Rocket Pharmaceuticals (NASDAQ:RCKT) Given Overweight Rating at Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of Rocket Pharmaceuticals (NASDAQ:RCKT) in a research report sent to investors on Tuesday, Benzinga reports. The brokerage currently has a $65.00 price objective on the biotechnology company’s stock. Cantor Fitzgerald also issued estimates for Rocket Pharmaceuticals’ FY2024 earnings at ($3.00) EPS.

Several other research analysts have also issued reports on RCKT. Canaccord Genuity Group decreased their target price on Rocket Pharmaceuticals from $49.00 to $40.00 and set a buy rating for the company in a research report on Wednesday, July 3rd. William Blair reiterated an outperform rating on shares of Rocket Pharmaceuticals in a report on Monday, June 3rd. Needham & Company LLC restated a buy rating and set a $52.00 price objective on shares of Rocket Pharmaceuticals in a research note on Tuesday. Finally, Chardan Capital restated a buy rating and set a $62.00 target price on shares of Rocket Pharmaceuticals in a research note on Tuesday. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $51.75.

Rocket Pharmaceuticals Trading Down 0.8 %

Shares of RCKT stock traded down $0.15 on Tuesday, hitting $18.98. 233,759 shares of the company’s stock traded hands, compared to its average volume of 754,646. The company’s fifty day simple moving average is $22.17 and its 200 day simple moving average is $24.68. Rocket Pharmaceuticals has a one year low of $14.89 and a one year high of $32.53. The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of -6.67 and a beta of 1.13. The company has a debt-to-equity ratio of 0.04, a quick ratio of 10.47 and a current ratio of 10.47.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its quarterly earnings data on Monday, August 5th. The biotechnology company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.02). During the same quarter in the previous year, the firm posted ($0.82) EPS. Equities analysts forecast that Rocket Pharmaceuticals will post -2.96 EPS for the current year.

Insider Buying and Selling at Rocket Pharmaceuticals

In other news, insider Mark Andrew White sold 3,026 shares of the firm’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $20.39, for a total transaction of $61,700.14. Following the completion of the transaction, the insider now owns 72,220 shares in the company, valued at $1,472,565.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Rocket Pharmaceuticals news, CEO Gaurav Shah sold 9,790 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $23.35, for a total transaction of $228,596.50. Following the transaction, the chief executive officer now directly owns 728,069 shares in the company, valued at approximately $17,000,411.15. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mark Andrew White sold 3,026 shares of the business’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $20.39, for a total value of $61,700.14. Following the completion of the transaction, the insider now directly owns 72,220 shares of the company’s stock, valued at $1,472,565.80. The disclosure for this sale can be found here. Insiders have sold a total of 15,755 shares of company stock valued at $358,654 over the last ninety days. 31.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Nisa Investment Advisors LLC grew its position in shares of Rocket Pharmaceuticals by 31.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,160 shares of the biotechnology company’s stock valued at $68,000 after acquiring an additional 764 shares during the period. Old Well Partners LLC acquired a new position in Rocket Pharmaceuticals in the fourth quarter valued at approximately $200,000. Capstone Investment Advisors LLC acquired a new stake in shares of Rocket Pharmaceuticals during the fourth quarter valued at about $217,000. Amalgamated Bank lifted its stake in Rocket Pharmaceuticals by 5.4% during the 4th quarter. Amalgamated Bank now owns 8,653 shares of the biotechnology company’s stock worth $259,000 after acquiring an additional 440 shares in the last quarter. Finally, Virtu Financial LLC acquired a new stake in Rocket Pharmaceuticals during the 4th quarter worth approximately $332,000. 98.39% of the stock is owned by institutional investors and hedge funds.

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.