Rocket Pharmaceuticals (NASDAQ:RCKT) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Rocket Pharmaceuticals (NASDAQ:RCKT) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning, Zacks.com reports. They currently have $13.00 price objective on the biotechnology company’s stock.

According to Zacks, “Rocket Pharmaceuticals, Inc. is an emerging, clinical-stage biotechnology company. It focused on developing first-in-class gene therapy treatment options for rare, undertreated diseases. Rocket Pharmaceuticals Inc., formerly known as Inotek Pharmaceuticals Corporation, is based in LEXINGTON, United States. “

RCKT has been the subject of several other research reports. ValuEngine raised shares of Rocket Pharmaceuticals from a hold rating to a buy rating in a research note on Thursday, August 1st. Robert W. Baird assumed coverage on shares of Rocket Pharmaceuticals in a research note on Monday, April 22nd. They set an outperform rating for the company. Cowen reaffirmed a buy rating on shares of Rocket Pharmaceuticals in a research note on Wednesday, May 8th. Finally, William Blair reaffirmed a buy rating on shares of Rocket Pharmaceuticals in a research note on Wednesday, May 1st. Ten research analysts have rated the stock with a buy rating, Rocket Pharmaceuticals currently has a consensus rating of Buy and a consensus price target of $28.00.



Shares of NASDAQ:RCKT traded up $0.08 during trading hours on Tuesday, hitting $11.09. 8,989 shares of the company’s stock traded hands, compared to its average volume of 445,061. Rocket Pharmaceuticals has a 1 year low of $10.75 and a 1 year high of $25.96. The business has a fifty day moving average price of $12.83 and a 200-day moving average price of $15.83. The firm has a market capitalization of $554.35 million, a P/E ratio of -5.87 and a beta of 2.68. The company has a debt-to-equity ratio of 0.18, a current ratio of 17.48 and a quick ratio of 9.70.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its quarterly earnings results on Wednesday, August 7th. The biotechnology company reported ($0.38) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.48) by $0.10. As a group, equities analysts predict that Rocket Pharmaceuticals will post -1.82 earnings per share for the current year.

Institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp grew its position in Rocket Pharmaceuticals by 13.7% during the fourth quarter. Bank of New York Mellon Corp now owns 89,159 shares of the biotechnology company’s stock worth $1,321,000 after buying an additional 10,764 shares in the last quarter. Northern Trust Corp grew its position in Rocket Pharmaceuticals by 5.3% during the fourth quarter. Northern Trust Corp now owns 287,320 shares of the biotechnology company’s stock worth $4,258,000 after buying an additional 14,470 shares in the last quarter. Dimensional Fund Advisors LP purchased a new position in Rocket Pharmaceuticals during the fourth quarter worth about $179,000. Geode Capital Management LLC grew its position in Rocket Pharmaceuticals by 33.7% during the fourth quarter. Geode Capital Management LLC now owns 297,032 shares of the biotechnology company’s stock worth $4,402,000 after buying an additional 74,923 shares in the last quarter. Finally, Bank of America Corp DE grew its position in Rocket Pharmaceuticals by 14.4% during the fourth quarter. Bank of America Corp DE now owns 40,360 shares of the biotechnology company’s stock worth $598,000 after buying an additional 5,089 shares in the last quarter. 85.22% of the stock is owned by hedge funds and other institutional investors.

Rocket Pharmaceuticals Company Profile

Rocket Pharmaceuticals, Inc, together with its subsidiaries, operates as a multi-platform biotechnology company that focuses on developing gene therapies for rare and devastating pediatric diseases. It has clinical-stage lentiviral vector (LVV) programs under clinical testing to treat fanconi anemia, a genetic defect in the bone marrow that reduces production of blood cells or promotes the production of faulty blood cells; and leukocyte adhesion deficiency-I, a genetic disorder that causes the immune system to malfunction It also has additional pre-clinical stage LVV programs include pyruvate kinase deficiency, a rare red blood cell autosomal recessive disorder that results in chronic non-spherocytic hemolytic anemia; and infantile malignant osteopetrosis, a genetic disorder characterized by increased bone density and bone mass secondary to impaired bone resorption.

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