Rocket Pharmaceuticals (NASDAQ:RCKT) Receives Buy Rating from Canaccord Genuity Group

Rocket Pharmaceuticals (NASDAQ:RCKT)‘s stock had its “buy” rating reiterated by stock analysts at Canaccord Genuity Group in a note issued to investors on Tuesday,Benzinga reports. They presently have a $39.00 target price on the biotechnology company’s stock. Canaccord Genuity Group’s target price points to a potential upside of 196.35% from the company’s previous close.

Several other equities analysts have also weighed in on the stock. Leerink Partners cut their price objective on shares of Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating on the stock in a research report on Tuesday. JPMorgan Chase & Co. raised their price objective 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. Needham & Company LLC reaffirmed a “buy” rating and set a $52.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday. Cantor Fitzgerald reissued an “overweight” rating and issued a $65.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday. Finally, Chardan Capital reissued a “buy” rating and issued a $62.00 price target on shares of Rocket Pharmaceuticals in a research report on Monday. One analyst has rated the stock with a sell rating, one has issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $51.00.

Rocket Pharmaceuticals Stock Down 3.7 %

Shares of NASDAQ RCKT traded down $0.50 during mid-day trading on Tuesday, reaching $13.16. The company had a trading volume of 1,816,397 shares, compared to its average volume of 790,355. The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of -4.79 and a beta of 1.09. The stock has a fifty day moving average of $17.63 and a two-hundred day moving average of $20.10. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.05 and a current ratio of 6.05. Rocket Pharmaceuticals has a 12-month low of $13.07 and a 12-month high of $32.53.

Institutional Trading of Rocket Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Rocket Pharmaceuticals by 21.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,292 shares of the biotechnology company’s stock worth $61,000 after buying an additional 582 shares during the period. Dana Investment Advisors Inc. boosted its holdings in shares of Rocket Pharmaceuticals by 4.4% in the second quarter. Dana Investment Advisors Inc. now owns 13,847 shares of the biotechnology company’s stock valued at $298,000 after buying an additional 586 shares during the period. Nisa Investment Advisors LLC raised its stake in shares of 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 period. ProShare Advisors LLC lifted its holdings in shares of Rocket Pharmaceuticals by 9.1% in the first quarter. ProShare Advisors LLC now owns 17,614 shares of the biotechnology company’s stock valued at $475,000 after purchasing an additional 1,468 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Rocket Pharmaceuticals by 1.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 119,633 shares of the biotechnology company’s stock worth $2,210,000 after buying an additional 1,561 shares during the period. 98.39% of the stock is owned by institutional investors.

Rocket Pharmaceuticals Company Profile

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.