Pier 88 Investment Partners LLC Purchases 12,900 Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)

Pier 88 Investment Partners LLC boosted its position in shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) by 71.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 30,900 shares of the biotechnology company’s stock after buying an additional 12,900 shares during the period. Pier 88 Investment Partners LLC’s holdings in Rocket Pharmaceuticals were worth $665,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Amalgamated Bank raised its holdings in shares of Rocket Pharmaceuticals by 5.4% during the 4th quarter. Amalgamated Bank now owns 8,653 shares of the biotechnology company’s stock worth $259,000 after acquiring an additional 440 shares in the last quarter. Principal Financial Group Inc. raised its stake in Rocket Pharmaceuticals by 3.8% during the fourth quarter. Principal Financial Group Inc. now owns 17,963 shares of the biotechnology company’s stock valued at $538,000 after purchasing an additional 661 shares in the last quarter. Torray Investment Partners LLC lifted its position in Rocket Pharmaceuticals by 1.1% during the fourth quarter. Torray Investment Partners LLC now owns 60,856 shares of the biotechnology company’s stock valued at $1,824,000 after purchasing an additional 679 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in shares of Rocket Pharmaceuticals by 31.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,160 shares of the biotechnology company’s stock worth $68,000 after buying an additional 764 shares in the last quarter. Finally, Jennison Associates LLC increased its holdings in shares of Rocket Pharmaceuticals by 3.5% in the 1st quarter. Jennison Associates LLC now owns 26,783 shares of the biotechnology company’s stock worth $722,000 after buying an additional 903 shares during the last quarter. Hedge funds and other institutional investors own 98.39% of the company’s stock.

Wall Street Analyst Weigh In

RCKT has been the subject of a number of analyst reports. William Blair reaffirmed an “outperform” rating on shares of Rocket Pharmaceuticals in a report on Monday, June 3rd. JPMorgan Chase & Co. raised their price objective on Rocket Pharmaceuticals from $50.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, August 6th. Needham & Company LLC reissued a “buy” rating and set a $52.00 target price on shares of Rocket Pharmaceuticals in a research report on Tuesday, August 6th. Cantor Fitzgerald restated an “overweight” rating and issued a $65.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday, August 6th. Finally, Chardan Capital reiterated a “buy” rating and set a $62.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $51.75.

Insiders Place Their Bets

In other news, insider Mark Andrew White sold 3,026 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $20.39, for a total transaction of $61,700.14. Following the transaction, the insider now owns 72,220 shares of the company’s stock, valued at approximately $1,472,565.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 31.10% of the stock is currently owned by company insiders.

Rocket Pharmaceuticals Trading Down 0.1 %

NASDAQ RCKT opened at $18.51 on Friday. The stock has a market cap of $1.68 billion, a PE ratio of -6.45 and a beta of 1.09. Rocket Pharmaceuticals, Inc. has a 12 month low of $15.27 and a 12 month high of $32.53. The company’s 50-day moving average price is $20.77 and its 200-day moving average price is $23.15. The company has a current ratio of 7.79, a quick ratio of 7.79 and a debt-to-equity ratio of 0.05.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its earnings results on Monday, August 5th. The biotechnology company reported ($0.74) EPS for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.02). During the same period last year, the company posted ($0.82) EPS. Equities research analysts forecast that Rocket Pharmaceuticals, Inc. will post -2.97 earnings per share for the current year.

Rocket Pharmaceuticals Profile

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.