Rocket Pharmaceuticals (NASDAQ:RCKT) Given Buy Rating at Canaccord Genuity Group

Canaccord Genuity Group reissued their buy rating on shares of Rocket Pharmaceuticals (NASDAQ:RCKT) in a research note published on Monday morning, Benzinga reports. They currently have a $38.00 target price on the biotechnology company’s stock.

Several other brokerages have also recently weighed in on RCKT. William Blair restated an outperform rating on shares of Rocket Pharmaceuticals in a research note on Monday, June 3rd. Cantor Fitzgerald reaffirmed an overweight rating and issued a $65.00 target price on shares of Rocket Pharmaceuticals in a report on Tuesday, August 6th. Needham & Company LLC reiterated a buy rating and set a $52.00 price target on shares of Rocket Pharmaceuticals in a report on Tuesday, September 17th. JPMorgan Chase & Co. upped their price objective on Rocket Pharmaceuticals from $50.00 to $54.00 and gave the company an overweight rating in a research note on Tuesday, August 6th. Finally, Chardan Capital reiterated a buy rating and set a $62.00 target price on shares of Rocket Pharmaceuticals in a research note on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $52.00.

Rocket Pharmaceuticals Price Performance

Shares of RCKT opened at $16.06 on Monday. The business’s fifty day moving average is $19.73 and its 200 day moving average is $21.98. Rocket Pharmaceuticals has a 12-month low of $15.98 and a 12-month high of $32.53. The company has a quick ratio of 7.79, a current ratio of 7.79 and a debt-to-equity ratio of 0.05. The stock has a market cap of $1.46 billion, a P/E ratio of -5.60 and a beta of 1.09.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its quarterly earnings data 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 in the previous year, the company earned ($0.82) EPS. Sell-side analysts anticipate that Rocket Pharmaceuticals will post -2.97 earnings per share for the current fiscal year.

Insider Buying and Selling at Rocket Pharmaceuticals

In other news, insider Mark Andrew White sold 3,026 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $20.39, for a total transaction of $61,700.14. Following the completion of the transaction, the insider now owns 72,220 shares in the company, valued at approximately $1,472,565.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 31.10% of the company’s stock.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. raised its position in shares of Rocket Pharmaceuticals by 12.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 594,665 shares of the biotechnology company’s stock valued at $17,822,000 after purchasing an additional 64,946 shares during the period. Russell Investments Group Ltd. grew its stake in Rocket Pharmaceuticals by 4.1% in the 1st quarter. Russell Investments Group Ltd. now owns 675,769 shares of the biotechnology company’s stock valued at $18,205,000 after buying an additional 26,823 shares in the last quarter. Novo Holdings A S lifted its position in shares of Rocket Pharmaceuticals by 4.8% during the second quarter. Novo Holdings A S now owns 1,100,000 shares of the biotechnology company’s stock worth $23,683,000 after acquiring an additional 50,000 shares in the last quarter. Avidity Partners Management LP lifted its position in shares of Rocket Pharmaceuticals by 8.3% during the fourth quarter. Avidity Partners Management LP now owns 1,719,103 shares of the biotechnology company’s stock worth $51,522,000 after acquiring an additional 131,674 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new position in shares of Rocket Pharmaceuticals in the second quarter worth $2,144,000. 98.39% of the stock is owned by hedge funds and other institutional investors.

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.