Rocket Pharmaceuticals’ (RCKT) Buy Rating Reiterated at Chardan Capital

Chardan Capital reiterated their buy rating on shares of Rocket Pharmaceuticals (NASDAQ:RCKT) in a report published on Tuesday,Benzinga reports. Chardan Capital currently has a $11.00 price objective on the biotechnology company’s stock.

Other research analysts have also recently issued research reports about the company. Weiss Ratings cut Rocket Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, August 11th. Wall Street Zen raised Rocket Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Monday, August 17th. Finally, Wedbush dropped their price objective on Rocket Pharmaceuticals from $16.00 to $15.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $8.62.

Rocket Pharmaceuticals Price Performance

RCKT stock opened at $3.50 on Tuesday. The company has a market capitalization of $384.23 million, a P/E ratio of -20.59 and a beta of 0.50. 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 has a 52-week low of $2.53 and a 52-week high of $5.45. The business has a 50-day simple moving average of $3.51 and a two-hundred day simple moving average of $3.61.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its quarterly earnings data on Monday, August 10th. The biotechnology company reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.22. During the same period in the prior year, the business earned ($0.62) EPS. Research analysts expect that Rocket Pharmaceuticals will post -1.36 EPS for the current fiscal year.

Insider Activity

In other Rocket Pharmaceuticals news, COO Christopher Stevens sold 36,658 shares of the stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $3.50, for a total value of $128,303.00. Following the completion of the sale, the chief operating officer owned 505,784 shares in the company, valued at approximately $1,770,244. This trade represents a 6.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Martin Wilson sold 75,364 shares of Rocket Pharmaceuticals stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $3.40, for a total transaction of $256,237.60. Following the transaction, the general counsel directly owned 598,489 shares in the company, valued at approximately $2,034,862.60. This represents a 11.18% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 125,977 shares of company stock valued at $432,273. Company insiders own 21.30% of the company’s stock.

Institutional Trading of Rocket Pharmaceuticals

Hedge funds have recently bought and sold shares of the business. BlackRock Inc. purchased a new position in Rocket Pharmaceuticals in the second quarter worth $33,940,000. Maverick Capital Ltd. increased its position in shares of Rocket Pharmaceuticals by 42.0% during the 1st quarter. Maverick Capital Ltd. now owns 3,567,372 shares of the biotechnology company’s stock valued at $12,771,000 after purchasing an additional 1,054,262 shares during the last quarter. Monaco Asset Management SAM increased its position in shares of Rocket Pharmaceuticals by 3.3% during the 4th quarter. Monaco Asset Management SAM now owns 2,987,296 shares of the biotechnology company’s stock valued at $10,485,000 after purchasing an additional 95,035 shares during the last quarter. Opaleye Management Inc. raised its stake in shares of Rocket Pharmaceuticals by 4.7% during the 2nd quarter. Opaleye Management Inc. now owns 1,000,000 shares of the biotechnology company’s stock worth $3,420,000 after purchasing an additional 45,000 shares during the period. Finally, Bank of America Corp DE bought a new stake in shares of Rocket Pharmaceuticals during the 2nd quarter worth $2,512,000. 98.39% of the stock is currently owned by institutional investors.

Rocket Pharmaceuticals Company Profile

Rocket Pharmaceuticals, Inc is a biotechnology company focused on developing gene therapies for rare and devastating diseases. The company uses lentiviral and adeno-associated virus (AAV) vector platforms to deliver genetic material intended to address the underlying causes of inherited disorders, with research programs spanning hematology, immunology, metabolic disease and cardiac conditions.

Rocket’s pipeline has included RP-L102 for Fanconi anemia, a rare inherited bone marrow failure disorder; RP-L201 for leukocyte adhesion deficiency-I, an immune-system disorder; and RP-L301 for pyruvate kinase deficiency, a rare red blood cell disorder.