Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) Stock Has Average Target Price of $7.77 According to Analysts

Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) have been given an average recommendation of “Hold” by the twelve brokerages that are currently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation, five have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $7.77.

A number of equities research analysts have weighed in on the company. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Rocket Pharmaceuticals in a report on Wednesday, October 7th. Wall Street Zen raised Rocket Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Monday, August 17th. The Goldman Sachs Group raised Rocket Pharmaceuticals from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $3.00 to $4.00 in a report on Thursday, October 8th. Leerink Partners dropped their price objective on Rocket Pharmaceuticals from $7.00 to $4.00 and set a “market perform” rating for the company in a research report on Wednesday, October 7th. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $11.00 price objective on shares of Rocket Pharmaceuticals in a research note on Wednesday, October 7th.

Insider Buying and Selling

In other Rocket Pharmaceuticals news, General Counsel Martin Wilson sold 75,364 shares of the business’s stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $3.40, for a total transaction of $256,237.60. Following the completion of the transaction, the general counsel owned 598,489 shares of the company’s stock, valued at approximately $2,034,862.60. The trade was a 11.18% 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 the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 84,618 shares of company stock worth $287,516 over the last three months. 21.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Maverick Capital Ltd. lifted its stake in Rocket Pharmaceuticals by 42.0% in the 1st quarter. Maverick Capital Ltd. now owns 3,567,372 shares of the biotechnology company’s stock valued at $12,771,000 after purchasing an additional 1,054,262 shares during the last quarter. Monaco Asset Management SAM bought a new stake in shares of Rocket Pharmaceuticals during the second quarter worth $8,483,000. Bank of America Corp DE bought a new stake in shares of Rocket Pharmaceuticals during the second quarter worth $2,512,000. BlackRock Inc. acquired a new position in shares of Rocket Pharmaceuticals during the second quarter worth $33,940,000. Finally, Ieq Capital LLC acquired a new position in shares of Rocket Pharmaceuticals during the second quarter worth $1,506,000. 98.39% of the stock is owned by institutional investors.

Rocket Pharmaceuticals Price Performance

Shares of NASDAQ:RCKT opened at $2.45 on Wednesday. The firm has a 50 day moving average of $2.80 and a 200-day moving average of $3.41. The stock has a market capitalization of $268.95 million, a PE ratio of -14.41 and a beta of 0.51. 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 has a 12 month low of $2.16 and a 12 month high of $5.45.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its quarterly earnings results on Monday, August 10th. The biotechnology company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.22. During the same quarter last year, the business posted ($0.62) EPS. On average, equities research analysts predict that Rocket Pharmaceuticals will post -1.36 EPS for the current fiscal year.

Rocket Pharmaceuticals Company Profile

Rocket Pharmaceuticals, Inc. is a clinical-stage biotechnology company focused on developing gene therapies for rare and devastating diseases. The company uses lentiviral and adeno-associated virus (AAV) technologies to address genetic disorders with significant unmet medical needs, including hematologic, metabolic, and cardiovascular conditions. Rocket’s pipeline has included RP-L102 for Fanconi anemia, a rare inherited bone-marrow-failure disorder; RP-L201 for leukocyte adhesion deficiency-I, an immune disorder; and gene therapy programs targeting Danon disease and arrhythmogenic cardiomyopathy.