Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) Given Average Rating of “Hold” by Brokerages

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) has been assigned an average rating of “Hold” from the thirteen ratings firms that are covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a sell rating, three have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $8.4444.

A number of analysts have issued reports on the company. Bank of America lifted their price objective on Rocket Pharmaceuticals from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Monday, March 30th. Weiss Ratings raised Rocket Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 1st. Lifesci Capital raised Rocket Pharmaceuticals to a “strong-buy” rating in a research report on Thursday, February 26th. The Goldman Sachs Group boosted their target price on Rocket Pharmaceuticals to $3.00 and gave the company a “sell” rating in a research report on Monday, March 2nd. Finally, Cantor Fitzgerald boosted their target price on Rocket Pharmaceuticals from $8.00 to $10.00 and gave the company an “overweight” rating in a research report on Friday, February 27th.

Rocket Pharmaceuticals Stock Down 5.8%

Shares of RCKT opened at $2.75 on Friday. The company has a current ratio of 6.12, a quick ratio of 6.12 and a debt-to-equity ratio of 0.08. Rocket Pharmaceuticals has a 12-month low of $2.40 and a 12-month high of $5.45. The business’s 50 day moving average is $3.44 and its 200 day moving average is $3.62. The company has a market capitalization of $300.27 million, a PE ratio of -1.47 and a beta of 0.48.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its quarterly earnings data on Thursday, May 7th. The biotechnology company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.01). During the same period last year, the company earned ($0.56) earnings per share. Research analysts expect that Rocket Pharmaceuticals will post -1.16 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Sarbani Chaudhuri sold 17,650 shares of the stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $3.84, for a total transaction of $67,776.00. Following the transaction, the insider owned 267,510 shares of the company’s stock, valued at approximately $1,027,238.40. This represents a 6.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gaurav Shah sold 55,684 shares of the stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $3.09, for a total value of $172,063.56. Following the transaction, the chief executive officer directly owned 1,061,724 shares in the company, valued at $3,280,727.16. The trade was a 4.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 83,733 shares of company stock valued at $275,307. 21.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in RCKT. Prudential Financial Inc. bought a new position in shares of Rocket Pharmaceuticals during the 2nd quarter worth $25,000. CANADA LIFE ASSURANCE Co lifted its stake in shares of 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 last quarter. Franklin Resources Inc. purchased a new stake in shares of Rocket Pharmaceuticals during the 4th quarter worth $38,000. Virtu Financial LLC purchased a new stake in shares of Rocket Pharmaceuticals during the 3rd quarter worth $40,000. Finally, Sequoia Financial Advisors LLC purchased a new stake in shares of Rocket Pharmaceuticals during the 4th quarter worth $42,000. Institutional investors 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.