Rocket Pharmaceuticals (NASDAQ:RCKT) Given New $52.00 Price Target at Needham & Company LLC

Rocket Pharmaceuticals (NASDAQ:RCKT) had its price target lowered by investment analysts at Needham & Company LLC from $53.00 to $52.00 in a research note issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. Needham & Company LLC’s price target points to a potential upside of 152.55% from the stock’s current price.

RCKT has been the topic of several other research reports. William Blair reissued an “outperform” rating on shares of Rocket Pharmaceuticals in a research note on Monday, June 3rd. The Goldman Sachs Group began coverage on Rocket Pharmaceuticals in a research note on Tuesday, April 2nd. They set a “neutral” rating and a $39.00 price target on the stock. Finally, UBS Group decreased their price objective on Rocket Pharmaceuticals from $56.00 to $54.00 and set a “buy” rating for the company in a report on Friday, March 1st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $52.00.

Rocket Pharmaceuticals Trading Down 3.9 %

Shares of RCKT traded down $0.84 during midday trading on Friday, hitting $20.59. The stock had a trading volume of 1,010,456 shares, compared to its average volume of 730,786. Rocket Pharmaceuticals has a 1 year low of $14.89 and a 1 year high of $32.53. The company has a debt-to-equity ratio of 0.04, a current ratio of 10.47 and a quick ratio of 10.47. The stock’s 50 day moving average is $22.41 and its 200 day moving average is $26.02. The firm has a market cap of $1.87 billion, a PE ratio of -7.17 and a beta of 1.08.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its earnings results on Monday, May 6th. The biotechnology company reported ($0.66) earnings per share for the quarter, topping the consensus estimate of ($0.67) by $0.01. During the same period in the prior year, the company earned ($0.73) EPS. As a group, analysts forecast that Rocket Pharmaceuticals will post -2.85 EPS for the current fiscal year.

Insider Transactions at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, Director David P. Southwell sold 10,000 shares of the business’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $24.05, for a total transaction of $240,500.00. Following the sale, the director now owns 114,784 shares in the company, valued at approximately $2,760,555.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Rocket Pharmaceuticals news, Director David P. Southwell sold 70,000 shares of the stock in a transaction on Friday, April 12th. The shares were sold at an average price of $24.36, for a total transaction of $1,705,200.00. Following the transaction, the director now directly owns 95,160 shares of the company’s stock, valued at $2,318,097.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director David P. Southwell sold 10,000 shares of the business’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $24.05, for a total transaction of $240,500.00. Following the sale, the director now directly owns 114,784 shares of the company’s stock, valued at approximately $2,760,555.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 105,282 shares of company stock worth $2,551,801. Insiders own 31.10% of the company’s stock.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Several institutional investors have recently bought and sold shares of RCKT. Janus Henderson Group PLC raised its holdings in shares of Rocket Pharmaceuticals by 174.3% during the first quarter. Janus Henderson Group PLC now owns 2,606,016 shares of the biotechnology company’s stock valued at $70,170,000 after acquiring an additional 1,656,111 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Rocket Pharmaceuticals by 11.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,943,160 shares of the biotechnology company’s stock valued at $79,290,000 after purchasing an additional 314,086 shares during the last quarter. Westfield Capital Management Co. LP lifted its holdings in Rocket Pharmaceuticals by 1.1% in the 1st quarter. Westfield Capital Management Co. LP now owns 3,984,030 shares of the biotechnology company’s stock valued at $107,330,000 after purchasing an additional 42,171 shares in the last quarter. ProShare Advisors LLC boosted its stake in Rocket Pharmaceuticals by 9.1% during the 1st quarter. ProShare Advisors LLC now owns 17,614 shares of the biotechnology company’s stock worth $475,000 after purchasing an additional 1,468 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in shares of Rocket Pharmaceuticals by 4.1% during the first quarter. Russell Investments Group Ltd. now owns 675,769 shares of the biotechnology company’s stock worth $18,205,000 after buying an additional 26,823 shares in the last quarter. 98.39% of the stock is currently owned by institutional investors and hedge funds.

About Rocket Pharmaceuticals

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.