Brokerages Set Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) PT at $16.67

Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) have been assigned an average recommendation of “Hold” from the eighteen research firms that are currently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, eight have assigned a hold recommendation and eight have issued a buy recommendation on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $16.6667.

A number of brokerages recently weighed in on RCKT. Needham & Company LLC restated a “hold” rating on shares of Rocket Pharmaceuticals in a research note on Thursday, July 24th. Canaccord Genuity Group dropped their price target on Rocket Pharmaceuticals from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Friday, July 25th. Bank of America raised Rocket Pharmaceuticals from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $4.00 to $10.00 in a research note on Wednesday, August 20th. Chardan Capital reissued a “buy” rating and issued a $11.00 price target on shares of Rocket Pharmaceuticals in a research note on Tuesday, October 14th. Finally, Cantor Fitzgerald dropped their price target on Rocket Pharmaceuticals from $10.00 to $8.00 and set an “overweight” rating on the stock in a research note on Friday, August 8th.

Rocket Pharmaceuticals Stock Up 2.3%

NASDAQ RCKT opened at $3.94 on Friday. The stock has a market cap of $425.13 million, a PE ratio of -1.57 and a beta of 0.60. The company has a quick ratio of 6.39, a current ratio of 6.39 and a debt-to-equity ratio of 0.05. The business has a 50 day moving average price of $3.42 and a two-hundred day moving average price of $3.97. Rocket Pharmaceuticals has a fifty-two week low of $2.19 and a fifty-two week high of $18.17.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its earnings results on Thursday, August 7th. The biotechnology company reported ($0.59) EPS for the quarter, missing the consensus estimate of ($0.57) by ($0.02). During the same quarter in the prior year, the firm posted ($0.74) earnings per share. As a group, sell-side analysts predict that Rocket Pharmaceuticals will post -2.83 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rocket Pharmaceuticals news, General Counsel Martin Wilson sold 12,109 shares of Rocket Pharmaceuticals stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $3.02, for a total transaction of $36,569.18. Following the transaction, the general counsel owned 137,054 shares of the company’s stock, valued at $413,903.08. The trade was a 8.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider John Militello sold 28,918 shares of Rocket Pharmaceuticals stock in a transaction dated Tuesday, October 14th. The shares were sold at an average price of $3.96, for a total value of $114,515.28. Following the transaction, the insider directly owned 67,006 shares in the company, valued at approximately $265,343.76. This trade represents a 30.15% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 64,368 shares of company stock worth $221,675. Insiders own 24.76% of the company’s stock.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in RCKT. Prudential Financial Inc. acquired a new stake in Rocket Pharmaceuticals in the 2nd quarter worth approximately $25,000. CANADA LIFE ASSURANCE Co raised its stake in Rocket Pharmaceuticals by 94.4% during the second quarter. CANADA LIFE ASSURANCE Co now owns 12,202 shares of the biotechnology company’s stock worth $29,000 after acquiring an additional 5,926 shares in the last quarter. Farther Finance Advisors LLC raised its stake in Rocket Pharmaceuticals by 7,818.1% during the second quarter. Farther Finance Advisors LLC now owns 13,540 shares of the biotechnology company’s stock worth $33,000 after acquiring an additional 13,369 shares in the last quarter. Corton Capital Inc. acquired a new position in Rocket Pharmaceuticals during the second quarter worth $38,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Rocket Pharmaceuticals during the second quarter worth $43,000. 98.39% of the stock is currently owned by institutional investors and hedge funds.

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.