The Goldman Sachs Group Forecasts Strong Price Appreciation for Rocket Pharmaceuticals (NASDAQ:RCKT) Stock

Rocket Pharmaceuticals (NASDAQ:RCKT) had its target price upped by stock analysts at The Goldman Sachs Group from $2.00 to $3.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “sell” rating on the biotechnology company’s stock. The Goldman Sachs Group’s target price suggests a potential downside of 39.33% from the stock’s current price.

RCKT has been the topic of a number of other reports. Lifesci Capital raised shares of Rocket Pharmaceuticals to a “strong-buy” rating in a research report on Thursday. Bank of America decreased their target price on Rocket Pharmaceuticals from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Tuesday, November 18th. Wedbush reaffirmed an “outperform” rating and set a $16.00 price target on shares of Rocket Pharmaceuticals in a research report on Friday, November 7th. JPMorgan Chase & Co. cut Rocket Pharmaceuticals from a “neutral” rating to an “underweight” rating in a report on Tuesday, November 18th. Finally, Cantor Fitzgerald increased their target price on Rocket Pharmaceuticals from $8.00 to $10.00 and gave the stock an “overweight” rating in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $13.79.

Rocket Pharmaceuticals Trading Down 1.3%

Shares of Rocket Pharmaceuticals stock traded down $0.07 during trading on Monday, reaching $4.95. 2,858,869 shares of the company were exchanged, compared to its average volume of 2,361,645. Rocket Pharmaceuticals has a twelve month low of $2.19 and a twelve month high of $9.42. The business has a 50-day moving average price of $3.62 and a 200-day moving average price of $3.45. The company has a quick ratio of 6.38, a current ratio of 6.38 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $535.16 million, a price-to-earnings ratio of -2.45 and a beta of 0.48.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its earnings results on Thursday, February 26th. The biotechnology company reported ($0.38) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.42) by $0.04. During the same period last year, the business earned ($0.62) EPS. Sell-side analysts anticipate that Rocket Pharmaceuticals will post -2.83 EPS for the current fiscal year.

Insider Buying and Selling at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, General Counsel Martin Wilson sold 12,253 shares of the business’s stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $3.31, for a total transaction of $40,557.43. Following the sale, the general counsel directly owned 683,376 shares of the company’s stock, valued at $2,261,974.56. The trade was a 1.76% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Gaurav Shah sold 12,279 shares of the firm’s stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $3.31, for a total value of $40,643.49. Following the completion of the transaction, the chief executive officer owned 1,052,045 shares of the company’s stock, valued at $3,482,268.95. The trade was a 1.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 29,415 shares of company stock worth $97,398 over the last quarter. Company insiders own 24.76% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the company. Maverick Capital Ltd. grew its position in shares of Rocket Pharmaceuticals by 60.9% in the 2nd quarter. Maverick Capital Ltd. now owns 8,363,813 shares of the biotechnology company’s stock valued at $20,491,000 after acquiring an additional 3,164,595 shares during the period. Vanguard Group Inc. increased its position in Rocket Pharmaceuticals by 12.6% during the third quarter. Vanguard Group Inc. now owns 6,892,204 shares of the biotechnology company’s stock worth $22,469,000 after buying an additional 769,743 shares during the last quarter. MPM Bioimpact LLC raised its stake in Rocket Pharmaceuticals by 141.2% in the second quarter. MPM Bioimpact LLC now owns 3,903,081 shares of the biotechnology company’s stock valued at $9,563,000 after buying an additional 2,284,816 shares during the period. Millennium Management LLC lifted its position in shares of Rocket Pharmaceuticals by 52.0% in the third quarter. Millennium Management LLC now owns 3,570,391 shares of the biotechnology company’s stock valued at $11,639,000 after buying an additional 1,221,554 shares during the last quarter. Finally, Monaco Asset Management SAM boosted its stake in shares of Rocket Pharmaceuticals by 3.3% during the 4th quarter. Monaco Asset Management SAM now owns 2,987,296 shares of the biotechnology company’s stock worth $10,485,000 after acquiring an additional 95,035 shares during the period. 98.39% of the stock is owned by institutional investors.

Rocket Pharmaceuticals Company Profile

Rocket Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing gene therapies for rare, inherited pediatric diseases. The company employs a proprietary adeno-associated virus (AAV) and lentiviral vector platform to deliver functional copies of genes in patients with genetic deficiencies. Its programs target a spectrum of disorders, including Fanconi anemia, leukocyte adhesion deficiency type I and Danon disease, with the goal of delivering one-time treatments that address the underlying causes of disease rather than merely managing symptoms.

The company’s pipeline comprises multiple product candidates in various stages of development.