Rocket Pharmaceuticals’ (RCKT) “Buy” Rating Reiterated at Chardan Capital

Chardan Capital reaffirmed their buy rating on shares of Rocket Pharmaceuticals (NASDAQ:RCKT) in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a $11.00 target price on the biotechnology company’s stock.

RCKT has been the topic of a number of other reports. Wall Street Zen raised shares of Rocket Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Monday, August 17th. Weiss Ratings cut shares of Rocket Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, August 11th. Jefferies Financial Group reaffirmed a “hold” rating and set a $2.95 target price on shares of Rocket Pharmaceuticals in a report on Wednesday. Needham & Company LLC upgraded shares of Rocket Pharmaceuticals from a “hold” rating to a “buy” rating and set a $9.00 target price on the stock in a research note on Wednesday, September 16th. Finally, Wedbush reissued an “outperform” rating and issued a $15.00 price target on shares of Rocket Pharmaceuticals in a report on Wednesday, September 16th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $7.77.

Rocket Pharmaceuticals Price Performance

Shares of NASDAQ RCKT opened at $2.56 on Wednesday. The stock has a market cap of $281.04 million, a PE ratio of -15.06 and a beta of 0.50. Rocket Pharmaceuticals has a fifty-two week low of $2.42 and a fifty-two week high of $5.45. The company has a debt-to-equity ratio of 0.05, a quick ratio of 9.24 and a current ratio of 9.24. The stock has a fifty day moving average of $3.31 and a 200-day moving average of $3.39.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its quarterly earnings data on Monday, August 10th. The biotechnology company reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.22. During the same period in the previous year, the firm posted ($0.62) EPS. Equities research analysts anticipate that Rocket Pharmaceuticals will post -1.36 earnings per share for the current year.

Insider Activity

In other Rocket Pharmaceuticals news, COO Christopher Stevens sold 36,658 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $3.50, for a total value of $128,303.00. Following the completion of the transaction, the chief operating officer owned 505,784 shares of the company’s stock, valued at $1,770,244. The trade was a 6.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Martin Wilson sold 75,364 shares of Rocket Pharmaceuticals stock in a transaction on Friday, September 11th. The stock was sold at an average price of $3.40, for a total transaction of $256,237.60. Following the sale, the general counsel directly owned 598,489 shares of the company’s stock, valued at $2,034,862.60. This represents a 11.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 125,977 shares of company stock valued at $432,273 in the last three months. 21.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Institutional investors have recently modified their holdings of the company. BlackRock Inc. bought a new stake in shares of Rocket Pharmaceuticals in the 2nd quarter worth approximately $33,940,000. Maverick Capital Ltd. boosted its position in Rocket Pharmaceuticals by 42.0% during the first quarter. Maverick Capital Ltd. now owns 3,567,372 shares of the biotechnology company’s stock valued at $12,771,000 after buying an additional 1,054,262 shares during the period. Monaco Asset Management SAM bought a new position in shares of Rocket Pharmaceuticals during the second quarter valued at about $8,483,000. Opaleye Management Inc. grew its stake in shares of Rocket Pharmaceuticals by 4.7% during the second quarter. Opaleye Management Inc. now owns 1,000,000 shares of the biotechnology company’s stock valued at $3,420,000 after buying an additional 45,000 shares during the last quarter. Finally, Bank of America Corp DE purchased a new position in shares of Rocket Pharmaceuticals in the second quarter worth about $2,512,000. 98.39% of the stock is currently owned by institutional investors.

About Rocket Pharmaceuticals

Rocket Pharmaceuticals, Inc (NASDAQ:RCKT) is a biotechnology company focused on developing gene therapies for rare and devastating diseases. The company uses both ex vivo hematopoietic stem cell gene therapy and in vivo adeno-associated virus (AAV) gene therapy approaches to address conditions with limited or no effective treatment options.

Rocket’s development programs have included marnetegragene autotemcel (RP-L102) for leukocyte adhesion deficiency-I, a rare inherited immune disorder; RP-A501 for Danon disease, a genetic heart condition; RP-A601 for arrhythmogenic right ventricular cardiomyopathy associated with PKP2 mutations; and RP-L301 for pyruvate kinase deficiency, an inherited blood disorder.