Rocket Pharmaceuticals’ (RCKT) “Buy” Rating Reaffirmed at Chardan Capital

Chardan Capital reissued their buy rating on shares of Rocket Pharmaceuticals (NASDAQ:RCKT) in a research note issued to investors on Tuesday morning,Benzinga reports. Chardan Capital currently has a $11.00 target price on the biotechnology company’s stock.

Several other brokerages have also weighed in on RCKT. Canaccord Genuity Group decreased their price objective on Rocket Pharmaceuticals from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Friday, July 25th. Needham & Company LLC reissued a “hold” rating on shares of Rocket Pharmaceuticals in a report on Thursday, July 24th. Bank of America raised Rocket Pharmaceuticals from a “neutral” rating to a “buy” rating and increased their target price for the stock from $4.00 to $10.00 in a report on Wednesday, August 20th. Weiss Ratings reissued a “sell (e+)” rating on shares of Rocket Pharmaceuticals in a report on Wednesday, October 8th. Finally, Leerink Partners dropped their target price on Rocket Pharmaceuticals from $9.00 to $7.00 and set a “market perform” rating for the company in a report on Friday, October 3rd. Eight investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $16.67.

Rocket Pharmaceuticals Price Performance

Shares of RCKT stock opened at $4.27 on Tuesday. Rocket Pharmaceuticals has a 12 month low of $2.19 and a 12 month high of $18.89. The company has a market capitalization of $460.73 million, a P/E ratio of -1.70 and a beta of 0.60. The stock has a 50 day moving average of $3.25 and a two-hundred day moving average of $4.08. The company has a current ratio of 6.39, a quick ratio of 6.39 and a debt-to-equity ratio of 0.05.

Rocket Pharmaceuticals (NASDAQ:RCKT) last announced its quarterly earnings data on Thursday, August 7th. The biotechnology company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.57) by ($0.02). During the same period in the prior year, the business earned ($0.74) earnings per share. As a group, equities analysts expect that Rocket Pharmaceuticals will post -2.83 EPS for the current year.

Insider Transactions at Rocket Pharmaceuticals

In related news, General Counsel Martin Wilson sold 12,109 shares of the firm’s stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $3.02, for a total value of $36,569.18. Following the completion of the sale, the general counsel owned 137,054 shares of the company’s stock, valued at $413,903.08. This trade represents a 8.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jonathan David Schwartz sold 11,161 shares of the firm’s stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $3.02, for a total transaction of $33,706.22. Following the completion of the sale, the insider directly owned 224,094 shares of the company’s stock, valued at approximately $676,763.88. This represents a 4.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 35,450 shares of company stock valued at $107,159 in the last three months. 24.76% of the stock is owned by corporate insiders.

Institutional Trading of Rocket Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of RCKT. Rhumbline Advisers increased its holdings in shares of Rocket Pharmaceuticals by 8.4% in the first quarter. Rhumbline Advisers now owns 107,638 shares of the biotechnology company’s stock valued at $718,000 after purchasing an additional 8,299 shares in the last quarter. SG Americas Securities LLC increased its holdings in shares of Rocket Pharmaceuticals by 112.3% in the first quarter. SG Americas Securities LLC now owns 116,571 shares of the biotechnology company’s stock valued at $778,000 after purchasing an additional 61,650 shares in the last quarter. PFG Investments LLC acquired a new stake in shares of Rocket Pharmaceuticals in the first quarter valued at approximately $89,000. Sovran Advisors LLC lifted its holdings in Rocket Pharmaceuticals by 114.3% in the first quarter. Sovran Advisors LLC now owns 323,091 shares of the biotechnology company’s stock valued at $2,045,000 after buying an additional 172,324 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in Rocket Pharmaceuticals by 8.1% in the first quarter. Bank of New York Mellon Corp now owns 209,967 shares of the biotechnology company’s stock valued at $1,400,000 after buying an additional 15,785 shares during the period. Institutional investors and hedge funds own 98.39% of the company’s stock.

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.