Research Analysts Set Expectations for Rocket Pharmaceuticals, Inc.’s Q1 2023 Earnings (NASDAQ:RCKT)

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT – Get Rating) – Equities research analysts at SVB Leerink cut their Q1 2023 EPS estimates for Rocket Pharmaceuticals in a note issued to investors on Monday, March 13th. SVB Leerink analyst M. Foroohar now expects that the biotechnology company will post earnings of ($0.83) per share for the quarter, down from their prior estimate of ($0.79). SVB Leerink has a “Outperform” rating and a $49.00 price target on the stock. The consensus estimate for Rocket Pharmaceuticals’ current full-year earnings is ($3.30) per share. SVB Leerink also issued estimates for Rocket Pharmaceuticals’ Q2 2023 earnings at ($0.82) EPS, Q3 2023 earnings at ($0.81) EPS, Q4 2023 earnings at ($0.80) EPS, FY2023 earnings at ($3.25) EPS, FY2024 earnings at $0.19 EPS, FY2025 earnings at $0.84 EPS and FY2026 earnings at $2.50 EPS.

Rocket Pharmaceuticals (NASDAQ:RCKT – Get Rating) last announced its quarterly earnings data on Monday, February 27th. The biotechnology company reported ($0.92) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.82) by ($0.10). During the same quarter in the prior year, the firm earned ($0.69) EPS.

RCKT has been the topic of several other reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Rocket Pharmaceuticals in a research note on Tuesday, February 28th. Chardan Capital reduced their price target on shares of Rocket Pharmaceuticals from $65.00 to $63.00 and set a “buy” rating on the stock in a research report on Wednesday, March 1st. Bank of America dropped their price objective on shares of Rocket Pharmaceuticals from $38.00 to $35.00 and set a “buy” rating for the company in a research report on Friday, December 23rd. Morgan Stanley started coverage on shares of Rocket Pharmaceuticals in a report on Wednesday, February 1st. They set an “overweight” rating and a $45.00 target price on the stock. Finally, StockNews.com began coverage on Rocket Pharmaceuticals in a report on Thursday. They issued a “sell” rating for the company. One analyst has rated the stock with a sell rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.58.

Rocket Pharmaceuticals Price Performance

RCKT stock opened at $18.59 on Thursday. The company has a market cap of $1.48 billion, a PE ratio of -5.65 and a beta of 1.23. The company has a current ratio of 9.29, a quick ratio of 9.29 and a debt-to-equity ratio of 0.04. The stock has a 50-day moving average price of $20.22 and a two-hundred day moving average price of $18.41. Rocket Pharmaceuticals has a 12-month low of $7.57 and a 12-month high of $23.48.

Insider Buying and Selling at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, insider Jonathan David Schwartz sold 3,557 shares of Rocket Pharmaceuticals stock in a transaction that occurred on Friday, February 17th. The stock was sold at an average price of $19.06, for a total transaction of $67,796.42. Following the sale, the insider now directly owns 94,546 shares in the company, valued at approximately $1,802,046.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Rocket Pharmaceuticals news, insider Jonathan David Schwartz sold 3,557 shares of the stock in a transaction on Friday, February 17th. The shares were sold at an average price of $19.06, for a total transaction of $67,796.42. Following the transaction, the insider now directly owns 94,546 shares in the company, valued at approximately $1,802,046.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gaurav Shah sold 12,194 shares of the firm’s stock in a transaction on Friday, February 17th. The stock was sold at an average price of $19.06, for a total transaction of $232,417.64. Following the transaction, the chief executive officer now directly owns 536,885 shares of the company’s stock, valued at $10,233,028.10. The disclosure for this sale can be found here. 33.67% of the stock is owned by insiders.

Institutional Trading of Rocket Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of RCKT. JPMorgan Chase & Co. lifted its holdings in Rocket Pharmaceuticals by 22.6% during the 1st quarter. JPMorgan Chase & Co. now owns 837,915 shares of the biotechnology company’s stock worth $13,289,000 after buying an additional 154,739 shares during the last quarter. HighTower Advisors LLC increased its holdings in shares of Rocket Pharmaceuticals by 30.3% in the 1st quarter. HighTower Advisors LLC now owns 21,000 shares of the biotechnology company’s stock valued at $336,000 after acquiring an additional 4,879 shares during the last quarter. MetLife Investment Management LLC raised its position in shares of Rocket Pharmaceuticals by 56.6% during the 1st quarter. MetLife Investment Management LLC now owns 22,975 shares of the biotechnology company’s stock valued at $364,000 after acquiring an additional 8,301 shares in the last quarter. Rhumbline Advisers lifted its stake in Rocket Pharmaceuticals by 3.7% during the first quarter. Rhumbline Advisers now owns 44,652 shares of the biotechnology company’s stock worth $708,000 after purchasing an additional 1,575 shares during the last quarter. Finally, Synovus Financial Corp boosted its holdings in Rocket Pharmaceuticals by 29.4% in the first quarter. Synovus Financial Corp now owns 82,236 shares of the biotechnology company’s stock worth $1,306,000 after purchasing an additional 18,663 shares during the period. 93.23% of the stock is owned by institutional investors.

About Rocket Pharmaceuticals

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Rocket Pharmaceuticals, Inc is a clinical-stage biotechnology company, which engages in the development of gene therapy treatment options for rare and devastating pediatric diseases. Its multi-platform development approach applies the lentiviral vector and adeno-associated viral vector gene therapy platforms.