Wedbush Issues Pessimistic Forecast for Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Price

Rocket Pharmaceuticals (NASDAQ:RCKT) had its target price cut by equities research analysts at Wedbush from $16.00 to $15.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the biotechnology company’s stock. Wedbush’s target price points to a potential upside of 341.83% from the company’s current price.

RCKT has been the subject of several other research reports. Wall Street Zen downgraded shares of Rocket Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Sunday. Chardan Capital reaffirmed a “buy” rating and issued a $11.00 price objective on shares of Rocket Pharmaceuticals in a research report on Monday, May 11th. Finally, Weiss Ratings raised Rocket Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $8.57.

Rocket Pharmaceuticals Stock Down 6.7%

Shares of NASDAQ:RCKT traded down $0.24 on Tuesday, hitting $3.40. 330,778 shares of the company traded hands, compared to its average volume of 2,736,482. The stock has a 50 day simple moving average of $3.34 and a 200-day simple moving average of $3.61. The company has a quick ratio of 6.12, a current ratio of 6.12 and a debt-to-equity ratio of 0.08. The company has a market cap of $370.70 million, a PE ratio of -1.86 and a beta of 0.47. Rocket Pharmaceuticals has a 52 week low of $2.53 and a 52 week high of $5.45.

Insider Buying and Selling at Rocket Pharmaceuticals

In other news, CEO Gaurav Shah sold 55,684 shares of the stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $3.09, for a total value of $172,063.56. Following the transaction, the chief executive officer owned 1,061,724 shares in the company, valued at $3,280,727.16. This represents a 4.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders have sold 66,083 shares of company stock valued at $207,531. 21.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Prudential Financial Inc. purchased a new stake in Rocket Pharmaceuticals in the 2nd quarter worth approximately $25,000. Franklin Resources Inc. purchased a new position in Rocket Pharmaceuticals in the 4th quarter worth approximately $38,000. Focus Partners Advisor Solutions LLC bought a new position in Rocket Pharmaceuticals in the 2nd quarter worth approximately $41,000. Sequoia Financial Advisors LLC bought a new position in Rocket Pharmaceuticals in the 4th quarter worth approximately $42,000. Finally, CANADA LIFE ASSURANCE Co grew its holdings in Rocket Pharmaceuticals by 94.4% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 12,202 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 5,926 shares in the last quarter. 98.39% of the stock is currently owned by hedge funds and other institutional investors.

About Rocket Pharmaceuticals

Rocket Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing gene therapies for rare, inherited pediatric diseases. The company employs a proprietary adeno-associated virus (AAV) and lentiviral vector platform to deliver functional copies of genes in patients with genetic deficiencies. Its programs target a spectrum of disorders, including Fanconi anemia, leukocyte adhesion deficiency type I and Danon disease, with the goal of delivering one-time treatments that address the underlying causes of disease rather than merely managing symptoms.

The company’s pipeline comprises multiple product candidates in various stages of development.