Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target Lowered to $42.00 at Needham & Company LLC

Rocket Pharmaceuticals (NASDAQ:RCKT) had its price target cut by Needham & Company LLC from $52.00 to $42.00 in a research note published on Friday,Benzinga reports. They currently have a buy rating on the biotechnology company’s stock.

A number of other research firms also recently commented on RCKT. Chardan Capital restated a “buy” rating and issued a $62.00 target price on shares of Rocket Pharmaceuticals in a research report on Monday, November 18th. Wedbush began coverage on Rocket Pharmaceuticals in a research report on Monday, December 30th. They issued an “outperform” rating and a $32.00 target price on the stock. Jefferies Financial Group began coverage on Rocket Pharmaceuticals in a research report on Wednesday, December 18th. They issued a “buy” rating and a $29.00 target price on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $65.00 target price on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $39.00 target price on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Rocket Pharmaceuticals has an average rating of “Moderate Buy” and an average price target of $45.64.

Rocket Pharmaceuticals Stock Performance

NASDAQ RCKT opened at $9.45 on Friday. The stock’s fifty day moving average is $10.94 and its two-hundred day moving average is $14.78. The firm has a market capitalization of $861.43 million, a P/E ratio of -3.44 and a beta of 0.98. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.05 and a current ratio of 6.05. Rocket Pharmaceuticals has a fifty-two week low of $8.94 and a fifty-two week high of $31.24.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its quarterly earnings data on Monday, March 3rd. The biotechnology company reported ($0.62) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.06. On average, research analysts anticipate that Rocket Pharmaceuticals will post -2.83 earnings per share for the current year.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of the company. Covestor Ltd grew its stake in Rocket Pharmaceuticals by 33,166.7% during the 4th quarter. Covestor Ltd now owns 1,996 shares of the biotechnology company’s stock worth $25,000 after purchasing an additional 1,990 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Rocket Pharmaceuticals by 21.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,292 shares of the biotechnology company’s stock worth $61,000 after purchasing an additional 582 shares in the last quarter. Signaturefd LLC grew its stake in Rocket Pharmaceuticals by 319.8% during the 4th quarter. Signaturefd LLC now owns 4,916 shares of the biotechnology company’s stock worth $62,000 after purchasing an additional 3,745 shares in the last quarter. Harbour Investments Inc. grew its stake in Rocket Pharmaceuticals by 51.9% during the 4th quarter. Harbour Investments Inc. now owns 5,385 shares of the biotechnology company’s stock worth $68,000 after purchasing an additional 1,840 shares in the last quarter. Finally, KBC Group NV grew its stake in Rocket Pharmaceuticals by 159.6% during the 4th quarter. KBC Group NV now owns 5,475 shares of the biotechnology company’s stock worth $69,000 after purchasing an additional 3,366 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.