Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) Receives $8.57 Consensus PT from Brokerages

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) has been given an average rating of “Hold” by the eleven brokerages that are currently covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a sell recommendation, two have issued a hold recommendation, five have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $8.6250.

RCKT has been the topic of several recent analyst reports. Weiss Ratings downgraded Rocket Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, August 11th. Wall Street Zen raised Rocket Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Monday, August 17th. Wedbush reaffirmed an “outperform” rating and set a $15.00 target price on shares of Rocket Pharmaceuticals in a report on Wednesday. Chardan Capital reiterated a “buy” rating and issued a $11.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday, September 15th. Finally, Needham & Company LLC raised Rocket Pharmaceuticals from a “hold” rating to a “buy” rating and set a $9.00 price target on the stock in a research note on Wednesday.

Rocket Pharmaceuticals Trading Down 3.7%

NASDAQ:RCKT opened at $3.37 on Tuesday. The business’s 50-day moving average is $3.50 and its two-hundred day moving average is $3.61. The firm has a market capitalization of $369.96 million, a PE ratio of -19.82 and a beta of 0.50. Rocket Pharmaceuticals has a 12 month low of $2.53 and a 12 month high of $5.45. The company has a debt-to-equity ratio of 0.05, a current ratio of 9.24 and a quick ratio of 9.24.

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

Insider Transactions at Rocket Pharmaceuticals

In related news, General Counsel Martin Wilson sold 75,364 shares of Rocket Pharmaceuticals stock in a transaction on 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 sale, the general counsel owned 598,489 shares of the company’s stock, valued at approximately $2,034,862.60. This trade represents a 11.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Christopher Stevens sold 36,658 shares of the business’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $3.50, for a total value of $128,303.00. Following the completion of the transaction, the chief operating officer owned 505,784 shares in the company, valued at $1,770,244. This trade represents a 6.76% decrease in their position. The SEC filing for this sale provides additional information. 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 in the last quarter. 21.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several institutional investors have recently bought and sold shares of the stock. Opaleye Management Inc. raised its stake in shares of Rocket Pharmaceuticals by 4.7% in the 2nd quarter. Opaleye Management Inc. now owns 1,000,000 shares of the biotechnology company’s stock valued at $3,420,000 after acquiring an additional 45,000 shares in the last quarter. Squarepoint Ops LLC boosted its position in Rocket Pharmaceuticals by 524.9% during the second quarter. Squarepoint Ops LLC now owns 181,147 shares of the biotechnology company’s stock worth $620,000 after purchasing an additional 152,161 shares during the period. Corient Private Wealth LP boosted its position in Rocket Pharmaceuticals by 17.0% during the second quarter. Corient Private Wealth LP now owns 37,819 shares of the biotechnology company’s stock worth $129,000 after purchasing an additional 5,501 shares during the period. HB Wealth Management LLC bought a new stake in Rocket Pharmaceuticals during the second quarter worth approximately $36,000. Finally, Wellington Management Group LLP acquired a new position in Rocket Pharmaceuticals during the second quarter valued at approximately $211,000. 98.39% of the stock is currently owned by institutional investors.

About Rocket Pharmaceuticals

Rocket Pharmaceuticals, Inc is a biotechnology company focused on developing gene therapies for rare and devastating diseases. The company uses lentiviral and adeno-associated virus (AAV) vector platforms to deliver genetic material intended to address the underlying causes of inherited disorders, with research programs spanning hematology, immunology, metabolic disease and cardiac 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-system disorder; and RP-L301 for pyruvate kinase deficiency, a rare red blood cell disorder.