Needham & Company LLC Reaffirms Buy Rating for Rocket Pharmaceuticals (NASDAQ:RCKT)

Rocket Pharmaceuticals (NASDAQ:RCKT)‘s stock had its “buy” rating reiterated by analysts at Needham & Company LLC in a research note issued on Tuesday, Benzinga reports. They presently have a $53.00 price target on the biotechnology company’s stock. Needham & Company LLC’s price target would indicate a potential upside of 128.45% from the stock’s current price.

Several other research analysts have also commented on RCKT. UBS Group lowered their price objective on shares of Rocket Pharmaceuticals from $56.00 to $54.00 and set a “buy” rating for the company in a research note on Friday, March 1st. JPMorgan Chase & Co. lowered their price objective on shares of Rocket Pharmaceuticals from $55.00 to $50.00 and set an “overweight” rating for the company in a research note on Tuesday, February 27th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $65.00 target price on shares of Rocket Pharmaceuticals in a report on Tuesday, February 27th. StockNews.com raised shares of Rocket Pharmaceuticals to a “sell” rating in a report on Friday, February 9th. Finally, The Goldman Sachs Group assumed coverage on shares of Rocket Pharmaceuticals in a report on Tuesday, April 2nd. They issued a “neutral” rating and a $39.00 target price on the stock. One research analyst has rated the stock with a sell rating, one has given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $52.13.

Rocket Pharmaceuticals Trading Down 1.2 %

Shares of RCKT stock opened at $23.20 on Tuesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 7.80 and a quick ratio of 7.80. The firm has a market cap of $2.11 billion, a PE ratio of -7.89 and a beta of 1.12. The company has a 50-day moving average of $25.74 and a two-hundred day moving average of $25.75. Rocket Pharmaceuticals has a 1-year low of $14.89 and a 1-year high of $32.53.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its quarterly earnings data on Monday, February 26th. The biotechnology company reported ($0.64) EPS for the quarter, beating the consensus estimate of ($0.78) by $0.14. During the same quarter in the previous year, the business posted ($0.92) earnings per share. On average, analysts predict that Rocket Pharmaceuticals will post -2.94 EPS for the current year.

Insider Transactions at Rocket Pharmaceuticals

In other news, Director David P. Southwell sold 10,000 shares of Rocket Pharmaceuticals stock in a transaction on Monday, April 15th. The stock was sold at an average price of $24.05, for a total transaction of $240,500.00. Following the completion of the transaction, the director now owns 114,784 shares of the company’s stock, valued at approximately $2,760,555.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Director David P. Southwell sold 10,000 shares of Rocket Pharmaceuticals stock in a transaction on Monday, April 15th. The stock was sold at an average price of $24.05, for a total transaction of $240,500.00. Following the completion of the transaction, the director now owns 114,784 shares of the company’s stock, valued at approximately $2,760,555.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director David P. Southwell sold 70,000 shares of Rocket Pharmaceuticals stock in a transaction on Friday, April 12th. The stock was sold at an average price of $24.36, for a total value of $1,705,200.00. Following the transaction, the director now directly owns 95,160 shares of the company’s stock, valued at approximately $2,318,097.60. The disclosure for this sale can be found here. Insiders sold 414,935 shares of company stock valued at $11,476,424 in the last 90 days. 31.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of RCKT. Bank of New York Mellon Corp boosted its stake in shares of Rocket Pharmaceuticals by 21.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 244,252 shares of the biotechnology company’s stock valued at $5,005,000 after buying an additional 43,754 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Rocket Pharmaceuticals by 26.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,731 shares of the biotechnology company’s stock valued at $302,000 after acquiring an additional 3,038 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Rocket Pharmaceuticals by 8.9% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 387,704 shares of the biotechnology company’s stock valued at $7,944,000 after acquiring an additional 31,653 shares in the last quarter. TD Asset Management Inc raised its position in shares of Rocket Pharmaceuticals by 100.0% during the 3rd quarter. TD Asset Management Inc now owns 112,030 shares of the biotechnology company’s stock valued at $2,295,000 after acquiring an additional 56,015 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Rocket Pharmaceuticals by 14.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,145 shares of the biotechnology company’s stock valued at $105,000 after acquiring an additional 633 shares in the last quarter. Hedge funds and other institutional investors 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.