Canaccord Genuity Group Cuts Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target to $34.00

Rocket Pharmaceuticals (NASDAQ:RCKT) had its target price decreased by Canaccord Genuity Group from $36.00 to $34.00 in a research note issued to investors on Monday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the biotechnology company’s stock.

Other research analysts have also recently issued reports about the stock. The Goldman Sachs Group lowered their price target on shares of Rocket Pharmaceuticals from $15.00 to $13.00 and set a “neutral” rating for the company in a research report on Friday, May 9th. Needham & Company LLC reissued a “buy” rating and set a $42.00 price target on shares of Rocket Pharmaceuticals in a research report on Wednesday, April 9th. Scotiabank lifted their price target on shares of Rocket Pharmaceuticals from $51.00 to $52.00 and gave the company a “sector outperform” rating in a research report on Monday, March 3rd. BMO Capital Markets assumed coverage on shares of Rocket Pharmaceuticals in a research report on Wednesday, March 12th. They set an “outperform” rating and a $50.00 price target for the company. Finally, Chardan Capital reduced their price objective on shares of Rocket Pharmaceuticals from $54.00 to $45.00 and set a “buy” rating for the company in a research note on Friday, May 9th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $40.82.

Rocket Pharmaceuticals Trading Down 8.5%

NASDAQ:RCKT opened at $6.05 on Monday. The company has a 50-day moving average price of $7.00 and a 200-day moving average price of $10.47. Rocket Pharmaceuticals has a 12 month low of $4.55 and a 12 month high of $26.98. The company has a current ratio of 6.05, a quick ratio of 6.05 and a debt-to-equity ratio of 0.06. The stock has a market cap of $646.06 million, a price-to-earnings ratio of -2.20 and a beta of 1.02.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its quarterly earnings results on Tuesday, May 13th. The biotechnology company reported ($0.56) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.58) by $0.02. During the same quarter in the previous year, the firm earned ($0.66) EPS. Equities analysts predict that Rocket Pharmaceuticals will post -2.83 EPS for the current year.

Insider Buying and Selling at Rocket Pharmaceuticals

In other news, CFO Aaron Ondrey sold 7,489 shares of Rocket Pharmaceuticals stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $5.29, for a total value of $39,616.81. Following the completion of the sale, the chief financial officer now directly owns 129,650 shares in the company, valued at $685,848.50. The trade was a 5.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Kinnari Patel purchased 21,099 shares of Rocket Pharmaceuticals stock in a transaction dated Wednesday, April 9th. The stock was bought at an average price of $4.70 per share, with a total value of $99,165.30. Following the completion of the purchase, the insider now directly owns 26,774 shares of the company’s stock, valued at approximately $125,837.80. This trade represents a 371.79% increase in their ownership of the stock. The disclosure for this purchase can be found here. 28.50% of the stock is owned by company insiders.

Institutional Trading of Rocket Pharmaceuticals

A number of large investors have recently made changes to their positions in RCKT. Covestor Ltd grew its stake in shares of Rocket Pharmaceuticals by 33,166.7% in the fourth quarter. Covestor Ltd now owns 1,996 shares of the biotechnology company’s stock worth $25,000 after acquiring an additional 1,990 shares during the period. Signaturefd LLC grew its stake in shares of Rocket Pharmaceuticals by 83.6% in the first quarter. Signaturefd LLC now owns 9,024 shares of the biotechnology company’s stock worth $60,000 after acquiring an additional 4,108 shares during the period. Harbour Investments Inc. grew its stake in shares of Rocket Pharmaceuticals by 51.9% in the fourth quarter. Harbour Investments Inc. now owns 5,385 shares of the biotechnology company’s stock worth $68,000 after acquiring an additional 1,840 shares during the period. KBC Group NV grew its stake in shares of Rocket Pharmaceuticals by 159.6% in the fourth quarter. KBC Group NV now owns 5,475 shares of the biotechnology company’s stock worth $69,000 after acquiring an additional 3,366 shares during the period. Finally, Hsbc Holdings PLC bought a new stake in shares of Rocket Pharmaceuticals in the first quarter worth approximately $69,000. 98.39% of the stock is currently 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.