Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target Raised to $9.00

Rocket Pharmaceuticals (NASDAQ:RCKT) had its price target upped by Bank of America from $8.00 to $9.00 in a report published on Monday,Benzinga reports. The firm currently has a buy rating on the biotechnology company’s stock.

A number of other analysts have also issued reports on RCKT. TD Cowen upgraded shares of Rocket Pharmaceuticals to a “hold” rating in a research note on Friday, December 19th. Morgan Stanley set a $5.00 price objective on shares of Rocket Pharmaceuticals in a research note on Thursday, January 8th. Chardan Capital restated a “buy” rating and issued a $11.00 price objective on shares of Rocket Pharmaceuticals in a report on Friday, March 27th. Lifesci Capital raised shares of Rocket Pharmaceuticals to a “strong-buy” rating in a research note on Thursday, February 26th. Finally, The Goldman Sachs Group increased their target price on shares of Rocket Pharmaceuticals to $3.00 and gave the stock a “sell” rating in a report on Monday, March 2nd. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, Rocket Pharmaceuticals currently has a consensus rating of “Hold” and an average target price of $13.86.

Rocket Pharmaceuticals Trading Up 1.1%

Shares of NASDAQ RCKT opened at $3.62 on Monday. The company has a current ratio of 6.38, a quick ratio of 6.38 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $395.01 million, a PE ratio of -1.80 and a beta of 0.58. Rocket Pharmaceuticals has a twelve month low of $2.19 and a twelve month high of $8.26. The stock has a fifty day simple moving average of $4.02 and a 200-day simple moving average of $3.64.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its earnings results on Thursday, February 26th. The biotechnology company reported ($0.38) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.42) by $0.04. During the same period last year, the business posted ($0.62) EPS. On average, equities analysts forecast that Rocket Pharmaceuticals will post -2.83 earnings per share for the current year.

Insider Transactions at Rocket Pharmaceuticals

In related news, CEO Gaurav Shah sold 12,279 shares of the company’s stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $3.31, for a total transaction of $40,643.49. Following the sale, the chief executive officer directly owned 1,052,045 shares in the company, valued at approximately $3,482,268.95. This represents a 1.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Martin Wilson sold 12,253 shares of the firm’s stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $3.31, for a total transaction of $40,557.43. Following the completion of the sale, the general counsel directly owned 683,376 shares in the company, valued at approximately $2,261,974.56. This trade represents a 1.76% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 29,415 shares of company stock worth $97,398 in the last ninety days. 24.76% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in RCKT. Federated Hermes Inc. increased its position in shares of Rocket Pharmaceuticals by 0.5% in the 3rd quarter. Federated Hermes Inc. now owns 627,567 shares of the biotechnology company’s stock valued at $2,046,000 after purchasing an additional 3,264 shares during the last quarter. Barclays PLC lifted its position in shares of Rocket Pharmaceuticals by 2.4% during the 4th quarter. Barclays PLC now owns 153,049 shares of the biotechnology company’s stock worth $537,000 after purchasing an additional 3,656 shares during the last quarter. Hennion & Walsh Asset Management Inc. grew its stake in shares of Rocket Pharmaceuticals by 1.2% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 309,247 shares of the biotechnology company’s stock worth $1,085,000 after purchasing an additional 3,809 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its stake in shares of Rocket Pharmaceuticals by 94.4% during the second quarter. CANADA LIFE ASSURANCE Co now owns 12,202 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 5,926 shares in the last quarter. Finally, Sanctuary Advisors LLC increased its holdings in Rocket Pharmaceuticals by 63.5% in the fourth quarter. Sanctuary Advisors LLC now owns 17,437 shares of the biotechnology company’s stock valued at $61,000 after buying an additional 6,769 shares during the last quarter. Institutional investors and hedge funds own 98.39% of the company’s stock.

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.