Needham & Company LLC Reiterates “Buy” Rating for Rocket Pharmaceuticals (NASDAQ:RCKT)

Needham & Company LLC reissued their buy rating on shares of Rocket Pharmaceuticals (NASDAQ:RCKT) in a research report sent to investors on Tuesday, Benzinga reports. Needham & Company LLC currently has a $52.00 price objective on the biotechnology company’s stock.

Several other research analysts have also recently weighed in on the stock. William Blair reissued an outperform rating on shares of Rocket Pharmaceuticals in a report on Monday, June 3rd. Chardan Capital reissued a buy rating and set a $62.00 price target on shares of Rocket Pharmaceuticals in a report on Tuesday, August 6th. Canaccord Genuity Group decreased their price objective on Rocket Pharmaceuticals from $49.00 to $40.00 and set a buy rating on the stock in a report on Wednesday, July 3rd. Cantor Fitzgerald reissued an overweight rating and set a $65.00 target price on shares of Rocket Pharmaceuticals in a report on Tuesday, August 6th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Rocket Pharmaceuticals from $50.00 to $54.00 and gave the company an overweight rating in a research report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $52.29.

Rocket Pharmaceuticals Price Performance

NASDAQ:RCKT opened at $21.36 on Tuesday. Rocket Pharmaceuticals has a 12-month low of $16.55 and a 12-month high of $32.53. The firm has a market capitalization of $1.94 billion, a price-to-earnings ratio of -7.44 and a beta of 1.10. The stock’s 50 day moving average price is $20.66 and its two-hundred day moving average price is $22.60. The company has a quick ratio of 7.79, a current ratio of 7.79 and a debt-to-equity ratio of 0.05.

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

Insider Buying and Selling

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

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of the business. Nisa Investment Advisors LLC lifted its stake in Rocket Pharmaceuticals by 31.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,160 shares of the biotechnology company’s stock valued at $68,000 after purchasing an additional 764 shares during the last quarter. Old Well Partners LLC bought a new position in shares of Rocket Pharmaceuticals during the fourth quarter worth about $200,000. Capstone Investment Advisors LLC acquired a new position in shares of Rocket Pharmaceuticals in the fourth quarter worth approximately $217,000. Amalgamated Bank boosted its holdings in Rocket Pharmaceuticals by 5.4% in the fourth quarter. Amalgamated Bank now owns 8,653 shares of the biotechnology company’s stock valued at $259,000 after acquiring an additional 440 shares during the last quarter. Finally, Virtu Financial LLC acquired a new stake in Rocket Pharmaceuticals during the 4th quarter valued at approximately $332,000. Institutional investors own 98.39% of the company’s stock.

About Rocket Pharmaceuticals

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.