Rocket Pharmaceuticals (NASDAQ:RCKT) Coverage Initiated by Analysts at Scotiabank

Scotiabank began coverage on shares of Rocket Pharmaceuticals (NASDAQ:RCKT) in a report published on Wednesday morning, Marketbeat Ratings reports. The brokerage issued a sector outperform rating and a $50.00 price target on the biotechnology company’s stock.

Several other equities analysts have also recently commented on RCKT. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $38.00 price target on shares of Rocket Pharmaceuticals in a report on Monday, September 30th. Chardan Capital restated a “buy” rating and issued a $62.00 target price on shares of Rocket Pharmaceuticals in a research note on Tuesday, August 6th. Cantor Fitzgerald reiterated an “overweight” rating and set a $65.00 price target on shares of Rocket Pharmaceuticals in a research note on Tuesday, August 6th. JPMorgan Chase & Co. increased their price objective on shares of Rocket Pharmaceuticals from $50.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, August 6th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $52.00 target price on shares of Rocket Pharmaceuticals in a research report on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $51.75.

Rocket Pharmaceuticals Trading Up 8.3 %

Shares of Rocket Pharmaceuticals stock opened at $18.06 on Wednesday. Rocket Pharmaceuticals has a 1 year low of $15.98 and a 1 year high of $32.53. The company’s fifty day simple moving average is $18.56 and its 200-day simple moving average is $21.27. The company has a market cap of $1.64 billion, a price-to-earnings ratio of -6.29 and a beta of 1.09. The company has a current ratio of 7.79, a quick ratio of 7.79 and a debt-to-equity ratio of 0.05.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its quarterly earnings results on Monday, August 5th. The biotechnology company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.72) by ($0.02). During the same period in the prior year, the business posted ($0.82) EPS. As a group, sell-side analysts expect that Rocket Pharmaceuticals will post -2.97 EPS for the current year.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of hedge funds have recently made changes to their positions in RCKT. Nisa Investment Advisors LLC grew its stake in Rocket Pharmaceuticals by 31.9% during the second quarter. Nisa Investment Advisors LLC now owns 3,160 shares of the biotechnology company’s stock worth $68,000 after buying an additional 764 shares during the last quarter. SG Americas Securities LLC bought a new stake in Rocket Pharmaceuticals during the 3rd quarter worth approximately $113,000. Dana Investment Advisors Inc. grew its position in Rocket Pharmaceuticals by 4.4% during the 2nd quarter. Dana Investment Advisors Inc. now owns 13,847 shares of the biotechnology company’s stock worth $298,000 after acquiring an additional 586 shares during the last quarter. Mirador Capital Partners LP acquired a new stake in Rocket Pharmaceuticals during the 3rd quarter valued at $310,000. Finally, Virtu Financial LLC bought a new position in Rocket Pharmaceuticals in the 4th quarter valued at $332,000. Institutional investors and hedge funds 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.