Equities Analysts Issue Forecasts for Rocket Pharmaceuticals, Inc.’s Q2 2024 Earnings (NASDAQ:RCKT)

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) – Stock analysts at William Blair boosted their Q2 2024 earnings per share (EPS) estimates for Rocket Pharmaceuticals in a research note issued to investors on Monday, May 6th. William Blair analyst S. Corwin now anticipates that the biotechnology company will post earnings per share of ($0.71) for the quarter, up from their prior estimate of ($0.72). The consensus estimate for Rocket Pharmaceuticals’ current full-year earnings is ($2.94) per share. William Blair also issued estimates for Rocket Pharmaceuticals’ Q3 2024 earnings at ($0.73) EPS, Q4 2024 earnings at ($0.70) EPS, FY2024 earnings at ($2.82) EPS, Q1 2025 earnings at ($0.49) EPS, Q2 2025 earnings at ($0.36) EPS, Q3 2025 earnings at ($0.34) EPS, Q4 2025 earnings at ($0.25) EPS and FY2025 earnings at ($1.43) EPS.

Several other analysts have also issued reports on the company. Needham & Company LLC restated a “buy” rating and issued a $53.00 target price on shares of Rocket Pharmaceuticals in a research note on Tuesday. The Goldman Sachs Group began coverage on Rocket Pharmaceuticals in a research report on Tuesday, April 2nd. They issued a “neutral” rating and a $39.00 price target for the company. JPMorgan Chase & Co. reduced their price target on Rocket Pharmaceuticals from $55.00 to $50.00 and set an “overweight” rating for the company in a research report on Tuesday, February 27th. UBS Group reduced their price target on Rocket Pharmaceuticals from $56.00 to $54.00 and set a “buy” rating for the company in a research report on Friday, March 1st. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $65.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday, February 27th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $52.13.

Rocket Pharmaceuticals Stock Performance

Shares of Rocket Pharmaceuticals stock opened at $22.98 on Thursday. The business’s fifty day simple moving average is $25.47 and its 200 day simple moving average is $25.77. The firm has a market capitalization of $2.09 billion, a P/E ratio of -8.01 and a beta of 1.12. Rocket Pharmaceuticals has a 12 month low of $14.89 and a 12 month high of $32.53. The company has a current ratio of 7.80, a quick ratio of 7.80 and a debt-to-equity ratio of 0.04.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its quarterly earnings results on Monday, May 6th. The biotechnology company reported ($0.66) EPS for the quarter, topping analysts’ consensus estimates of ($0.67) by $0.01. During the same period in the prior year, the business earned ($0.73) EPS.

Insider Buying and Selling

In related news, insider Kinnari Patel sold 7,132 shares of the business’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $29.84, for a total transaction of $212,818.88. Following the completion of the transaction, the insider now directly owns 238,346 shares in the company, valued at $7,112,244.64. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, insider Kinnari Patel sold 7,132 shares of the company’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $29.84, for a total value of $212,818.88. Following the completion of the transaction, the insider now directly owns 238,346 shares in the company, valued at approximately $7,112,244.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David P. Southwell sold 10,000 shares of the company’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $24.05, for a total value of $240,500.00. Following the completion of the transaction, the director now owns 114,784 shares of the company’s stock, valued at $2,760,555.20. The disclosure for this sale can be found here. Insiders sold a total of 414,935 shares of company stock worth $11,476,424 over the last ninety days. 31.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of RCKT. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Rocket Pharmaceuticals by 96.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 2,068 shares of the biotechnology company’s stock worth $42,000 after purchasing an additional 1,014 shares in the last quarter. Annandale Capital LLC purchased a new position in shares of Rocket Pharmaceuticals in the 3rd quarter worth about $66,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Rocket Pharmaceuticals by 14.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 5,145 shares of the biotechnology company’s stock valued at $105,000 after acquiring an additional 633 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Rocket Pharmaceuticals by 105.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,557 shares of the biotechnology company’s stock valued at $107,000 after acquiring an additional 1,829 shares during the last quarter. Finally, Old Well Partners LLC bought a new stake in shares of Rocket Pharmaceuticals in the 4th quarter valued at about $200,000. 98.39% of the stock is currently owned by hedge funds and other institutional investors.

About Rocket Pharmaceuticals

Rocket Pharmaceuticals, Inc, together with its subsidiaries, operates as a late-stage biotechnology company that focuses on developing gene therapies for rare and devastating diseases. It has three clinical-stage ex vivo lentiviral vector programs for fanconi anemia, a genetic defect in the bone marrow that reduces production of blood cells or promotes the production of faulty blood cells; leukocyte adhesion deficiency-I, a genetic disorder that causes the immune system to malfunction; and pyruvate kinase deficiency, a rare red blood cell autosomal recessive disorder that results in chronic non-spherocytic hemolytic anemia.