Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) Given Average Rating of “Hold” by Brokerages

Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) have been assigned a consensus recommendation of “Hold” from the eleven research firms that are presently covering the stock, MarketBeat reports. Three research analysts have rated the stock with a sell recommendation, two have issued a hold recommendation, five have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $8.6250.

A number of brokerages have issued reports on RCKT. Weiss Ratings cut Rocket Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, August 11th. Needham & Company LLC raised Rocket Pharmaceuticals from a “hold” rating to a “buy” rating and set a $9.00 price target for the company in a report on Wednesday, September 16th. Wall Street Zen upgraded shares of Rocket Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Monday, August 17th. Wedbush reiterated an “outperform” rating and set a $15.00 price target on shares of Rocket Pharmaceuticals in a research report on Wednesday, September 16th. Finally, Chardan Capital reissued a “buy” rating and set a $11.00 price target on shares of Rocket Pharmaceuticals in a research note on Tuesday, September 15th.

Insider Buying and Selling

In other news, General Counsel Martin Wilson sold 75,364 shares of the stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $3.40, for a total transaction of $256,237.60. Following the completion of the transaction, the general counsel directly owned 598,489 shares in the company, valued at $2,034,862.60. This represents a 11.18% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Christopher Stevens sold 36,658 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $3.50, for a total value of $128,303.00. Following the completion of the sale, the chief operating officer directly owned 505,784 shares of the company’s stock, valued at approximately $1,770,244. The trade was a 6.76% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 125,977 shares of company stock worth $432,273. 21.30% of the stock is owned by insiders.

Institutional Trading of Rocket Pharmaceuticals

A number of hedge funds have recently modified their holdings of the stock. Allworth Financial LP bought a new stake in shares of Rocket Pharmaceuticals in the second quarter valued at approximately $28,000. Legal & General Group Plc acquired a new position in Rocket Pharmaceuticals in the 2nd quarter valued at $31,000. HB Wealth Management LLC acquired a new position in Rocket Pharmaceuticals in the 2nd quarter valued at $36,000. Focus Partners Advisor Solutions LLC bought a new stake in shares of Rocket Pharmaceuticals during the 2nd quarter valued at $41,000. Finally, Sequoia Financial Advisors LLC bought a new stake in shares of Rocket Pharmaceuticals during the 4th quarter valued at $42,000. Institutional investors and hedge funds own 98.39% of the company’s stock.

Rocket Pharmaceuticals Price Performance

NASDAQ RCKT opened at $3.27 on Tuesday. The company has a debt-to-equity ratio of 0.05, a current ratio of 9.24 and a quick ratio of 9.24. Rocket Pharmaceuticals has a 52-week low of $2.53 and a 52-week high of $5.45. The company has a 50 day simple moving average of $3.49 and a 200-day simple moving average of $3.58. The firm has a market capitalization of $358.98 million, a price-to-earnings ratio of -19.24 and a beta of 0.50.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its quarterly earnings results on Monday, August 10th. The biotechnology company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.22. During the same period in the prior year, the company posted ($0.62) EPS. Equities research analysts predict that Rocket Pharmaceuticals will post -1.36 earnings per share for the current fiscal year.

About Rocket Pharmaceuticals

Rocket Pharmaceuticals, Inc is a biotechnology company focused on developing gene therapies for rare and devastating diseases. The company uses lentiviral and adeno-associated virus (AAV) vector platforms to deliver genetic material intended to address the underlying causes of inherited disorders, with research programs spanning hematology, immunology, metabolic disease and cardiac conditions.

Rocket’s pipeline has included RP-L102 for Fanconi anemia, a rare inherited bone marrow failure disorder; RP-L201 for leukocyte adhesion deficiency-I, an immune-system disorder; and RP-L301 for pyruvate kinase deficiency, a rare red blood cell disorder.