Rocket Pharmaceuticals (NASDAQ:RCKT) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Rocket Pharmaceuticals (NASDAQ:RCKT) in a research report sent to investors on Tuesday, Benzinga reports. The firm currently has a $53.00 target price on the biotechnology company’s stock.

Other equities analysts have also recently issued reports about the stock. The Goldman Sachs Group started coverage on shares of Rocket Pharmaceuticals in a research report on Tuesday, April 2nd. They set a neutral rating and a $39.00 price objective on the stock. JPMorgan Chase & Co. decreased their target price 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. Cantor Fitzgerald reissued an overweight rating and issued a $65.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday, February 27th. UBS Group decreased their price objective on shares of Rocket Pharmaceuticals from $56.00 to $54.00 and set a buy rating for the company in a report on Friday, March 1st. Finally, StockNews.com upgraded shares of Rocket Pharmaceuticals to a sell rating in a research note on Friday, February 9th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $52.13.

Rocket Pharmaceuticals Stock Up 0.7 %

NASDAQ RCKT opened at $23.36 on Tuesday. The company has a market capitalization of $2.12 billion, a P/E ratio of -7.95 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’s 50 day simple moving average is $25.59 and its 200 day simple moving average is $25.79. The company has a debt-to-equity ratio of 0.04, a current ratio of 7.80 and a quick ratio of 7.80.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its quarterly earnings data on Monday, May 6th. The biotechnology company reported ($0.66) earnings per share for the quarter, topping the consensus estimate of ($0.67) by $0.01. During the same period in the prior year, the business earned ($0.73) EPS. Equities research analysts expect that Rocket Pharmaceuticals will post -2.94 earnings per share for the current fiscal year.

Insider Transactions at Rocket Pharmaceuticals

In other news, General Counsel Martin Wilson sold 3,576 shares of the stock in a transaction on Friday, February 16th. The shares were sold at an average price of $29.84, for a total transaction of $106,707.84. Following the completion of the sale, the general counsel now owns 6,136 shares of the company’s stock, valued at $183,098.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, General Counsel Martin Wilson sold 3,576 shares of the firm’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 $106,707.84. Following the completion of the transaction, the general counsel now owns 6,136 shares in the company, valued at approximately $183,098.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David P. Southwell sold 70,000 shares of the business’s stock in a transaction dated Friday, April 12th. The stock was sold at an average price of $24.36, for a total transaction of $1,705,200.00. Following the transaction, the director now owns 95,160 shares in the company, valued at $2,318,097.60. The disclosure for this sale can be found here. Insiders have sold a total of 414,935 shares of company stock valued at $11,476,424 over the last 90 days. 31.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in RCKT. Bank of New York Mellon Corp boosted its holdings in Rocket Pharmaceuticals by 21.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 244,252 shares of the biotechnology company’s stock worth $5,005,000 after acquiring an additional 43,754 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Rocket Pharmaceuticals by 26.0% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,731 shares of the biotechnology company’s stock valued at $302,000 after purchasing an additional 3,038 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in Rocket Pharmaceuticals by 8.9% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 387,704 shares of the biotechnology company’s stock worth $7,944,000 after acquiring an additional 31,653 shares during the last quarter. TD Asset Management Inc grew its holdings in shares of Rocket Pharmaceuticals by 100.0% during the third quarter. TD Asset Management Inc now owns 112,030 shares of the biotechnology company’s stock worth $2,295,000 after purchasing an additional 56,015 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in Rocket Pharmaceuticals by 14.0% in the third quarter. Allspring Global Investments Holdings LLC now owns 5,145 shares of the biotechnology company’s stock valued at $105,000 after purchasing an additional 633 shares in the last quarter. 98.39% of the stock is currently owned by 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.