UBS Group Has Lowered Expectations for Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Price

Rocket Pharmaceuticals (NASDAQ:RCKT) had its price target reduced by investment analysts at UBS Group from $12.00 to $5.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the biotechnology company’s stock. UBS Group’s target price would suggest a potential upside of 76.68% from the company’s previous close.

A number of other equities research analysts have also issued reports on RCKT. Bank of America reduced their target price on shares of Rocket Pharmaceuticals from $32.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, May 28th. Leerink Partnrs downgraded Rocket Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 27th. Needham & Company LLC cut Rocket Pharmaceuticals from a “buy” rating to a “hold” rating and set a $42.00 price objective for the company. in a research report on Tuesday, May 27th. Leerink Partners reissued a “market perform” rating and set a $8.00 target price (down previously from $37.00) on shares of Rocket Pharmaceuticals in a research report on Wednesday, May 28th. Finally, BMO Capital Markets decreased their target price on Rocket Pharmaceuticals from $30.00 to $8.00 and set an “outperform” rating for the company in a research note on Wednesday, May 28th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $18.60.

Rocket Pharmaceuticals Stock Up 4.0%

Shares of NASDAQ:RCKT opened at $2.83 on Tuesday. Rocket Pharmaceuticals has a 52-week low of $2.19 and a 52-week high of $26.98. The stock has a market cap of $302.22 million, a P/E ratio of -1.08 and a beta of 0.68. The business has a fifty day moving average of $5.40 and a two-hundred day moving average of $8.50. The company has a quick ratio of 9.19, a current ratio of 9.19 and a debt-to-equity ratio of 0.05.

Rocket Pharmaceuticals (NASDAQ:RCKT) last announced its quarterly earnings data on Tuesday, May 13th. The biotechnology company reported ($0.56) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.58) by $0.02. During the same quarter in the previous year, the business posted ($0.66) earnings per share. On average, research analysts expect that Rocket Pharmaceuticals will post -2.83 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Gaurav Shah purchased 20,000 shares of the business’s stock in a transaction dated Thursday, April 10th. The stock was acquired at an average price of $5.08 per share, for a total transaction of $101,600.00. Following the completion of the purchase, the chief executive officer now directly owns 792,680 shares of the company’s stock, valued at $4,026,814.40. This trade represents a 2.59% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Aaron Ondrey sold 7,489 shares of Rocket Pharmaceuticals stock in a transaction on Friday, April 4th. The shares were sold at an average price of $5.29, for a total transaction of $39,616.81. Following the completion of the transaction, the chief financial officer now owns 129,650 shares in the company, valued at approximately $685,848.50. This trade represents a 5.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.76% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in RCKT. Wellington Management Group LLP increased its position in Rocket Pharmaceuticals by 24.5% during the 4th quarter. Wellington Management Group LLP now owns 13,995,177 shares of the biotechnology company’s stock worth $175,919,000 after purchasing an additional 2,753,033 shares during the period. Vanguard Group Inc. boosted its stake in shares of Rocket Pharmaceuticals by 0.6% in the first quarter. Vanguard Group Inc. now owns 6,617,784 shares of the biotechnology company’s stock valued at $44,141,000 after buying an additional 40,189 shares in the last quarter. Westfield Capital Management Co. LP grew its holdings in Rocket Pharmaceuticals by 2.3% during the first quarter. Westfield Capital Management Co. LP now owns 4,820,701 shares of the biotechnology company’s stock worth $32,154,000 after acquiring an additional 106,091 shares during the period. Janus Henderson Group PLC grew its holdings in Rocket Pharmaceuticals by 111.0% during the fourth quarter. Janus Henderson Group PLC now owns 4,004,039 shares of the biotechnology company’s stock worth $50,343,000 after acquiring an additional 2,106,699 shares during the period. Finally, Suvretta Capital Management LLC purchased a new position in Rocket Pharmaceuticals in the fourth quarter worth $32,267,000. Institutional investors and hedge funds own 98.39% of the company’s stock.

Rocket Pharmaceuticals Company Profile

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.