Zacks Investment Research Lowers Rocket Pharmaceuticals (NASDAQ:RCKT) to Hold

Zacks Investment Research cut shares of Rocket Pharmaceuticals (NASDAQ:RCKT) from a buy rating to a hold rating in a report released on Wednesday, Zacks.com reports.

According to Zacks, “Rocket Pharmaceuticals, Inc. is an emerging, clinical-stage biotechnology company. It focused on developing first-in-class gene therapy treatment options for rare, undertreated diseases. Rocket Pharmaceuticals Inc., formerly known as Inotek Pharmaceuticals Corporation, is based in LEXINGTON, United States. “

A number of other research firms also recently commented on RCKT. ValuEngine downgraded shares of Rocket Pharmaceuticals from a buy rating to a hold rating in a research report on Thursday, July 2nd. JPMorgan Chase & Co. began coverage on shares of Rocket Pharmaceuticals in a research report on Thursday, July 2nd. They set an overweight rating and a $38.00 price target on the stock. William Blair restated a buy rating on shares of Rocket Pharmaceuticals in a research report on Wednesday, May 6th. Chardan Capital restated a buy rating and set a $33.00 price target on shares of Rocket Pharmaceuticals in a research report on Monday, July 13th. Finally, Oppenheimer reiterated a buy rating and issued a $43.00 target price on shares of Rocket Pharmaceuticals in a report on Monday, July 13th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. Rocket Pharmaceuticals currently has an average rating of Buy and a consensus target price of $36.00.

Shares of NASDAQ:RCKT opened at $23.53 on Wednesday. The company has a market cap of $1.30 billion, a PE ratio of -14.71 and a beta of 2.29. The company’s 50-day moving average price is $22.32 and its 200 day moving average price is $19.47. Rocket Pharmaceuticals has a fifty-two week low of $9.01 and a fifty-two week high of $27.59. The company has a quick ratio of 13.25, a current ratio of 13.25 and a debt-to-equity ratio of 0.23.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its quarterly earnings data on Wednesday, May 6th. The biotechnology company reported ($0.45) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.48) by $0.03. As a group, equities analysts anticipate that Rocket Pharmaceuticals will post -1.93 EPS for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RCKT. Exane Derivatives bought a new stake in shares of Rocket Pharmaceuticals in the 1st quarter worth approximately $45,000. Great West Life Assurance Co. Can purchased a new position in shares of Rocket Pharmaceuticals in the fourth quarter worth approximately $46,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Rocket Pharmaceuticals by 95.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,211 shares of the biotechnology company’s stock worth $67,000 after acquiring an additional 1,567 shares in the last quarter. Marshall Wace LLP increased its position in shares of Rocket Pharmaceuticals by 197.3% in the fourth quarter. Marshall Wace LLP now owns 3,877 shares of the biotechnology company’s stock worth $88,000 after acquiring an additional 2,573 shares in the last quarter. Finally, PNC Financial Services Group Inc. purchased a new position in shares of Rocket Pharmaceuticals in the first quarter worth approximately $134,000. Institutional investors and hedge funds own 96.70% of the company’s stock.

About Rocket Pharmaceuticals

Rocket Pharmaceuticals, Inc, together with its subsidiaries, operates as a multi-platform biotechnology company that focuses on developing gene therapies for rare and devastating pediatric diseases. It has clinical-stage lentiviral vector (LVV) programs under clinical testing to treat fanconi anemia, a genetic defect in the bone marrow that reduces production of blood cells or promotes the production of faulty blood cells; and leukocyte adhesion deficiency-I, a genetic disorder that causes the immune system to malfunction It also has additional pre-clinical stage LVV programs include pyruvate kinase deficiency, a rare red blood cell autosomal recessive disorder that results in chronic non-spherocytic hemolytic anemia; and infantile malignant osteopetrosis, a genetic disorder characterized by increased bone density and bone mass secondary to impaired bone resorption.

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