Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) Receives $8.44 Consensus Price Target from Analysts

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) has been given a consensus recommendation of “Hold” by the thirteen research firms that are covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating, six have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $8.4444.

A number of research firms recently issued reports on RCKT. Chardan Capital reaffirmed a “buy” rating and issued a $11.00 target price on shares of Rocket Pharmaceuticals in a research note on Monday, May 11th. Lifesci Capital raised Rocket Pharmaceuticals to a “strong-buy” rating in a research report on Thursday, February 26th. Cantor Fitzgerald boosted their price target on Rocket Pharmaceuticals from $8.00 to $10.00 and gave the stock an “overweight” rating in a report on Friday, February 27th. The Goldman Sachs Group increased their price objective on Rocket Pharmaceuticals to $3.00 and gave the company a “sell” rating in a research note on Monday, March 2nd. Finally, Weiss Ratings upgraded Rocket Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 1st.

Rocket Pharmaceuticals Stock Performance

NASDAQ:RCKT opened at $2.66 on Friday. The company has a current ratio of 6.12, a quick ratio of 6.12 and a debt-to-equity ratio of 0.08. The firm has a 50-day moving average price of $3.34 and a two-hundred day moving average price of $3.62. Rocket Pharmaceuticals has a twelve month low of $2.40 and a twelve month high of $5.45. The company has a market capitalization of $290.45 million, a P/E ratio of -1.42 and a beta of 0.48.

Rocket Pharmaceuticals (NASDAQ:RCKT) last announced its quarterly earnings results on Thursday, May 7th. The biotechnology company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.41) by ($0.01). During the same quarter in the prior year, the firm earned ($0.56) EPS. As a group, research analysts expect that Rocket Pharmaceuticals will post -1.16 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Sarbani Chaudhuri sold 17,650 shares of the firm’s stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $3.84, for a total transaction of $67,776.00. Following the sale, the insider owned 267,510 shares in the company, valued at approximately $1,027,238.40. This trade represents a 6.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gaurav Shah sold 55,684 shares of Rocket Pharmaceuticals stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $3.09, for a total transaction of $172,063.56. Following the completion of the sale, the chief executive officer directly owned 1,061,724 shares of the company’s stock, valued at $3,280,727.16. The trade was a 4.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 83,733 shares of company stock worth $275,307 over the last ninety days. 21.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Several hedge funds have recently made changes to their positions in RCKT. Prudential Financial Inc. purchased a new stake in shares of Rocket Pharmaceuticals in the second quarter valued at $25,000. CANADA LIFE ASSURANCE Co lifted its position 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 buying an additional 5,926 shares during the period. Franklin Resources Inc. acquired a new stake in Rocket Pharmaceuticals in the 4th quarter worth about $38,000. Virtu Financial LLC acquired a new stake in Rocket Pharmaceuticals in the 3rd quarter worth about $40,000. Finally, Sequoia Financial Advisors LLC purchased a new stake in Rocket Pharmaceuticals in the 4th quarter valued at about $42,000. Institutional investors and hedge funds own 98.39% of the company’s stock.

About Rocket Pharmaceuticals

Rocket Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing gene therapies for rare, inherited pediatric diseases. The company employs a proprietary adeno-associated virus (AAV) and lentiviral vector platform to deliver functional copies of genes in patients with genetic deficiencies. Its programs target a spectrum of disorders, including Fanconi anemia, leukocyte adhesion deficiency type I and Danon disease, with the goal of delivering one-time treatments that address the underlying causes of disease rather than merely managing symptoms.

The company’s pipeline comprises multiple product candidates in various stages of development.