Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target Lowered to $51.00 at Scotiabank

Rocket Pharmaceuticals (NASDAQ:RCKT) had its price target cut by analysts at Scotiabank from $52.00 to $51.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “sector outperform” rating on the biotechnology company’s stock.

A number of other brokerages have also recently commented on RCKT. Chardan Capital dropped their price target on shares of Rocket Pharmaceuticals from $54.00 to $45.00 and set a “buy” rating on the stock in a research note on Friday. Needham & Company LLC restated a “buy” rating and set a $42.00 price target on shares of Rocket Pharmaceuticals in a research note on Wednesday, April 9th. The Goldman Sachs Group dropped their price target on shares of Rocket Pharmaceuticals from $15.00 to $13.00 and set a “neutral” rating on the stock in a research note on Friday. JPMorgan Chase & Co. dropped their price target on shares of Rocket Pharmaceuticals from $45.00 to $44.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, BMO Capital Markets initiated coverage on shares of Rocket Pharmaceuticals in a research note on Wednesday, March 12th. They set an “outperform” rating and a $50.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $40.82.

Rocket Pharmaceuticals Stock Up 3.5%

Shares of RCKT traded up $0.25 on Monday, reaching $7.24. The company’s stock had a trading volume of 1,164,489 shares, compared to its average volume of 1,415,204. The company has a current ratio of 6.05, a quick ratio of 6.05 and a debt-to-equity ratio of 0.06. Rocket Pharmaceuticals has a twelve month low of $4.55 and a twelve month high of $26.98. The stock has a market capitalization of $772.60 million, a PE ratio of -2.62 and a beta of 1.02. The firm has a fifty day moving average of $7.15 and a 200-day moving average of $10.60.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its quarterly earnings data on Monday, May 5th. The biotechnology company reported ($0.56) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.03. During the same quarter in the prior year, the company earned ($0.66) earnings per share. Equities analysts predict that Rocket Pharmaceuticals will post -2.83 EPS for the current year.

Insider Activity

In other Rocket Pharmaceuticals news, insider Kinnari Patel bought 21,099 shares of the firm’s stock in a transaction that occurred on Wednesday, April 9th. The shares were bought at an average price of $4.70 per share, for a total transaction of $99,165.30. Following the transaction, the insider now directly owns 26,774 shares in the company, valued at $125,837.80. This trade represents a 371.79% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Aaron Ondrey sold 7,489 shares of the firm’s stock in a transaction on Friday, April 4th. The stock was sold at an average price of $5.29, for a total transaction 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 approximately $685,848.50. This trade represents a 5.46% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 28.50% of the company’s stock.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of large investors have recently modified their holdings of RCKT. Covestor Ltd boosted its stake in Rocket Pharmaceuticals by 33,166.7% during 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 in the last quarter. Signaturefd LLC boosted its stake in Rocket Pharmaceuticals by 319.8% during the fourth quarter. Signaturefd LLC now owns 4,916 shares of the biotechnology company’s stock worth $62,000 after acquiring an additional 3,745 shares in the last quarter. Harbour Investments Inc. boosted its stake in Rocket Pharmaceuticals by 51.9% during 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 in the last quarter. KBC Group NV boosted its stake in Rocket Pharmaceuticals by 159.6% during 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 in the last quarter. Finally, Virtus ETF Advisers LLC boosted its stake in Rocket Pharmaceuticals by 40.4% during the fourth quarter. Virtus ETF Advisers LLC now owns 5,656 shares of the biotechnology company’s stock worth $71,000 after acquiring an additional 1,628 shares in the last quarter. Institutional investors own 98.39% of the company’s stock.

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.