Wall Street Zen Upgrades Rocket Pharmaceuticals (NASDAQ:RCKT) to Hold

Rocket Pharmaceuticals (NASDAQ:RCKT) was upgraded by analysts at Wall Street Zen from a “strong sell” rating to a “hold” rating in a research note issued to investors on Saturday.

RCKT has been the subject of several other reports. Wedbush reaffirmed an “outperform” rating and set a $16.00 target price on shares of Rocket Pharmaceuticals in a research report on Friday, November 7th. Morgan Stanley set a $5.00 price objective on shares of Rocket Pharmaceuticals in a report on Thursday, January 8th. TD Cowen raised shares of Rocket Pharmaceuticals to a “hold” rating in a research report on Friday, December 19th. JPMorgan Chase & Co. cut shares of Rocket Pharmaceuticals from a “neutral” rating to an “underweight” rating in a research note on Tuesday, November 18th. Finally, Bank of America decreased their price target on shares of Rocket Pharmaceuticals from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Tuesday, November 18th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $14.50.

Rocket Pharmaceuticals Price Performance

Rocket Pharmaceuticals stock opened at $5.01 on Friday. Rocket Pharmaceuticals has a 52 week low of $2.19 and a 52 week high of $9.73. The company’s 50 day moving average price is $3.62 and its two-hundred day moving average price is $3.45. The stock has a market cap of $543.94 million, a P/E ratio of -2.49 and a beta of 0.39. The company has a quick ratio of 6.38, a current ratio of 6.38 and a debt-to-equity ratio of 0.07.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its earnings results on Thursday, February 26th. The biotechnology company reported ($0.38) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.42) by $0.04. During the same period in the prior year, the business earned ($0.62) earnings per share. On average, equities analysts predict that Rocket Pharmaceuticals will post -2.83 earnings per share for the current year.

Insider Buying and Selling at Rocket Pharmaceuticals

In related news, CEO Gaurav Shah sold 12,279 shares of the business’s stock in a transaction on Friday, February 13th. The stock was sold at an average price of $3.31, for a total transaction of $40,643.49. Following the sale, the chief executive officer directly owned 1,052,045 shares in the company, valued at approximately $3,482,268.95. The trade was a 1.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Martin Wilson sold 12,253 shares of the firm’s stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $3.31, for a total value of $40,557.43. Following the completion of the transaction, the general counsel owned 683,376 shares of the company’s stock, valued at approximately $2,261,974.56. This represents a 1.76% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 29,415 shares of company stock valued at $97,398. 24.76% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several hedge funds have recently bought and sold shares of RCKT. Maverick Capital Ltd. increased its holdings in Rocket Pharmaceuticals by 60.9% during the 2nd quarter. Maverick Capital Ltd. now owns 8,363,813 shares of the biotechnology company’s stock worth $20,491,000 after acquiring an additional 3,164,595 shares during the period. Vanguard Group Inc. grew its position in shares of Rocket Pharmaceuticals by 12.6% during the 3rd quarter. Vanguard Group Inc. now owns 6,892,204 shares of the biotechnology company’s stock valued at $22,469,000 after purchasing an additional 769,743 shares in the last quarter. MPM Bioimpact LLC increased its holdings in shares of Rocket Pharmaceuticals by 141.2% in the second quarter. MPM Bioimpact LLC now owns 3,903,081 shares of the biotechnology company’s stock worth $9,563,000 after purchasing an additional 2,284,816 shares during the period. Millennium Management LLC increased its holdings 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 worth $11,639,000 after purchasing an additional 1,221,554 shares during the period. Finally, Monaco Asset Management SAM raised its position in shares of Rocket Pharmaceuticals by 3.3% in the fourth quarter. Monaco Asset Management SAM now owns 2,987,296 shares of the biotechnology company’s stock worth $10,485,000 after buying an additional 95,035 shares in the last quarter. Hedge funds and other institutional investors own 98.39% of the company’s stock.

About Rocket Pharmaceuticals

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.