Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) Receives $8.57 Consensus PT from Brokerages

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) has received a consensus recommendation of “Hold” from the ten brokerages that are presently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $8.5714.

A number of brokerages have commented on RCKT. Wedbush decreased their target price on Rocket Pharmaceuticals from $16.00 to $15.00 and set an “outperform” rating for the company in a research note on Tuesday, August 11th. Weiss Ratings downgraded Rocket Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, August 11th. Chardan Capital restated a “buy” rating and set a $11.00 price objective on shares of Rocket Pharmaceuticals in a research report on Monday, May 11th. Finally, Wall Street Zen upgraded Rocket Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Monday, August 17th.

Insider Transactions at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, COO Christopher James Stevens sold 36,658 shares of the firm’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $3.50, for a total value of $128,303.00. Following the sale, the chief operating officer directly owned 505,784 shares in the company, valued at approximately $1,770,244. This trade represents a 6.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 50,613 shares of company stock valued at $176,035 in the last quarter. Company insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Rocket Pharmaceuticals in the 2nd quarter worth about $33,940,000. Vanguard Group Inc. boosted its stake in 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 during the period. MPM Bioimpact LLC boosted its stake in Rocket Pharmaceuticals by 141.2% during the 2nd quarter. MPM Bioimpact LLC now owns 3,903,081 shares of the biotechnology company’s stock valued at $9,563,000 after purchasing an additional 2,284,816 shares during the period. Millennium Management LLC grew its position in Rocket Pharmaceuticals by 52.0% in the 3rd 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 last quarter. Finally, Maverick Capital Ltd. grew its position in Rocket Pharmaceuticals by 42.0% in the 1st quarter. Maverick Capital Ltd. now owns 3,567,372 shares of the biotechnology company’s stock worth $12,771,000 after purchasing an additional 1,054,262 shares during the last quarter. Institutional investors own 98.39% of the company’s stock.

Rocket Pharmaceuticals Stock Down 1.1%

Shares of NASDAQ:RCKT opened at $3.62 on Friday. The stock has a market capitalization of $397.40 million, a price-to-earnings ratio of -21.29 and a beta of 0.47. Rocket Pharmaceuticals has a 1-year low of $2.53 and a 1-year high of $5.45. The company’s fifty day moving average is $3.51 and its two-hundred day moving average is $3.62. The company has a debt-to-equity ratio of 0.05, a quick ratio of 9.24 and a current ratio of 9.24.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its quarterly earnings results on Monday, August 10th. The biotechnology company reported $1.08 EPS for the quarter, beating the consensus estimate of $0.86 by $0.22. During the same quarter last year, the business earned ($0.62) earnings per share. Equities analysts anticipate that Rocket Pharmaceuticals will post -1.39 EPS for the current year.

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.