price of $5.08 per share, with a total value of $101,600.00. Following the completion of the acquisition, the chief executive officer now owns 792,680 shares of the company’s stock, valued at approximately $4,026,814.40. This trade represents a 2.59% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kinnari Patel bought 21,099 shares of the stock in a transaction on Wednesday, April 9th. The stock was purchased at an average cost of $4.70 per share, for a total transaction of $99,165.30. Following the acquisition, the insider now directly owns 26,774 shares of the company’s stock, valued at $125,837.80. The trade was a 371.79% increase in their position. The disclosure for this purchase can be found here. 24.76% of the stock is currently owned by corporate insiders.

Institutional Trading of Rocket Pharmaceuticals

Several large investors have recently bought and sold shares of the company. Rhumbline Advisers grew its holdings in Rocket Pharmaceuticals by 8.4% in the first quarter. Rhumbline Advisers now owns 107,638 shares of the biotechnology company’s stock valued at $718,000 after purchasing an additional 8,299 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Rocket Pharmaceuticals by 24.0% in the first quarter. Goldman Sachs Group Inc. now owns 995,690 shares of the biotechnology company’s stock valued at $6,641,000 after purchasing an additional 192,905 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in Rocket Pharmaceuticals in the first quarter valued at $189,000. Millennium Management LLC lifted its position in shares of Rocket Pharmaceuticals by 121.8% in the first quarter. Millennium Management LLC now owns 747,147 shares of the biotechnology company’s stock valued at $4,983,000 after acquiring an additional 410,238 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of Rocket Pharmaceuticals by 148.4% in the first quarter. AQR Capital Management LLC now owns 163,622 shares of the biotechnology company’s stock valued at $1,091,000 after acquiring an additional 97,758 shares in the last quarter. Institutional investors and hedge funds own 98.39% of the company’s stock.

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.