Canaccord Genuity Group Issues Pessimistic Forecast for Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Price

Rocket Pharmaceuticals (NASDAQ:RCKT) had its price objective decreased by Canaccord Genuity Group from $34.00 to $11.00 in a research note released on Tuesday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the biotechnology company’s stock.

A number of other brokerages have also weighed in on RCKT. The Goldman Sachs Group lowered Rocket Pharmaceuticals from a “neutral” rating to a “sell” rating in a research report on Wednesday, May 28th. Cantor Fitzgerald lifted their price objective on Rocket Pharmaceuticals from $20.00 to $30.00 and gave the stock an “overweight” rating in a research report on Friday, May 16th. Scotiabank cut their price objective on Rocket Pharmaceuticals from $51.00 to $19.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, May 28th. Leerink Partners reiterated a “market perform” rating and issued a $8.00 price objective (down from $37.00) on shares of Rocket Pharmaceuticals in a research report on Wednesday, May 28th. Finally, TD Cowen reiterated a “hold” rating on shares of Rocket Pharmaceuticals in a research report on Tuesday, May 27th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $19.57.

Rocket Pharmaceuticals Price Performance

RCKT opened at $2.96 on Tuesday. The stock’s 50 day simple moving average is $6.01 and its 200 day simple moving average is $9.29. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05. Rocket Pharmaceuticals has a 1 year low of $2.19 and a 1 year high of $26.98. The firm has a market cap of $316.09 million, a price-to-earnings ratio of -1.08 and a beta of 1.02.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its quarterly earnings results on Tuesday, May 13th. The biotechnology company reported ($0.56) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.58) by $0.02. During the same period in the prior year, the business earned ($0.66) EPS. As a group, analysts predict that Rocket Pharmaceuticals will post -2.83 earnings per share for the current year.

Insider Activity

In related news, CEO Gaurav Shah acquired 20,000 shares of the stock in a transaction on Thursday, April 10th. The stock was acquired at an average price of $5.08 per share, for a total transaction of $101,600.00. Following the completion of the purchase, the chief executive officer now owns 792,680 shares of the company’s stock, valued at $4,026,814.40. This represents a 2.59% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Aaron Ondrey sold 7,489 shares of Rocket Pharmaceuticals stock in a transaction on Friday, April 4th. The shares were sold at an average price of $5.29, for a total value of $39,616.81. Following the transaction, the chief financial officer now owns 129,650 shares of the company’s stock, valued at $685,848.50. The trade was a 5.46% decrease in their position. The disclosure for this sale can be found here. 24.76% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Covestor Ltd raised its stake in Rocket Pharmaceuticals by 33,166.7% during the fourth quarter. Covestor Ltd now owns 1,996 shares of the biotechnology company’s stock valued at $25,000 after buying an additional 1,990 shares during the last quarter. Signaturefd LLC raised its stake in Rocket Pharmaceuticals by 319.8% during the fourth quarter. Signaturefd LLC now owns 4,916 shares of the biotechnology company’s stock valued at $62,000 after buying an additional 3,745 shares during the last quarter. Harbour Investments Inc. raised its stake in Rocket Pharmaceuticals by 51.9% during the fourth quarter. Harbour Investments Inc. now owns 5,385 shares of the biotechnology company’s stock valued at $68,000 after buying an additional 1,840 shares during the last quarter. KBC Group NV raised its stake in Rocket Pharmaceuticals by 159.6% during the fourth quarter. KBC Group NV now owns 5,475 shares of the biotechnology company’s stock valued at $69,000 after buying an additional 3,366 shares during the last quarter. Finally, Virtus ETF Advisers LLC raised its stake in Rocket Pharmaceuticals by 40.4% during the fourth quarter. Virtus ETF Advisers LLC now owns 5,656 shares of the biotechnology company’s stock valued at $71,000 after buying an additional 1,628 shares during the last quarter. Hedge funds and other institutional investors own 98.39% of the company’s stock.

Rocket Pharmaceuticals Company Profile

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.