Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target Raised to $3.00

Rocket Pharmaceuticals (NASDAQ:RCKT) had its price target lifted by The Goldman Sachs Group to $3.00 in a research report report published on Monday morning,Benzinga reports. The brokerage currently has a sell rating on the biotechnology company’s stock.

A number of other research firms also recently weighed in on RCKT. Cantor Fitzgerald raised their price target on shares of Rocket Pharmaceuticals from $8.00 to $10.00 and gave the company an “overweight” rating in a report on Friday, February 27th. JPMorgan Chase & Co. lowered Rocket Pharmaceuticals from a “neutral” rating to an “underweight” rating in a report on Tuesday, November 18th. Wall Street Zen raised Rocket Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Saturday, February 28th. Lifesci Capital raised Rocket Pharmaceuticals to a “strong-buy” rating in a report on Thursday, February 26th. Finally, Morgan Stanley set a $5.00 target price on Rocket Pharmaceuticals in a report on Thursday, January 8th. One investment 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $13.79.

Rocket Pharmaceuticals Stock Up 0.4%

Shares of Rocket Pharmaceuticals stock opened at $4.82 on Monday. The firm has a market cap of $523.31 million, a price-to-earnings ratio of -2.40 and a beta of 0.39. The stock has a 50-day simple moving average of $3.70 and a 200-day simple moving average of $3.48. Rocket Pharmaceuticals has a 52-week low of $2.19 and a 52-week high of $9.35. The company has a debt-to-equity ratio of 0.07, a current ratio of 6.38 and a quick ratio of 6.38.

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

Insider Activity at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, CEO Gaurav Shah sold 12,279 shares of the stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $3.31, for a total transaction of $40,643.49. Following the completion of the transaction, the chief executive officer owned 1,052,045 shares in the company, valued at approximately $3,482,268.95. This represents a 1.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through 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 stock was sold at an average price of $3.31, for a total transaction of $40,557.43. Following the transaction, the general counsel directly owned 683,376 shares of the company’s stock, valued at $2,261,974.56. This represents a 1.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 29,415 shares of company stock worth $97,398. Company insiders own 24.76% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

A number of large investors have recently modified their holdings of the business. Maverick Capital Ltd. raised its holdings in Rocket Pharmaceuticals by 60.9% during the second 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 in the last quarter. Vanguard Group Inc. increased 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 worth $22,469,000 after purchasing an additional 769,743 shares during the last quarter. MPM Bioimpact LLC raised its stake in shares of Rocket Pharmaceuticals by 141.2% during the 2nd 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 in the last quarter. Millennium Management LLC boosted its holdings in shares of Rocket Pharmaceuticals by 52.0% in the 3rd quarter. Millennium Management LLC now owns 3,570,391 shares of the biotechnology company’s stock valued at $11,639,000 after buying an additional 1,221,554 shares during the last quarter. Finally, Monaco Asset Management SAM grew its stake 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 valued at $10,485,000 after buying an additional 95,035 shares in the last quarter. 98.39% of the stock is currently owned by institutional investors and hedge funds.

Rocket Pharmaceuticals Company Profile

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.