Rocket Pharmaceuticals (NASDAQ:RCKT) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research downgraded shares of Rocket Pharmaceuticals (NASDAQ:RCKT) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning, Zacks.com reports.

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 reports. Bank of America began coverage on shares of Rocket Pharmaceuticals in a report on Thursday, June 25th. They set a buy rating and a $34.00 price target for the company. Oppenheimer reissued a buy rating and set a $43.00 price target on shares of Rocket Pharmaceuticals in a report on Monday, July 13th. BidaskClub raised shares of Rocket Pharmaceuticals from a hold rating to a buy rating in a report on Tuesday, June 23rd. Chardan Capital reissued a buy rating and set a $33.00 price target on shares of Rocket Pharmaceuticals in a report on Monday, July 13th. Finally, JPMorgan Chase & Co. began coverage on shares of Rocket Pharmaceuticals in a report on Thursday, July 2nd. They set an overweight rating and a $38.00 price target for the company. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus price target of $36.00.

Shares of NASDAQ:RCKT opened at $23.53 on Wednesday. The company has a 50-day simple moving average of $22.32 and a 200-day simple moving average of $19.47. Rocket Pharmaceuticals has a one year low of $9.01 and a one year high of $27.59. The company has a debt-to-equity ratio of 0.23, a quick ratio of 13.25 and a current ratio of 13.25. The stock has a market capitalization of $1.30 billion, a price-to-earnings ratio of -14.71 and a beta of 2.29.

Rocket Pharmaceuticals (NASDAQ:RCKT) last announced its earnings results on Wednesday, May 6th. The biotechnology company reported ($0.45) EPS for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.03. As a group, research analysts forecast that Rocket Pharmaceuticals will post -1.93 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Great West Life Assurance Co. Can acquired a new stake in shares of Rocket Pharmaceuticals in the fourth quarter valued at approximately $46,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Rocket Pharmaceuticals by 95.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,211 shares of the biotechnology company’s stock valued at $67,000 after purchasing an additional 1,567 shares during the last quarter. Exane Derivatives acquired a new stake in shares of Rocket Pharmaceuticals in the first quarter valued at approximately $45,000. Marshall Wace LLP grew its position in shares of Rocket Pharmaceuticals by 197.3% in the fourth quarter. Marshall Wace LLP now owns 3,877 shares of the biotechnology company’s stock valued at $88,000 after purchasing an additional 2,573 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of Rocket Pharmaceuticals in the second quarter valued at approximately $179,000. Institutional investors own 96.70% of the company’s stock.

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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