Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target Cut to $11.00 by Analysts at Canaccord Genuity Group

Rocket Pharmaceuticals (NASDAQ:RCKT) had its target price trimmed by Canaccord Genuity Group from $34.00 to $11.00 in a research report released on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the biotechnology company’s stock.

Several other research analysts also recently weighed in on RCKT. The Goldman Sachs Group downgraded Rocket Pharmaceuticals from a “neutral” rating to a “sell” rating in a research note on Wednesday, May 28th. BMO Capital Markets dropped their price objective on Rocket Pharmaceuticals from $30.00 to $8.00 and set an “outperform” rating on the stock in a report on Wednesday, May 28th. Needham & Company LLC cut Rocket Pharmaceuticals from a “buy” rating to a “hold” rating and set a $42.00 price objective on the stock. in a report on Tuesday, May 27th. Morgan Stanley reissued an “equal weight” rating and set a $7.00 price objective on shares of Rocket Pharmaceuticals in a report on Wednesday, May 28th. Finally, Chardan Capital dropped their price objective on Rocket Pharmaceuticals from $46.00 to $17.00 and set a “buy” rating on the stock in a report on Wednesday, May 28th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Rocket Pharmaceuticals has a consensus rating of “Hold” and an average target price of $19.57.

Rocket Pharmaceuticals Stock Up 6.9%

Shares of NASDAQ:RCKT opened at $2.96 on Tuesday. The company has a market capitalization of $316.09 million, a PE ratio of -1.08 and a beta of 1.02. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05. The business has a fifty day moving average price of $6.01 and a two-hundred day moving average price of $9.29. Rocket Pharmaceuticals has a 1 year low of $2.19 and a 1 year high of $26.98.

Rocket Pharmaceuticals (NASDAQ:RCKT) last announced its quarterly earnings data on Tuesday, May 13th. The biotechnology company reported ($0.56) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.58) by $0.02. During the same period in the prior year, the company posted ($0.66) earnings per share. Analysts forecast that Rocket Pharmaceuticals will post -2.83 earnings per share for the current year.

Insider Buying and Selling at Rocket Pharmaceuticals

In other news, CFO Aaron Ondrey sold 7,489 shares of the stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $5.29, for a total transaction of $39,616.81. Following the transaction, the chief financial officer now directly owns 129,650 shares in the company, valued at approximately $685,848.50. This represents a 5.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kinnari Patel acquired 21,099 shares of Rocket Pharmaceuticals stock in a transaction dated Wednesday, April 9th. The shares were purchased at an average price of $4.70 per share, for a total transaction of $99,165.30. Following the completion of the transaction, the insider now directly owns 26,774 shares in the company, valued at approximately $125,837.80. The trade was a 371.79% increase in their position. The disclosure for this purchase can be found here. Insiders own 24.76% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several institutional investors have recently modified their holdings of the company. Rhumbline Advisers increased its position in shares of Rocket Pharmaceuticals by 1.3% during the 4th quarter. Rhumbline Advisers now owns 99,339 shares of the biotechnology company’s stock valued at $1,249,000 after purchasing an additional 1,242 shares during the last quarter. Envestnet Asset Management Inc. grew its position in Rocket Pharmaceuticals by 4.1% during the 4th quarter. Envestnet Asset Management Inc. now owns 32,422 shares of the biotechnology company’s stock worth $408,000 after acquiring an additional 1,280 shares during the last quarter. Arizona State Retirement System grew its position in Rocket Pharmaceuticals by 8.4% during the 4th quarter. Arizona State Retirement System now owns 19,826 shares of the biotechnology company’s stock worth $249,000 after acquiring an additional 1,528 shares during the last quarter. Virtus ETF Advisers LLC grew its position in Rocket Pharmaceuticals by 40.4% during the 4th quarter. Virtus ETF Advisers LLC now owns 5,656 shares of the biotechnology company’s stock worth $71,000 after acquiring an additional 1,628 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in Rocket Pharmaceuticals by 16.1% during the 1st quarter. Victory Capital Management Inc. now owns 11,929 shares of the biotechnology company’s stock worth $80,000 after acquiring an additional 1,658 shares during the last quarter. 98.39% of the stock is currently owned by institutional investors.

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.