Rocket Pharmaceuticals (NASDAQ:RCKT) Given “Outperform” Rating at Wedbush

Wedbush reissued their outperform rating on shares of Rocket Pharmaceuticals (NASDAQ:RCKT) in a research report released on Friday morning,Benzinga reports. The brokerage currently has a $32.00 target price on the biotechnology company’s stock.

A number of other analysts also recently weighed in on the company. Canaccord Genuity Group cut their target price on Rocket Pharmaceuticals from $36.00 to $34.00 and set a “buy” rating for the company in a research report on Monday, May 12th. JPMorgan Chase & Co. cut their target price on Rocket Pharmaceuticals from $45.00 to $44.00 and set an “overweight” rating for the company in a research report on Friday, May 9th. The Goldman Sachs Group cut their target price on Rocket Pharmaceuticals from $15.00 to $13.00 and set a “neutral” rating for the company in a research report on Friday, May 9th. BMO Capital Markets initiated coverage on Rocket Pharmaceuticals in a research report on Wednesday, March 12th. They set an “outperform” rating and a $50.00 target price for the company. Finally, Scotiabank cut their target price on Rocket Pharmaceuticals from $52.00 to $51.00 and set a “sector outperform” rating for the company in a research report on Monday, May 12th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Rocket Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average target price of $37.73.

Rocket Pharmaceuticals Stock Performance

Shares of NASDAQ RCKT opened at $6.50 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05. The stock’s fifty day moving average price is $6.93 and its two-hundred day moving average price is $10.32. Rocket Pharmaceuticals has a one year low of $4.55 and a one year high of $26.98. The firm has a market cap of $694.11 million, a price-to-earnings ratio of -2.36 and a beta of 1.02.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its quarterly earnings data on Tuesday, May 13th. The biotechnology company reported ($0.56) EPS for the quarter, beating analysts’ consensus estimates of ($0.58) by $0.02. During the same period last year, the business earned ($0.66) earnings per share. On average, equities analysts forecast that Rocket Pharmaceuticals will post -2.83 EPS for the current year.

Insider Buying and Selling

In other Rocket Pharmaceuticals news, CEO Gaurav Shah acquired 20,000 shares of the company’s stock in a transaction that occurred on Thursday, April 10th. The stock was acquired at an average cost of $5.08 per share, for a total transaction of $101,600.00. Following the transaction, the chief executive officer now directly owns 792,680 shares in the company, valued at $4,026,814.40. This represents a 2.59% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Aaron Ondrey sold 7,489 shares of the company’s stock in a transaction on Friday, April 4th. The stock was sold at an average price of $5.29, for a total value of $39,616.81. Following the sale, the chief financial officer now owns 129,650 shares of the company’s stock, valued at approximately $685,848.50. This represents a 5.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. 28.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several large investors have recently bought and sold shares of the company. Wellington Management Group LLP raised its position in Rocket Pharmaceuticals by 24.5% in the fourth quarter. Wellington Management Group LLP now owns 13,995,177 shares of the biotechnology company’s stock valued at $175,919,000 after purchasing an additional 2,753,033 shares during the last quarter. Vanguard Group Inc. raised its position in Rocket Pharmaceuticals by 0.6% in the first quarter. Vanguard Group Inc. now owns 6,617,784 shares of the biotechnology company’s stock valued at $44,141,000 after purchasing an additional 40,189 shares during the last quarter. Westfield Capital Management Co. LP raised its position in Rocket Pharmaceuticals by 2.3% in the first quarter. Westfield Capital Management Co. LP now owns 4,820,701 shares of the biotechnology company’s stock valued at $32,154,000 after purchasing an additional 106,091 shares during the last quarter. Janus Henderson Group PLC raised its position in Rocket Pharmaceuticals by 111.0% in the fourth quarter. Janus Henderson Group PLC now owns 4,004,039 shares of the biotechnology company’s stock valued at $50,343,000 after purchasing an additional 2,106,699 shares during the last quarter. Finally, Suvretta Capital Management LLC bought a new position in Rocket Pharmaceuticals in the fourth quarter valued at about $32,267,000. 98.39% of the stock is currently owned by institutional investors.

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.