Rocket Pharmaceuticals (NASDAQ:RCKT) Research Coverage Started at Chardan Capital

Chardan Capital assumed coverage on shares of Rocket Pharmaceuticals (NASDAQ:RCKT) in a research report released on Tuesday, MarketBeat.com reports. The brokerage issued a buy rating and a $11.00 price target on the biotechnology company’s stock.

Other equities research analysts also recently issued research reports about the company. Weiss Ratings downgraded Rocket Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, August 11th. Wall Street Zen raised shares of Rocket Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Monday, August 17th. Finally, Wedbush cut their price target on shares of Rocket Pharmaceuticals from $16.00 to $15.00 and set an “outperform” rating for the company in a report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $8.57.

Rocket Pharmaceuticals Stock Performance

Shares of RCKT stock opened at $3.79 on Tuesday. The company has a market cap of $416.07 million, a price-to-earnings ratio of -22.29 and a beta of 0.50. The stock has a 50 day simple moving average of $3.55 and a 200-day simple moving average of $3.63. Rocket Pharmaceuticals has a 12-month low of $2.53 and a 12-month high of $5.45. The company has a current ratio of 9.24, a quick ratio of 9.24 and a debt-to-equity ratio of 0.05.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its quarterly earnings results on Monday, August 10th. The biotechnology company reported $1.08 EPS for the quarter, beating the consensus estimate of $0.86 by $0.22. During the same period last year, the firm earned ($0.62) earnings per share. On average, equities analysts forecast that Rocket Pharmaceuticals will post -1.39 EPS for the current year.

Insider Activity at Rocket Pharmaceuticals

In related news, COO Christopher Stevens sold 36,658 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $3.50, for a total value of $128,303.00. Following the sale, the chief operating officer owned 505,784 shares in the company, valued at $1,770,244. This represents a 6.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 50,613 shares of company stock worth $176,035. 21.30% of the stock is owned by insiders.

Institutional Trading of Rocket Pharmaceuticals

Institutional investors have recently bought and sold shares of the company. Maverick Capital Ltd. raised its stake in shares of Rocket Pharmaceuticals by 42.0% during the 1st quarter. Maverick Capital Ltd. now owns 3,567,372 shares of the biotechnology company’s stock worth $12,771,000 after buying an additional 1,054,262 shares during the last quarter. Monaco Asset Management SAM acquired a new stake in Rocket Pharmaceuticals in the 2nd quarter valued at about $8,483,000. ADAR1 Capital Management LLC acquired a new stake in Rocket Pharmaceuticals in the 2nd quarter valued at about $1,489,000. Ieq Capital LLC purchased a new position in Rocket Pharmaceuticals during the 2nd quarter valued at about $1,506,000. Finally, Renaissance Technologies LLC increased its holdings in Rocket Pharmaceuticals by 51.3% during the 1st quarter. Renaissance Technologies LLC now owns 637,174 shares of the biotechnology company’s stock valued at $2,281,000 after acquiring an additional 216,000 shares in the last quarter. 98.39% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Pharmaceuticals Company Profile

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.