Rocket Pharmaceuticals (NASDAQ:RCKT) PT Raised to $54.00

Rocket Pharmaceuticals (NASDAQ:RCKT) had its target price hoisted by JPMorgan Chase & Co. from $50.00 to $54.00 in a report issued on Tuesday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the biotechnology company’s stock.

Several other analysts also recently commented on RCKT. Chardan Capital reaffirmed a buy rating and set a $62.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday. William Blair reaffirmed an outperform rating on shares of Rocket Pharmaceuticals in a research report on Monday, June 3rd. Cantor Fitzgerald reaffirmed an overweight rating and set a $65.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday. Canaccord Genuity Group reduced their price objective on shares of Rocket Pharmaceuticals from $49.00 to $40.00 and set a buy rating for the company in a research report on Wednesday, July 3rd. Finally, Needham & Company LLC reaffirmed a buy rating and set a $52.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $51.75.

Rocket Pharmaceuticals Trading Down 0.5 %

Rocket Pharmaceuticals stock traded down $0.09 during mid-day trading on Tuesday, hitting $19.04. 645,759 shares of the stock were exchanged, compared to its average volume of 757,338. The company has a quick ratio of 10.47, a current ratio of 10.47 and a debt-to-equity ratio of 0.04. Rocket Pharmaceuticals has a 12 month low of $14.89 and a 12 month high of $32.53. The firm’s fifty day simple moving average is $22.12 and its two-hundred day simple moving average is $24.59. The stock has a market capitalization of $1.73 billion, a price-to-earnings ratio of -6.63 and a beta of 1.13.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its quarterly earnings results on Monday, August 5th. The biotechnology company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.72) by ($0.02). During the same period in the previous year, the company posted ($0.82) EPS. Analysts forecast that Rocket Pharmaceuticals will post -2.96 EPS for the current year.

Insiders Place Their Bets

In other Rocket Pharmaceuticals news, insider John Militello sold 1,079 shares of Rocket Pharmaceuticals stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $23.35, for a total transaction of $25,194.65. Following the transaction, the insider now directly owns 53,327 shares of the company’s stock, valued at approximately $1,245,185.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider John Militello sold 1,079 shares of Rocket Pharmaceuticals stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $23.35, for a total transaction of $25,194.65. Following the sale, the insider now directly owns 53,327 shares in the company, valued at approximately $1,245,185.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark Andrew White sold 3,026 shares of Rocket Pharmaceuticals stock in a transaction on Monday, July 8th. The stock was sold at an average price of $20.39, for a total value of $61,700.14. Following the sale, the insider now owns 72,220 shares in the company, valued at $1,472,565.80. The disclosure for this sale can be found here. Insiders have sold 15,755 shares of company stock valued at $358,654 in the last three months. 31.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its stake in Rocket Pharmaceuticals by 12.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 594,665 shares of the biotechnology company’s stock valued at $17,822,000 after acquiring an additional 64,946 shares during the period. Russell Investments Group Ltd. grew its holdings in Rocket Pharmaceuticals by 4.1% during the 1st quarter. Russell Investments Group Ltd. now owns 675,769 shares of the biotechnology company’s stock valued at $18,205,000 after buying an additional 26,823 shares in the last quarter. Franklin Resources Inc. grew its holdings in Rocket Pharmaceuticals by 60.8% during the 4th quarter. Franklin Resources Inc. now owns 1,072,910 shares of the biotechnology company’s stock valued at $32,155,000 after buying an additional 405,855 shares in the last quarter. Avidity Partners Management LP grew its holdings in Rocket Pharmaceuticals by 8.3% during the 4th quarter. Avidity Partners Management LP now owns 1,719,103 shares of the biotechnology company’s stock valued at $51,522,000 after buying an additional 131,674 shares in the last quarter. Finally, Virtu Financial LLC purchased a new position in Rocket Pharmaceuticals during the 4th quarter valued at about $332,000. 98.39% of the stock is currently owned by institutional investors.

About Rocket Pharmaceuticals

Rocket Pharmaceuticals, Inc, together with its subsidiaries, operates as a late-stage biotechnology company that focuses on developing gene therapies for rare and devastating diseases. It has three clinical-stage ex vivo lentiviral vector programs for fanconi anemia, a genetic defect in the bone marrow that reduces production of blood cells or promotes the production of faulty blood cells; leukocyte adhesion deficiency-I, a genetic disorder that causes the immune system to malfunction; and pyruvate kinase deficiency, a rare red blood cell autosomal recessive disorder that results in chronic non-spherocytic hemolytic anemia.