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

Rocket Pharmaceuticals (NASDAQ:RCKT)‘s stock had its “outperform” rating reaffirmed by analysts at Wedbush in a research note issued to investors on Wednesday, Benzinga reports.

A number of other research analysts also recently commented on RCKT. Chardan Capital reiterated a “buy” rating and issued a $11.00 price objective on shares of Rocket Pharmaceuticals in a report on Wednesday. Wall Street Zen raised Rocket Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Monday, August 17th. Weiss Ratings downgraded Rocket Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, August 11th. Jefferies Financial Group reissued a “hold” rating and issued a $2.95 price objective on shares of Rocket Pharmaceuticals in a report on Wednesday. Finally, Needham & Company LLC raised Rocket Pharmaceuticals from a “hold” rating to a “buy” rating and set a $9.00 price objective for the company in a report on Wednesday, September 16th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Rocket Pharmaceuticals currently has an average rating of “Hold” and an average price target of $8.12.

Rocket Pharmaceuticals Stock Up 3.4%

Shares of RCKT traded up $0.09 during mid-day trading on Wednesday, reaching $2.57. The company’s stock had a trading volume of 707,056 shares, compared to its average volume of 2,514,793. Rocket Pharmaceuticals has a 12-month low of $2.42 and a 12-month high of $5.45. The stock has a market cap of $281.59 million, a PE ratio of -15.02 and a beta of 0.50. The company has a debt-to-equity ratio of 0.05, a current ratio of 9.24 and a quick ratio of 9.24. The company’s 50 day moving average is $3.35 and its 200 day moving average is $3.42.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its quarterly earnings data on Monday, August 10th. The biotechnology company reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.22. During the same period in the previous year, the company posted ($0.62) earnings per share. Equities analysts anticipate that Rocket Pharmaceuticals will post -1.36 EPS for the current fiscal year.

Insider Activity at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, COO Christopher Stevens sold 36,658 shares of Rocket Pharmaceuticals 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 transaction, the chief operating officer directly owned 505,784 shares in the company, valued at approximately $1,770,244. This trade represents a 6.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Martin Wilson sold 75,364 shares of Rocket Pharmaceuticals stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $3.40, for a total value of $256,237.60. Following the completion of the transaction, the general counsel owned 598,489 shares in the company, valued at $2,034,862.60. This trade represents a 11.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 125,977 shares of company stock worth $432,273 over the last quarter. Company insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Allworth Financial LP purchased a new position in shares of Rocket Pharmaceuticals in the 2nd quarter valued at approximately $28,000. Legal & General Group Plc acquired a new stake in shares of Rocket Pharmaceuticals in the 2nd quarter valued at approximately $31,000. HB Wealth Management LLC acquired a new stake in shares of Rocket Pharmaceuticals in the 2nd quarter valued at approximately $36,000. Focus Partners Advisor Solutions LLC acquired a new stake in shares of Rocket Pharmaceuticals in the 2nd quarter valued at approximately $41,000. Finally, Optiver Holding B.V. boosted its position in shares of Rocket Pharmaceuticals by 584.1% during the 1st quarter. Optiver Holding B.V. now owns 12,484 shares of the biotechnology company’s stock worth $45,000 after purchasing an additional 10,659 shares in the last quarter. 98.39% of the stock is currently owned by hedge funds and other institutional investors.

About Rocket Pharmaceuticals

Rocket Pharmaceuticals, Inc (NASDAQ:RCKT) is a biotechnology company focused on developing gene therapies for rare and devastating diseases. The company uses both ex vivo hematopoietic stem cell gene therapy and in vivo adeno-associated virus (AAV) gene therapy approaches to address conditions with limited or no effective treatment options.

Rocket’s development programs have included marnetegragene autotemcel (RP-L102) for leukocyte adhesion deficiency-I, a rare inherited immune disorder; RP-A501 for Danon disease, a genetic heart condition; RP-A601 for arrhythmogenic right ventricular cardiomyopathy associated with PKP2 mutations; and RP-L301 for pyruvate kinase deficiency, an inherited blood disorder.