Leerink Partners Issues Pessimistic Forecast for Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Price

Rocket Pharmaceuticals (NASDAQ:RCKT) had its price objective cut by investment analysts at Leerink Partners from $9.00 to $7.00 in a report issued on Friday, Marketbeat.com reports. The firm currently has a “market perform” rating on the biotechnology company’s stock. Leerink Partners’ price target points to a potential upside of 122.22% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Chardan Capital reissued a “buy” rating and set a $11.00 target price on shares of Rocket Pharmaceuticals in a research report on Wednesday, August 20th. Bank of America raised shares of Rocket Pharmaceuticals from a “neutral” rating to a “buy” rating and increased their target price for the company from $4.00 to $10.00 in a research report on Wednesday, August 20th. Cantor Fitzgerald decreased their target price on shares of Rocket Pharmaceuticals from $10.00 to $8.00 and set an “overweight” rating for the company in a research report on Friday, August 8th. UBS Group decreased their target price on shares of Rocket Pharmaceuticals from $12.00 to $5.00 and set a “buy” rating for the company in a research report on Tuesday, June 17th. Finally, Canaccord Genuity Group decreased their target price on shares of Rocket Pharmaceuticals from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Friday, July 25th. Eight equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $16.67.

Rocket Pharmaceuticals Stock Performance

Rocket Pharmaceuticals stock opened at $3.15 on Friday. The business has a 50 day moving average of $3.19 and a 200-day moving average of $4.31. Rocket Pharmaceuticals has a 1 year low of $2.19 and a 1 year high of $18.89. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.39 and a quick ratio of 6.39. The company has a market capitalization of $339.89 million, a P/E ratio of -1.25 and a beta of 0.60.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released 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 quarter in the prior year, the business earned ($0.74) earnings per share. On average, equities research analysts predict that Rocket Pharmaceuticals will post -2.83 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Elisabeth Bjork acquired 10,000 shares of the company’s stock in a transaction on Wednesday, August 27th. The shares were acquired at an average cost of $3.41 per share, for a total transaction of $34,100.00. Following the purchase, the director owned 40,000 shares in the company, valued at approximately $136,400. The trade was a 33.33% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jonathan David Schwartz sold 11,161 shares of the firm’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $3.02, for a total value of $33,706.22. Following the transaction, the insider owned 224,094 shares in the company, valued at approximately $676,763.88. This trade represents a 4.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,450 shares of company stock worth $107,159. Insiders own 24.76% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Large investors have recently bought and sold shares of the stock. Signaturefd LLC lifted its stake in Rocket Pharmaceuticals by 83.6% during the 1st quarter. Signaturefd LLC now owns 9,024 shares of the biotechnology company’s stock valued at $60,000 after acquiring an additional 4,108 shares in the last quarter. Prudential Financial Inc. bought a new position in Rocket Pharmaceuticals during the 2nd quarter valued at $25,000. Hsbc Holdings PLC bought a new position in Rocket Pharmaceuticals during the 1st quarter valued at $69,000. Victory Capital Management Inc. lifted its stake in Rocket Pharmaceuticals by 16.1% during the 1st quarter. Victory Capital Management Inc. now owns 11,929 shares of the biotechnology company’s stock valued at $80,000 after acquiring an additional 1,658 shares in the last quarter. Finally, LJI Wealth Management LLC bought a new stake in shares of Rocket Pharmaceuticals during the 1st quarter worth $80,000. 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.