Rocket Pharmaceuticals (NASDAQ:RCKT) Upgraded to “Hold” at Wall Street Zen

Rocket Pharmaceuticals (NASDAQ:RCKT) was upgraded by stock analysts at Wall Street Zen from a “strong sell” rating to a “hold” rating in a report issued on Saturday.

Other equities analysts have also recently issued research reports about the stock. Morgan Stanley set a $5.00 price objective on shares of Rocket Pharmaceuticals in a research note on Thursday, January 8th. Wedbush reissued an “outperform” rating and issued a $16.00 target price on shares of Rocket Pharmaceuticals in a research note on Friday, November 7th. JPMorgan Chase & Co. cut shares of Rocket Pharmaceuticals from a “neutral” rating to an “underweight” rating in a research note on Tuesday, November 18th. Bank of America decreased their price objective on Rocket Pharmaceuticals from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Tuesday, November 18th. Finally, TD Cowen raised Rocket Pharmaceuticals to a “hold” rating in a report on Friday, December 19th. Eight research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $14.50.

Rocket Pharmaceuticals Price Performance

Shares of RCKT stock opened at $5.01 on Friday. The company has a market capitalization of $542.18 million, a P/E ratio of -2.49 and a beta of 0.48. The company has a current ratio of 7.30, a quick ratio of 7.30 and a debt-to-equity ratio of 0.06. Rocket Pharmaceuticals has a 12 month low of $2.19 and a 12 month high of $9.73. The stock has a 50 day moving average of $3.62 and a two-hundred day moving average of $3.44.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its earnings results on Thursday, February 26th. The biotechnology company reported ($0.38) EPS for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.04. During the same period last year, the business earned ($0.62) earnings per share. As a group, equities analysts expect that Rocket Pharmaceuticals will post -2.83 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Gaurav Shah sold 12,279 shares of the firm’s stock in a transaction on Friday, February 13th. The stock was sold at an average price of $3.31, for a total transaction of $40,643.49. Following the completion of the sale, the chief executive officer directly owned 1,052,045 shares of the company’s stock, valued at $3,482,268.95. This trade represents a 1.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Martin Wilson sold 12,253 shares of the business’s stock in a transaction on Friday, February 13th. The stock was sold at an average price of $3.31, for a total value of $40,557.43. Following the completion of the transaction, the general counsel directly owned 683,376 shares in the company, valued at approximately $2,261,974.56. This represents a 1.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 29,415 shares of company stock valued at $97,398 over the last ninety days. Insiders own 24.76% of the company’s stock.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC lifted its position in shares of Rocket Pharmaceuticals by 148.4% during the first quarter. AQR Capital Management LLC now owns 163,622 shares of the biotechnology company’s stock worth $1,091,000 after purchasing an additional 97,758 shares in the last quarter. Millennium Management LLC raised its position in Rocket Pharmaceuticals by 121.8% in the 1st quarter. Millennium Management LLC now owns 747,147 shares of the biotechnology company’s stock worth $4,983,000 after purchasing an additional 410,238 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Rocket Pharmaceuticals during the 1st quarter worth $189,000. Goldman Sachs Group Inc. lifted its holdings in Rocket Pharmaceuticals by 24.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 995,690 shares of the biotechnology company’s stock worth $6,641,000 after buying an additional 192,905 shares in the last quarter. Finally, Bank of Montreal Can bought a new position in Rocket Pharmaceuticals in the 2nd quarter valued at $181,000. Institutional investors and hedge funds own 98.39% of the company’s stock.

About Rocket Pharmaceuticals

Rocket Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing gene therapies for rare, inherited pediatric diseases. The company employs a proprietary adeno-associated virus (AAV) and lentiviral vector platform to deliver functional copies of genes in patients with genetic deficiencies. Its programs target a spectrum of disorders, including Fanconi anemia, leukocyte adhesion deficiency type I and Danon disease, with the goal of delivering one-time treatments that address the underlying causes of disease rather than merely managing symptoms.

The company’s pipeline comprises multiple product candidates in various stages of development.