Brokerages Set Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) Target Price at $16.73

Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) have earned a consensus rating of “Hold” from the seventeen ratings firms that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, eight have given a hold recommendation and eight have issued a buy recommendation on the company. The average 12-month price target among brokers that have covered the stock in the last year is $16.7333.

RCKT has been the subject of several recent analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Rocket Pharmaceuticals in a report on Thursday, July 24th. UBS Group decreased their price objective on shares of Rocket Pharmaceuticals from $12.00 to $5.00 and set a “buy” rating for the company in a report on Tuesday, June 17th. Cantor Fitzgerald decreased their price objective on shares of Rocket Pharmaceuticals from $10.00 to $8.00 and set an “overweight” rating for the company in a report on Friday, August 8th. Chardan Capital reissued a “buy” rating and issued a $11.00 price target on shares of Rocket Pharmaceuticals in a report on Wednesday, August 20th. Finally, Bank of America raised shares of Rocket Pharmaceuticals from a “neutral” rating to a “buy” rating and increased their price target for the company from $4.00 to $10.00 in a report on Wednesday, August 20th.

Insider Buying and Selling at Rocket Pharmaceuticals

In related news, Director Elisabeth Bjork purchased 10,000 shares of Rocket Pharmaceuticals stock in a transaction on Wednesday, August 27th. The stock was purchased at an average cost of $3.41 per share, with a total value of $34,100.00. Following the acquisition, the director directly owned 40,000 shares in the company, valued at approximately $136,400. This trade represents a 33.33% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, General Counsel Martin Wilson sold 12,109 shares of the stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $3.02, for a total transaction of $36,569.18. Following the completion of the sale, the general counsel directly owned 137,054 shares of the company’s stock, valued at approximately $413,903.08. This trade represents a 8.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 35,450 shares of company stock valued at $107,159 in the last ninety days. Company insiders own 24.76% of the company’s stock.

Institutional Trading of Rocket Pharmaceuticals

A number of hedge funds have recently bought and sold shares of RCKT. Victory Capital Management Inc. raised its stake in shares of Rocket Pharmaceuticals by 16.1% in the 1st quarter. Victory Capital Management Inc. now owns 11,929 shares of the biotechnology company’s stock valued at $80,000 after buying an additional 1,658 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Rocket Pharmaceuticals by 8.4% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 21,885 shares of the biotechnology company’s stock valued at $146,000 after buying an additional 1,689 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its stake in shares of Rocket Pharmaceuticals by 10.7% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 21,388 shares of the biotechnology company’s stock valued at $143,000 after buying an additional 2,059 shares in the last quarter. HighTower Advisors LLC raised its stake in shares of Rocket Pharmaceuticals by 16.6% in the 1st quarter. HighTower Advisors LLC now owns 20,700 shares of the biotechnology company’s stock valued at $138,000 after buying an additional 2,952 shares in the last quarter. Finally, Arizona State Retirement System raised its stake in shares of Rocket Pharmaceuticals by 15.3% in the 1st quarter. Arizona State Retirement System now owns 22,852 shares of the biotechnology company’s stock valued at $152,000 after buying an additional 3,026 shares in the last quarter. 98.39% of the stock is owned by institutional investors.

Rocket Pharmaceuticals Price Performance

NASDAQ RCKT opened at $3.21 on Tuesday. The company has a current ratio of 6.39, a quick ratio of 6.39 and a debt-to-equity ratio of 0.05. The company has a fifty day simple moving average of $3.19 and a 200 day simple moving average of $4.37. The company has a market cap of $346.36 million, a P/E ratio of -1.28 and a beta of 0.60. Rocket Pharmaceuticals has a 1 year low of $2.19 and a 1 year high of $18.89.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its quarterly earnings data on Thursday, August 7th. The biotechnology company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.57) by ($0.02). During the same period last year, the company earned ($0.74) EPS. On average, sell-side analysts predict that Rocket Pharmaceuticals will post -2.83 EPS for the current year.

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.