Canaccord Genuity Group Cuts Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target to $40.00

Rocket Pharmaceuticals (NASDAQ:RCKT) had its price objective lowered by Canaccord Genuity Group from $49.00 to $40.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 102.63% from the company’s previous close.

RCKT has been the subject of a number of other reports. Needham & Company LLC lowered their target price on shares of Rocket Pharmaceuticals from $53.00 to $52.00 and set a “buy” rating for the company in a report on Friday, June 28th. Chardan Capital reaffirmed a “buy” rating and set a $62.00 price target on shares of Rocket Pharmaceuticals in a research report on Friday, June 28th. William Blair reaffirmed an “outperform” rating on shares of Rocket Pharmaceuticals in a research report on Monday, June 3rd. Finally, The Goldman Sachs Group initiated coverage on shares of Rocket Pharmaceuticals in a research report on Tuesday, April 2nd. They set a “neutral” rating and a $39.00 price target on the stock. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $51.25.

Rocket Pharmaceuticals Trading Down 0.2 %

Shares of NASDAQ RCKT traded down $0.04 during midday trading on Wednesday, reaching $19.74. 67,576 shares of the stock were exchanged, compared to its average volume of 753,338. The company has a market capitalization of $1.79 billion, a P/E ratio of -6.95 and a beta of 1.13. Rocket Pharmaceuticals has a 52-week low of $14.89 and a 52-week high of $32.53. The company has a current ratio of 10.47, a quick ratio of 10.47 and a debt-to-equity ratio of 0.04. The stock has a 50 day moving average price of $22.25 and a 200-day moving average price of $25.88.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its quarterly earnings results on Monday, May 6th. The biotechnology company reported ($0.66) EPS for the quarter, topping analysts’ consensus estimates of ($0.67) by $0.01. During the same quarter in the previous year, the company earned ($0.73) EPS. Equities research analysts expect that Rocket Pharmaceuticals will post -2.88 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Gaurav Shah sold 9,790 shares of the stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $23.35, for a total transaction of $228,596.50. Following the completion of the sale, the chief executive officer now directly owns 728,069 shares in the company, valued at $17,000,411.15. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CEO Gaurav Shah sold 9,790 shares of the firm’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $23.35, for a total value of $228,596.50. Following the sale, the chief executive officer now directly owns 728,069 shares of the company’s stock, valued at $17,000,411.15. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Mark Andrew White sold 12,532 shares of the stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $24.64, for a total transaction of $308,788.48. Following the completion of the sale, the insider now owns 75,226 shares of the company’s stock, valued at approximately $1,853,568.64. The disclosure for this sale can be found here. Insiders sold 105,282 shares of company stock worth $2,551,801 over the last quarter. Corporate insiders own 31.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Wellington Management Group LLP increased its holdings in shares of Rocket Pharmaceuticals by 2.2% in the fourth quarter. Wellington Management Group LLP now owns 8,197,546 shares of the biotechnology company’s stock valued at $245,680,000 after purchasing an additional 174,716 shares in the last quarter. Vanguard Group Inc. lifted its position in Rocket Pharmaceuticals by 18.3% in the 4th quarter. Vanguard Group Inc. now owns 5,447,565 shares of the biotechnology company’s stock valued at $163,264,000 after acquiring an additional 843,552 shares in the last quarter. Westfield Capital Management Co. LP lifted its position 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 acquiring an additional 42,171 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position 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 acquiring an additional 314,086 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its position in Rocket Pharmaceuticals by 174.3% during the 1st quarter. Janus Henderson Group PLC now owns 2,606,016 shares of the biotechnology company’s stock worth $70,170,000 after buying an additional 1,656,111 shares in the last quarter. Institutional investors own 98.39% of the company’s stock.

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.