Chardan Capital Reiterates Buy Rating for Rocket Pharmaceuticals (NASDAQ:RCKT)

Rocket Pharmaceuticals (NASDAQ:RCKT)‘s stock had its “buy” rating restated by Chardan Capital in a note issued to investors on Friday,Benzinga reports. They currently have a $11.00 target price on the biotechnology company’s stock. Chardan Capital’s price objective suggests a potential upside of 196.90% from the stock’s current price.

A number of other research firms also recently weighed in on RCKT. Morgan Stanley set a $5.00 target price on Rocket Pharmaceuticals in a research report on Thursday, January 8th. The Goldman Sachs Group boosted their price target on Rocket Pharmaceuticals to $3.00 and gave the company a “sell” rating in a research note on Monday, March 2nd. Cantor Fitzgerald increased their price objective on shares of Rocket Pharmaceuticals from $8.00 to $10.00 and gave the stock an “overweight” rating in a research note on Friday, February 27th. Lifesci Capital upgraded shares of Rocket Pharmaceuticals to a “strong-buy” rating in a research report on Thursday, February 26th. Finally, TD Cowen raised shares of Rocket Pharmaceuticals to a “hold” rating in a report on Friday, December 19th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $13.79.

Rocket Pharmaceuticals Stock Performance

NASDAQ RCKT traded down $0.99 during trading on Friday, reaching $3.71. The company’s stock had a trading volume of 19,790,201 shares, compared to its average volume of 3,153,834. The firm has a 50 day moving average price of $4.03 and a 200 day moving average price of $3.63. Rocket Pharmaceuticals has a 12 month low of $2.19 and a 12 month high of $8.26. The firm has a market capitalization of $402.25 million, a price-to-earnings ratio of -1.85 and a beta of 0.39. The company has a current ratio of 6.38, a quick ratio of 6.38 and a debt-to-equity ratio of 0.07.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its quarterly earnings results on Thursday, February 26th. The biotechnology company reported ($0.38) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.04. During the same quarter last year, the company earned ($0.62) earnings per share. As a group, equities analysts anticipate that Rocket Pharmaceuticals will post -2.83 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Gaurav Shah sold 12,279 shares of the stock in a transaction that occurred on 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. This represents a 1.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Martin Wilson sold 12,253 shares of the firm’s stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $3.31, for a total transaction of $40,557.43. Following the completion of the sale, the general counsel owned 683,376 shares in the company, valued at $2,261,974.56. This represents a 1.76% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 29,415 shares of company stock worth $97,398. 24.76% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several large investors have recently bought and sold shares of the company. Prudential Financial Inc. bought a new stake in shares of Rocket Pharmaceuticals in the 2nd quarter valued at $25,000. CANADA LIFE ASSURANCE Co boosted its position in Rocket Pharmaceuticals by 94.4% during the second quarter. CANADA LIFE ASSURANCE Co now owns 12,202 shares of the biotechnology company’s stock valued at $29,000 after acquiring an additional 5,926 shares during the last quarter. Franklin Resources Inc. bought a new stake in Rocket Pharmaceuticals during the fourth quarter valued at $38,000. Virtu Financial LLC acquired a new stake in Rocket Pharmaceuticals during the 3rd quarter worth about $40,000. Finally, Sequoia Financial Advisors LLC bought a new position in shares of Rocket Pharmaceuticals in the 4th quarter worth about $42,000. 98.39% of the stock is currently owned by institutional investors.

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.