Scotiabank Cuts Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target to $51.00

Rocket Pharmaceuticals (NASDAQ:RCKT) had its price target reduced by Scotiabank from $52.00 to $51.00 in a research note released on Monday,Benzinga reports. They currently have a sector outperform rating on the biotechnology company’s stock.

Several other equities research analysts also recently commented on the stock. Needham & Company LLC reiterated a “buy” rating and set a $42.00 target price on shares of Rocket Pharmaceuticals in a research report on Wednesday, April 9th. BMO Capital Markets assumed coverage on shares of Rocket Pharmaceuticals in a research report on Wednesday, March 12th. They set an “outperform” rating and a $50.00 target price on the stock. Chardan Capital cut their target price on shares of Rocket Pharmaceuticals from $54.00 to $45.00 and set a “buy” rating on the stock in a research report on Friday, May 9th. Canaccord Genuity Group dropped their price target on shares of Rocket Pharmaceuticals from $36.00 to $34.00 and set a “buy” rating on the stock in a research report on Monday. Finally, The Goldman Sachs Group dropped their price target on shares of Rocket Pharmaceuticals from $15.00 to $13.00 and set a “neutral” rating on the stock in a research report on Friday, May 9th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $40.82.

Rocket Pharmaceuticals Trading Down 8.5%

Shares of Rocket Pharmaceuticals stock opened at $6.05 on Monday. The firm’s 50 day moving average is $7.00 and its 200 day moving average is $10.47. 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 1 year low of $4.55 and a 1 year high of $26.98. The firm has a market capitalization of $646.06 million, a PE ratio of -2.20 and a beta of 1.02.

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

Insider Activity at Rocket Pharmaceuticals

In related news, CFO Aaron Ondrey sold 7,489 shares of the business’s stock in a transaction on Friday, April 4th. The shares were sold at an average price of $5.29, for a total transaction of $39,616.81. Following the transaction, the chief financial officer now owns 129,650 shares in the company, valued at $685,848.50. The trade was a 5.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kinnari Patel bought 21,099 shares of the company’s stock in a transaction that occurred on Wednesday, April 9th. The shares were bought at an average price of $4.70 per share, for a total transaction of $99,165.30. Following the transaction, the insider now directly owns 26,774 shares in the company, valued at $125,837.80. This trade represents a 371.79% increase in their ownership of the stock. The disclosure for this purchase can be found here. 28.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC lifted its position in shares of Rocket Pharmaceuticals by 796.2% during the 4th quarter. SG Americas Securities LLC now owns 54,921 shares of the biotechnology company’s stock valued at $690,000 after acquiring an additional 48,793 shares during the period. Jennison Associates LLC increased its stake in Rocket Pharmaceuticals by 72.6% during the 4th quarter. Jennison Associates LLC now owns 70,304 shares of the biotechnology company’s stock valued at $884,000 after purchasing an additional 29,564 shares in the last quarter. Mirador Capital Partners LP increased its stake in Rocket Pharmaceuticals by 403.9% during the 4th quarter. Mirador Capital Partners LP now owns 84,529 shares of the biotechnology company’s stock valued at $1,063,000 after purchasing an additional 67,755 shares in the last quarter. Sovran Advisors LLC bought a new stake in Rocket Pharmaceuticals during the 4th quarter valued at $1,895,000. Finally, Raymond James Financial Inc. bought a new stake in Rocket Pharmaceuticals during the 4th quarter valued at $285,000. Institutional investors and hedge funds 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.