Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target Lowered to $5.00 at UBS Group

Rocket Pharmaceuticals (NASDAQ:RCKT) had its price target decreased by UBS Group from $12.00 to $5.00 in a report published on Tuesday,Benzinga reports. UBS Group currently has a buy rating on the biotechnology company’s stock.

Several other research firms have also recently commented on RCKT. JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Rocket Pharmaceuticals in a research note on Wednesday, May 28th. Leerink Partners reaffirmed a “market perform” rating and set a $8.00 price objective (down previously from $37.00) on shares of Rocket Pharmaceuticals in a research report on Wednesday, May 28th. Jefferies Financial Group reiterated a “hold” rating on shares of Rocket Pharmaceuticals in a research note on Wednesday, May 28th. Scotiabank lowered their price target on Rocket Pharmaceuticals from $51.00 to $19.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, May 28th. Finally, Chardan Capital cut their price target on Rocket Pharmaceuticals from $46.00 to $17.00 and set a “buy” rating for the company 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 assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $18.60.

Rocket Pharmaceuticals Price Performance

NASDAQ RCKT opened at $2.72 on Tuesday. The stock has a 50-day simple moving average of $5.45 and a 200 day simple moving average of $8.54. Rocket Pharmaceuticals has a twelve month low of $2.19 and a twelve month high of $26.98. The stock has a market capitalization of $290.47 million, a PE ratio of -1.03 and a beta of 0.68. The company has a debt-to-equity ratio of 0.05, a quick ratio of 9.19 and a current ratio of 9.19.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its quarterly earnings results on Tuesday, May 13th. The biotechnology company reported ($0.56) EPS for the quarter, topping the consensus estimate of ($0.58) by $0.02. During the same period in the prior year, the company earned ($0.66) earnings per share. Research analysts anticipate that Rocket Pharmaceuticals will post -2.83 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Aaron Ondrey sold 7,489 shares of the firm’s stock in a transaction on Friday, April 4th. The stock was sold at an average price of $5.29, for a total transaction of $39,616.81. Following the completion of the sale, the chief financial officer now directly owns 129,650 shares of the company’s stock, valued at $685,848.50. This trade represents a 5.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Kinnari Patel acquired 21,099 shares of the business’s stock in a transaction on Wednesday, April 9th. The stock was acquired at an average price of $4.70 per share, with a total value of $99,165.30. Following the transaction, the insider now 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. Corporate insiders own 24.76% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RCKT. Covestor Ltd grew its holdings in Rocket Pharmaceuticals by 33,166.7% during the 4th quarter. Covestor Ltd now owns 1,996 shares of the biotechnology company’s stock worth $25,000 after acquiring an additional 1,990 shares during the last quarter. Signaturefd LLC lifted its position in shares of Rocket Pharmaceuticals by 83.6% during the first quarter. Signaturefd LLC now owns 9,024 shares of the biotechnology company’s stock worth $60,000 after purchasing an additional 4,108 shares in the last quarter. Harbour Investments Inc. grew its stake in shares of Rocket Pharmaceuticals by 51.9% during the fourth quarter. Harbour Investments Inc. now owns 5,385 shares of the biotechnology company’s stock valued at $68,000 after purchasing an additional 1,840 shares during the last quarter. Hsbc Holdings PLC acquired a new stake in shares of Rocket Pharmaceuticals in the first quarter valued at approximately $69,000. Finally, Virtus ETF Advisers LLC raised its position in Rocket Pharmaceuticals by 40.4% in the 4th quarter. Virtus ETF Advisers LLC now owns 5,656 shares of the biotechnology company’s stock worth $71,000 after purchasing an additional 1,628 shares during the last quarter. 98.39% of the stock is owned by 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.