Bank of America Forecasts Strong Price Appreciation for Rocket Pharmaceuticals (NASDAQ:RCKT) Stock

Rocket Pharmaceuticals (NASDAQ:RCKT) had its price target lifted by Bank of America from $8.00 to $9.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. Bank of America‘s price objective points to a potential upside of 151.40% from the company’s current price.

Several other brokerages have also weighed in on RCKT. Lifesci Capital raised shares of Rocket Pharmaceuticals to a “strong-buy” rating in a research report on Thursday, February 26th. Chardan Capital reissued a “buy” rating and set a $11.00 target price on shares of Rocket Pharmaceuticals in a research report on Friday, March 27th. TD Cowen upgraded Rocket Pharmaceuticals to a “hold” rating in a report on Friday, December 19th. Morgan Stanley set a $5.00 price target on Rocket Pharmaceuticals in a research report on Thursday, January 8th. Finally, The Goldman Sachs Group upped their price target on Rocket Pharmaceuticals to $3.00 and gave the stock a “sell” rating in a research note 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 issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $13.86.

Rocket Pharmaceuticals Stock Performance

Shares of NASDAQ RCKT opened at $3.58 on Monday. The company has a debt-to-equity ratio of 0.07, a current ratio of 6.38 and a quick ratio of 6.38. Rocket Pharmaceuticals has a one year low of $2.19 and a one year high of $8.26. The business’s 50-day moving average price is $4.03 and its two-hundred day moving average price is $3.64. The company has a market capitalization of $390.65 million, a P/E ratio of -1.78 and a beta of 0.39.

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

Insider Buying and Selling at Rocket Pharmaceuticals

In related news, General Counsel Martin Wilson sold 12,253 shares of the firm’s stock in a transaction on Friday, February 13th. The shares were sold at an average price of $3.31, for a total value of $40,557.43. Following the transaction, the general counsel directly owned 683,376 shares in the company, valued at approximately $2,261,974.56. This trade represents a 1.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Gaurav Shah sold 12,279 shares of Rocket Pharmaceuticals stock in a transaction on Friday, February 13th. The stock was sold at an average price of $3.31, for a total transaction of $40,643.49. Following the completion of the transaction, the chief executive officer 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 SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 29,415 shares of company stock valued at $97,398. 24.76% of the stock is owned by insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

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

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.