Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Rating Lowered by Wall Street Zen

Rocket Pharmaceuticals (NASDAQ:RCKT) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Sunday.

Several other research firms have also recently issued reports on RCKT. TD Cowen raised Rocket Pharmaceuticals to a “hold” rating in a research report on Friday, December 19th. Cantor Fitzgerald boosted their target price on Rocket Pharmaceuticals from $8.00 to $10.00 and gave the stock an “overweight” rating in a research note on Friday, February 27th. Bank of America lowered their price target on Rocket Pharmaceuticals from $10.00 to $8.00 and set a “buy” rating for the company in a report on Tuesday, November 18th. Morgan Stanley set a $5.00 price target on shares of Rocket Pharmaceuticals in a research note on Thursday, January 8th. Finally, The Goldman Sachs Group raised their price objective on shares of Rocket Pharmaceuticals to $3.00 and gave the stock a “sell” rating in a report on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, Rocket Pharmaceuticals currently has a consensus rating of “Hold” and a consensus price target of $13.79.

Rocket Pharmaceuticals Price Performance

Rocket Pharmaceuticals stock opened at $4.41 on Friday. The company has a current ratio of 6.38, a quick ratio of 6.38 and a debt-to-equity ratio of 0.07. The company has a fifty day simple moving average of $3.74 and a 200-day simple moving average of $3.51. The stock has a market cap of $478.79 million, a P/E ratio of -2.19 and a beta of 0.39. Rocket Pharmaceuticals has a 12-month low of $2.19 and a 12-month high of $9.11.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its earnings results on Thursday, February 26th. The biotechnology company reported ($0.38) EPS for the quarter, beating the consensus estimate of ($0.42) by $0.04. During the same period in the previous year, the business posted ($0.62) earnings per share. Equities analysts expect that Rocket Pharmaceuticals will post -2.83 EPS for the current fiscal year.

Insider Activity

In other Rocket Pharmaceuticals news, General Counsel Martin Wilson sold 12,253 shares of Rocket Pharmaceuticals stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $3.31, for a total transaction of $40,557.43. Following the transaction, the general counsel owned 683,376 shares of the company’s stock, valued at $2,261,974.56. The trade was a 1.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Gaurav Shah sold 12,279 shares of the business’s stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $3.31, for a total value of $40,643.49. Following the completion of the sale, the chief executive officer owned 1,052,045 shares of the company’s stock, valued at approximately $3,482,268.95. This represents a 1.15% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 29,415 shares of company stock valued at $97,398 over the last three months. Company insiders own 24.76% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

A number of hedge funds have recently modified their holdings of RCKT. Prudential Financial Inc. acquired a new position in shares of Rocket Pharmaceuticals in the 2nd quarter valued at $25,000. CANADA LIFE ASSURANCE Co boosted its stake in Rocket Pharmaceuticals by 94.4% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 12,202 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 5,926 shares during the period. Franklin Resources Inc. purchased a new position in Rocket Pharmaceuticals during the 4th quarter worth $38,000. Virtu Financial LLC acquired a new position in Rocket Pharmaceuticals in the third quarter valued at $40,000. Finally, Sequoia Financial Advisors LLC acquired a new position in Rocket Pharmaceuticals in the fourth quarter valued at $42,000. 98.39% of the stock is currently owned by hedge funds and other institutional investors.

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.