Rocket Pharmaceuticals (NASDAQ:RCKT) Given Buy Rating at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Rocket Pharmaceuticals (NASDAQ:RCKT) in a research note issued to investors on Tuesday morning, Benzinga reports. The firm currently has a $53.00 price objective on the biotechnology company’s stock.

RCKT has been the topic of a number of other research reports. Cantor Fitzgerald started coverage on shares of Rocket Pharmaceuticals in a research report on Tuesday, October 24th. They issued an overweight rating and a $65.00 target price on the stock. Stifel Nicolaus reiterated a buy rating and issued a $48.00 target price on shares of Rocket Pharmaceuticals in a research report on Wednesday, September 13th. Canaccord Genuity Group decreased their target price on shares of Rocket Pharmaceuticals from $49.00 to $47.00 and set a buy rating on the stock in a research report on Friday, August 11th. Chardan Capital reiterated a buy rating and issued a $61.00 target price on shares of Rocket Pharmaceuticals in a research report on Friday, August 11th. Finally, StockNews.com upgraded shares of Rocket Pharmaceuticals to a sell rating in a research report on Tuesday, October 24th. One investment analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Rocket Pharmaceuticals presently has a consensus rating of Moderate Buy and a consensus price target of $50.38.

Rocket Pharmaceuticals Stock Performance

Rocket Pharmaceuticals stock opened at $20.47 on Tuesday. The firm’s fifty day moving average price is $18.72 and its 200-day moving average price is $19.17. The company has a debt-to-equity ratio of 0.05, a quick ratio of 9.09 and a current ratio of 9.09. The stock has a market cap of $1.65 billion, a P/E ratio of -6.13 and a beta of 0.93. Rocket Pharmaceuticals has a fifty-two week low of $14.89 and a fifty-two week high of $24.65.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its quarterly earnings data on Monday, November 6th. The biotechnology company reported ($0.75) earnings per share for the quarter, beating the consensus estimate of ($0.81) by $0.06. During the same quarter in the previous year, the firm posted ($0.87) EPS. On average, equities research analysts expect that Rocket Pharmaceuticals will post -3.14 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rocket Pharmaceuticals news, CEO Gaurav Shah sold 4,767 shares of the firm’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $15.47, for a total value of $73,745.49. Following the sale, the chief executive officer now owns 524,854 shares of the company’s stock, valued at approximately $8,119,491.38. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Gotham Makker sold 10,312 shares of Rocket Pharmaceuticals stock in a transaction dated Thursday, September 28th. The shares were sold at an average price of $21.03, for a total transaction of $216,861.36. Following the sale, the director now owns 1,321,174 shares of the company’s stock, valued at approximately $27,784,289.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gaurav Shah sold 4,767 shares of Rocket Pharmaceuticals stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $15.47, for a total transaction of $73,745.49. Following the sale, the chief executive officer now directly owns 524,854 shares in the company, valued at approximately $8,119,491.38. The disclosure for this sale can be found here. Insiders have sold a total of 17,177 shares of company stock valued at $323,960 in the last quarter. Insiders own 31.10% of the company’s stock.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of large investors have recently modified their holdings of RCKT. Clearstead Advisors LLC purchased a new position in Rocket Pharmaceuticals during the 1st quarter valued at about $32,000. Advisor Group Holdings Inc. lifted its position in Rocket Pharmaceuticals by 861.5% during the 4th quarter. Advisor Group Holdings Inc. now owns 1,923 shares of the biotechnology company’s stock valued at $38,000 after acquiring an additional 1,723 shares during the period. Steward Partners Investment Advisory LLC purchased a new position in Rocket Pharmaceuticals during the 4th quarter valued at about $39,000. China Universal Asset Management Co. Ltd. lifted its position in Rocket Pharmaceuticals by 96.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 2,068 shares of the biotechnology company’s stock valued at $42,000 after acquiring an additional 1,014 shares during the period. Finally, Wells Fargo & Company MN lifted its position in Rocket Pharmaceuticals by 63.9% during the 4th quarter. Wells Fargo & Company MN now owns 2,644 shares of the biotechnology company’s stock valued at $52,000 after acquiring an additional 1,031 shares during the period. Institutional investors own 94.49% of the company’s stock.

About Rocket Pharmaceuticals

Rocket Pharmaceuticals, Inc, together with its subsidiaries, operates as a multi-platform 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.