Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) Stock Has Average Target Price of $7.77 According to Brokerages

Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) have received a consensus rating of “Hold” from the twelve ratings firms that are currently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation, five have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $7.77.

RCKT has been the subject of several research reports. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Rocket Pharmaceuticals in a research note on Wednesday, October 7th. Wall Street Zen upgraded shares of Rocket Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Monday, August 17th. Leerink Partners cut their price target on shares of Rocket Pharmaceuticals from $7.00 to $4.00 and set a “market perform” rating for the company in a report on Wednesday, October 7th. Needham & Company LLC raised shares of Rocket Pharmaceuticals from a “hold” rating to a “buy” rating and set a $9.00 price target for the company in a report on Wednesday, September 16th. Finally, Chardan Capital restated a “buy” rating and set a $11.00 price objective on shares of Rocket Pharmaceuticals in a research report on Wednesday, October 7th.

Insider Buying and Selling

In related 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 sale, the chief operating officer directly owned 505,784 shares in the company, valued at $1,770,244. The trade was a 6.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 the stock in a transaction that occurred on Friday, September 11th. The shares were 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 approximately $2,034,862.60. This represents a 11.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 125,977 shares of company stock worth $432,273 over the last quarter. Insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Maverick Capital Ltd. boosted its stake in shares of Rocket Pharmaceuticals by 42.0% during the 1st quarter. Maverick Capital Ltd. now owns 3,567,372 shares of the biotechnology company’s stock worth $12,771,000 after acquiring an additional 1,054,262 shares in the last quarter. Monaco Asset Management SAM acquired a new position in shares of Rocket Pharmaceuticals in the 2nd quarter worth $8,483,000. BlackRock Inc. acquired a new position in shares of Rocket Pharmaceuticals in the 2nd quarter worth $33,940,000. Ieq Capital LLC purchased a new stake in shares of Rocket Pharmaceuticals during the second quarter valued at $1,506,000. Finally, ADAR1 Capital Management LLC purchased a new stake in shares of Rocket Pharmaceuticals during the second quarter valued at $1,489,000. Institutional investors own 98.39% of the company’s stock.

Rocket Pharmaceuticals Price Performance

RCKT traded down $0.18 during trading on Friday, reaching $2.18. The stock had a trading volume of 1,966,776 shares, compared to its average volume of 2,333,251. The firm has a market capitalization of $239.32 million, a price-to-earnings ratio of -12.82 and a beta of 0.50. The company has a quick ratio of 9.24, a current ratio of 9.24 and a debt-to-equity ratio of 0.05. Rocket Pharmaceuticals has a 1-year low of $2.17 and a 1-year high of $5.45. The stock has a 50 day moving average of $3.19 and a two-hundred day moving average of $3.32.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its quarterly earnings results on Monday, August 10th. The biotechnology company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.22. During the same period in the prior year, the business earned ($0.62) EPS. As a group, equities analysts anticipate that Rocket Pharmaceuticals will post -1.36 EPS for the current fiscal year.

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.