Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target Raised to $9.00 at Bank of America

Rocket Pharmaceuticals (NASDAQ:RCKT) had its price target upped by Bank of America from $8.00 to $9.00 in a report published on Monday,Benzinga reports. The firm currently has a buy rating on the biotechnology company’s stock.

Other equities analysts have also recently issued research reports about the stock. Cantor Fitzgerald upped their price target on shares of Rocket Pharmaceuticals from $8.00 to $10.00 and gave the stock an “overweight” rating in a research note on Friday, February 27th. Morgan Stanley set a $5.00 target price on shares of Rocket Pharmaceuticals in a report on Thursday, January 8th. The Goldman Sachs Group upped their target price on shares of Rocket Pharmaceuticals to $3.00 and gave the stock a “sell” rating in a research note on Monday, March 2nd. Wall Street Zen cut shares of Rocket Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Sunday, March 8th. Finally, Lifesci Capital raised shares of Rocket Pharmaceuticals to a “strong-buy” rating in a research report on Thursday, February 26th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $13.86.

Rocket Pharmaceuticals Stock Down 8.8%

Shares of NASDAQ:RCKT opened at $3.44 on Monday. The company has a current ratio of 6.38, a quick ratio of 6.38 and a debt-to-equity ratio of 0.07. The stock has a fifty day simple moving average of $4.03 and a two-hundred day simple moving average of $3.64. Rocket Pharmaceuticals has a 12-month low of $2.19 and a 12-month high of $8.26. The stock has a market capitalization of $375.37 million, a price-to-earnings ratio of -1.71 and a beta of 0.39.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its earnings results on Thursday, February 26th. The biotechnology company reported ($0.38) EPS for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.04. During the same period in the previous year, the firm earned ($0.62) earnings per share. On average, research analysts anticipate that Rocket Pharmaceuticals will post -2.83 earnings per share for the current fiscal year.

Insider Activity

In other news, General Counsel Martin Wilson sold 12,253 shares of the firm’s stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $3.31, for a total transaction of $40,557.43. Following the sale, the general counsel owned 683,376 shares of the company’s stock, valued at $2,261,974.56. This trade represents a 1.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Gaurav Shah sold 12,279 shares of Rocket Pharmaceuticals stock in a transaction that occurred 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 owned 1,052,045 shares of the company’s stock, valued at $3,482,268.95. This represents a 1.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 29,415 shares of company stock worth $97,398 in the last 90 days. Company insiders own 24.76% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the company. Prudential Financial Inc. purchased a new position in shares of Rocket Pharmaceuticals in the 2nd quarter worth $25,000. CANADA LIFE ASSURANCE Co increased its position in Rocket Pharmaceuticals by 94.4% during the second quarter. CANADA LIFE ASSURANCE Co now owns 12,202 shares of the biotechnology company’s stock valued at $29,000 after acquiring an additional 5,926 shares during the last quarter. Franklin Resources Inc. bought a new position in Rocket Pharmaceuticals in the fourth quarter valued at about $38,000. Virtu Financial LLC bought a new position in Rocket Pharmaceuticals in the third quarter valued at about $40,000. Finally, Sequoia Financial Advisors LLC purchased a new position in Rocket Pharmaceuticals in the fourth quarter worth about $42,000. 98.39% of the stock is owned by institutional investors.

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.