Brokerages Set Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) Target Price at $51.25

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) has been assigned a consensus rating of “Moderate Buy” from the ten brokerages that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $51.25.

Several equities research analysts recently commented on RCKT shares. Canaccord Genuity Group cut their target price on shares of Rocket Pharmaceuticals from $49.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, July 3rd. William Blair restated an “outperform” rating on shares of Rocket Pharmaceuticals in a research report on Monday, June 3rd. Needham & Company LLC dropped their price target on shares of Rocket Pharmaceuticals from $53.00 to $52.00 and set a “buy” rating on the stock in a research report on Friday, June 28th. Finally, Chardan Capital restated a “buy” rating and issued a $62.00 price target on shares of Rocket Pharmaceuticals in a research report on Friday, June 28th.

Rocket Pharmaceuticals Price Performance

NASDAQ:RCKT opened at $19.96 on Thursday. Rocket Pharmaceuticals has a 52 week low of $14.89 and a 52 week high of $32.53. The firm has a market cap of $1.81 billion, a price-to-earnings ratio of -6.95 and a beta of 1.13. The firm’s 50-day simple moving average is $22.26 and its 200 day simple moving average is $24.80. The company has a debt-to-equity ratio of 0.04, a quick ratio of 10.47 and a current ratio of 10.47.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its earnings results on Monday, May 6th. The biotechnology company reported ($0.66) EPS for the quarter, beating the consensus estimate of ($0.67) by $0.01. During the same quarter in the prior year, the business earned ($0.73) earnings per share. As a group, sell-side analysts predict that Rocket Pharmaceuticals will post -2.96 earnings per share for the current year.

Insider Activity at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, CEO Gaurav Shah sold 9,790 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were 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 owns 728,069 shares in the company, valued at approximately $17,000,411.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Rocket Pharmaceuticals news, CEO Gaurav Shah sold 9,790 shares of the company’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $23.35, for a total transaction 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Mark Andrew White sold 3,026 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $20.39, for a total transaction of $61,700.14. Following the sale, the insider now directly owns 72,220 shares in the company, valued at $1,472,565.80. The disclosure for this sale can be found here. Insiders have sold 15,755 shares of company stock worth $358,654 in the last quarter. Company insiders own 31.10% of the company’s stock.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the company. Janus Henderson Group PLC increased its position in shares of Rocket Pharmaceuticals by 174.3% in the first quarter. Janus Henderson Group PLC now owns 2,606,016 shares of the biotechnology company’s stock worth $70,170,000 after purchasing an additional 1,656,111 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Rocket Pharmaceuticals by 18.3% in the fourth quarter. Vanguard Group Inc. now owns 5,447,565 shares of the biotechnology company’s stock worth $163,264,000 after purchasing an additional 843,552 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Rocket Pharmaceuticals by 60.8% in the fourth quarter. Franklin Resources Inc. now owns 1,072,910 shares of the biotechnology company’s stock worth $32,155,000 after purchasing an additional 405,855 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Rocket Pharmaceuticals by 11.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,943,160 shares of the biotechnology company’s stock worth $79,290,000 after purchasing an additional 314,086 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Rocket Pharmaceuticals in the fourth quarter worth approximately $7,293,000. 98.39% of the stock is owned by hedge funds and other institutional investors.

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.