The Goldman Sachs Group Forecasts Strong Price Appreciation for Rocket Pharmaceuticals (NASDAQ:RCKT) Stock

Rocket Pharmaceuticals (NASDAQ:RCKT) had its target price raised by The Goldman Sachs Group to $3.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “sell” rating on the biotechnology company’s stock. The Goldman Sachs Group’s price target points to a potential downside of 37.50% from the company’s previous close.

A number of other equities research analysts also recently issued reports on the stock. Wall Street Zen raised shares of Rocket Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Saturday. TD Cowen upgraded Rocket Pharmaceuticals to a “hold” rating in a research report on Friday, December 19th. Morgan Stanley set a $5.00 price objective on Rocket Pharmaceuticals in a research note on Thursday, January 8th. Lifesci Capital upgraded Rocket Pharmaceuticals to a “strong-buy” rating in a research note on Thursday, February 26th. Finally, Wedbush restated an “outperform” rating and set a $16.00 target price on shares of Rocket Pharmaceuticals in a research note on Friday, November 7th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $13.79.

Rocket Pharmaceuticals Trading Down 3.4%

Shares of NASDAQ:RCKT opened at $4.80 on Monday. The stock’s 50-day simple moving average is $3.67 and its two-hundred day simple moving average is $3.47. The stock has a market capitalization of $521.14 million, a price-to-earnings ratio of -2.39 and a beta of 0.39. Rocket Pharmaceuticals has a 52-week low of $2.19 and a 52-week high of $9.35. The company has a debt-to-equity ratio of 0.07, a quick ratio of 6.38 and a current ratio of 6.38.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its quarterly earnings data on Thursday, February 26th. The biotechnology company reported ($0.38) earnings per share for the quarter, topping the consensus estimate of ($0.42) by $0.04. During the same quarter in the prior year, the firm posted ($0.62) earnings per share. Analysts expect that Rocket Pharmaceuticals will post -2.83 EPS for the current year.

Insider Buying and Selling at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, General Counsel Martin Wilson sold 12,253 shares of the 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 completion of the transaction, the general counsel owned 683,376 shares of the company’s stock, valued at $2,261,974.56. This represents a 1.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gaurav Shah sold 12,279 shares of Rocket Pharmaceuticals stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $3.31, for a total value of $40,643.49. Following the completion of the sale, the chief executive officer directly owned 1,052,045 shares in the company, valued at $3,482,268.95. This trade represents a 1.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 29,415 shares of company stock worth $97,398 in the last three months. Insiders own 24.76% of the company’s stock.

Institutional Trading of Rocket Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in RCKT. Invesco Ltd. boosted its position in shares of Rocket Pharmaceuticals by 36.9% during the 4th quarter. Invesco Ltd. now owns 304,437 shares of the biotechnology company’s stock valued at $1,069,000 after acquiring an additional 81,984 shares during the last quarter. Corient Private Wealth LLC purchased a new stake in Rocket Pharmaceuticals during the fourth quarter valued at $98,000. Virtus Investment Advisers LLC lifted its position in Rocket Pharmaceuticals by 111.7% during the fourth quarter. Virtus Investment Advisers LLC now owns 78,474 shares of the biotechnology company’s stock valued at $275,000 after purchasing an additional 41,410 shares during the last quarter. Opaleye Management Inc. purchased a new position in shares of Rocket Pharmaceuticals in the 4th quarter worth $3,352,000. Finally, Engineers Gate Manager LP increased its holdings in shares of Rocket Pharmaceuticals by 34.5% in the 4th quarter. Engineers Gate Manager LP now owns 96,009 shares of the biotechnology company’s stock worth $337,000 after buying an additional 24,603 shares during the last quarter. Institutional investors own 98.39% of the company’s stock.

Rocket Pharmaceuticals Company Profile

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.