Rocket Pharmaceuticals (NASDAQ:RCKT) PT Lowered to $52.00

Rocket Pharmaceuticals (NASDAQ:RCKT) had its price target lowered by Needham & Company LLC from $53.00 to $52.00 in a report published on Friday morning, Benzinga reports. Needham & Company LLC currently has a buy rating on the biotechnology company’s stock.

Other research analysts also recently issued reports about the company. William Blair reaffirmed an outperform rating on shares of Rocket Pharmaceuticals in a research report on Monday, June 3rd. UBS Group cut their target price on shares of Rocket Pharmaceuticals from $56.00 to $54.00 and set a buy rating for the company in a research note on Friday, March 1st. Finally, The Goldman Sachs Group assumed coverage on shares of Rocket Pharmaceuticals in a research report on Tuesday, April 2nd. They issued a neutral rating and a $39.00 price target on the stock. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $52.13.

Rocket Pharmaceuticals Price Performance

NASDAQ RCKT opened at $20.66 on Friday. Rocket Pharmaceuticals has a 1 year low of $14.89 and a 1 year high of $32.53. The company has a fifty day simple moving average of $22.32 and a 200 day simple moving average of $25.94. The company has a current ratio of 10.47, a quick ratio of 10.47 and a debt-to-equity ratio of 0.04. The company has a market cap of $1.88 billion, a P/E ratio of -7.20 and a beta of 1.13.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its earnings results on Monday, May 6th. The biotechnology company reported ($0.66) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.67) by $0.01. During the same quarter last year, the business posted ($0.73) EPS. On average, sell-side analysts predict that Rocket Pharmaceuticals will post -2.87 EPS for the current year.

Insider Activity

In other news, CEO Gaurav Shah sold 9,790 shares of Rocket Pharmaceuticals stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $23.35, for a total transaction of $228,596.50. Following the sale, the chief executive officer now directly owns 728,069 shares in the company, valued at approximately $17,000,411.15. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Rocket Pharmaceuticals news, insider Mark Andrew White sold 12,532 shares of the stock in a transaction on Monday, April 8th. The stock was sold at an average price of $24.64, for a total transaction of $308,788.48. Following the completion of the transaction, the insider now directly owns 75,226 shares in the company, valued at $1,853,568.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Gaurav Shah sold 9,790 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $23.35, for a total transaction of $228,596.50. Following the completion of the sale, the chief executive officer now owns 728,069 shares in the company, valued at approximately $17,000,411.15. The disclosure for this sale can be found here. In the last 90 days, insiders sold 105,282 shares of company stock worth $2,551,801. 31.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in RCKT. Annandale Capital LLC acquired a new stake in shares of Rocket Pharmaceuticals during the third quarter worth approximately $66,000. Tower Research Capital LLC TRC increased its holdings in Rocket Pharmaceuticals by 105.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,557 shares of the biotechnology company’s stock valued at $107,000 after purchasing an additional 1,829 shares in the last quarter. Old Well Partners LLC bought a new position in Rocket Pharmaceuticals in the 4th quarter valued at $200,000. Capstone Investment Advisors LLC bought a new position in Rocket Pharmaceuticals in the 4th quarter valued at $217,000. Finally, Amalgamated Bank boosted its stake in Rocket Pharmaceuticals by 5.4% in the fourth quarter. Amalgamated Bank now owns 8,653 shares of the biotechnology company’s stock worth $259,000 after purchasing an additional 440 shares in the last quarter. 98.39% of the stock is 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.