Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) Receives Average Recommendation of “Hold” from Brokerages

Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) have earned a consensus recommendation of “Hold” from the eighteen brokerages that are currently covering the stock, MarketBeat reports. Three analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $13.7857.

Several equities analysts have recently commented on the company. Morgan Stanley set a $5.00 target price on Rocket Pharmaceuticals in a report on Thursday, January 8th. Wall Street Zen downgraded Rocket Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Sunday, March 8th. The Goldman Sachs Group boosted their price objective on Rocket Pharmaceuticals to $3.00 and gave the company a “sell” rating in a research report on Monday, March 2nd. Cantor Fitzgerald upped their price objective on Rocket Pharmaceuticals from $8.00 to $10.00 and gave the stock an “overweight” rating in a research note on Friday, February 27th. Finally, TD Cowen raised Rocket Pharmaceuticals to a “hold” rating in a research report on Friday, December 19th.

Insider Activity

In related news, CEO Gaurav Shah sold 12,279 shares of Rocket Pharmaceuticals stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $3.31, for a total value of $40,643.49. Following the sale, the chief executive officer directly owned 1,052,045 shares in the company, valued at $3,482,268.95. This trade represents a 1.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Martin Wilson sold 12,253 shares of the business’s stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $3.31, for a total transaction of $40,557.43. Following the transaction, the general counsel directly 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 disclosure for this sale is available in the SEC filing. Insiders have sold 29,415 shares of company stock valued at $97,398 in the last 90 days. Insiders own 24.76% of the company’s stock.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Hedge funds have recently made changes to their positions in the business. Prudential Financial Inc. acquired a new position in shares of Rocket Pharmaceuticals during the second quarter worth approximately $25,000. CANADA LIFE ASSURANCE Co increased its position in Rocket Pharmaceuticals by 94.4% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 12,202 shares of the biotechnology company’s stock valued at $29,000 after acquiring an additional 5,926 shares during the period. Franklin Resources Inc. acquired a new stake in Rocket Pharmaceuticals in the 4th quarter valued at approximately $38,000. Virtu Financial LLC bought a new stake in Rocket Pharmaceuticals during the 3rd quarter valued at $40,000. Finally, Sequoia Financial Advisors LLC bought a new stake in Rocket Pharmaceuticals during the 4th quarter valued at $42,000. Institutional investors own 98.39% of the company’s stock.

Rocket Pharmaceuticals Trading Up 4.8%

NASDAQ RCKT opened at $4.34 on Tuesday. Rocket Pharmaceuticals has a one year low of $2.19 and a one year high of $8.80. The company has a 50-day simple moving average of $3.99 and a 200-day simple moving average of $3.61. The company has a debt-to-equity ratio of 0.07, a quick ratio of 6.38 and a current ratio of 6.38. The firm has a market capitalization of $471.19 million, a PE ratio of -2.16 and a beta of 0.39.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its quarterly earnings data on Thursday, February 26th. The biotechnology company reported ($0.38) earnings per share for the quarter, topping the consensus estimate of ($0.42) by $0.04. During the same quarter last year, the business posted ($0.62) EPS. On average, equities analysts forecast that Rocket Pharmaceuticals will post -2.83 earnings per share for the current year.

About Rocket Pharmaceuticals

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.