Rocket Pharmaceuticals (NASDAQ:RCKT) Upgraded at TD Cowen

TD Cowen upgraded shares of Rocket Pharmaceuticals (NASDAQ:RCKT) to a hold rating in a research note published on Friday,Zacks.com reports.

Several other research analysts have also recently weighed in on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Rocket Pharmaceuticals in a research note on Wednesday, October 8th. Chardan Capital reissued a “buy” rating and issued a $11.00 target price on shares of Rocket Pharmaceuticals in a research report on Tuesday, October 14th. JPMorgan Chase & Co. downgraded shares of Rocket Pharmaceuticals from a “neutral” rating to an “underweight” rating in a report on Tuesday, November 18th. Leerink Partners reduced their price target on shares of Rocket Pharmaceuticals from $9.00 to $7.00 and set a “market perform” rating for the company in a research note on Friday, October 3rd. Finally, Wedbush restated an “outperform” rating and set a $16.00 price objective on shares of Rocket Pharmaceuticals in a research report on Friday, November 7th. Eight research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $14.50.

Rocket Pharmaceuticals Price Performance

Shares of Rocket Pharmaceuticals stock opened at $3.23 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 7.30 and a current ratio of 7.30. The stock has a market capitalization of $349.55 million, a PE ratio of -1.44 and a beta of 0.66. Rocket Pharmaceuticals has a 52-week low of $2.19 and a 52-week high of $13.35. The company has a 50-day simple moving average of $3.43 and a two-hundred day simple moving average of $3.21.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its quarterly earnings results on Thursday, November 6th. The biotechnology company reported ($0.45) EPS for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.03. During the same quarter in the previous year, the firm posted ($0.71) EPS. On average, analysts anticipate that Rocket Pharmaceuticals will post -2.83 EPS for the current fiscal year.

Insider Activity

In related news, insider John Militello sold 28,918 shares of the business’s stock in a transaction that occurred on Tuesday, October 14th. The shares were sold at an average price of $3.96, for a total transaction of $114,515.28. Following the completion of the sale, the insider directly owned 67,006 shares in the company, valued at approximately $265,343.76. The trade was a 30.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 24.76% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Maverick Capital Ltd. increased its stake in shares of Rocket Pharmaceuticals by 60.9% in the 2nd quarter. Maverick Capital Ltd. now owns 8,363,813 shares of the biotechnology company’s stock worth $20,491,000 after purchasing an additional 3,164,595 shares in the last quarter. Monaco Asset Management SAM grew its holdings in Rocket Pharmaceuticals by 538.8% during the third quarter. Monaco Asset Management SAM now owns 2,892,261 shares of the biotechnology company’s stock valued at $9,429,000 after purchasing an additional 2,439,494 shares during the period. MPM Bioimpact LLC increased its position in Rocket Pharmaceuticals by 141.2% in the second quarter. MPM Bioimpact LLC now owns 3,903,081 shares of the biotechnology company’s stock worth $9,563,000 after buying an additional 2,284,816 shares in the last quarter. Qube Research & Technologies Ltd increased its position in Rocket Pharmaceuticals by 690.8% in the second quarter. Qube Research & Technologies Ltd now owns 1,548,262 shares of the biotechnology company’s stock worth $3,793,000 after buying an additional 1,352,469 shares in the last quarter. Finally, Millennium Management LLC raised its stake in shares of Rocket Pharmaceuticals by 52.0% in the third quarter. Millennium Management LLC now owns 3,570,391 shares of the biotechnology company’s stock worth $11,639,000 after buying an additional 1,221,554 shares during the period. Hedge funds and other institutional investors own 98.39% of the company’s stock.

Rocket Pharmaceuticals Company Profile

Rocket Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing gene therapies for rare, inherited pediatric diseases. The company employs a proprietary adeno-associated virus (AAV) and lentiviral vector platform to deliver functional copies of genes in patients with genetic deficiencies. Its programs target a spectrum of disorders, including Fanconi anemia, leukocyte adhesion deficiency type I and Danon disease, with the goal of delivering one-time treatments that address the underlying causes of disease rather than merely managing symptoms.

The company’s pipeline comprises multiple product candidates in various stages of development.