Scotiabank Cuts Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target to $51.00

Rocket Pharmaceuticals (NASDAQ:RCKT) had its price objective decreased by analysts at Scotiabank from $52.00 to $51.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the biotechnology company’s stock.

RCKT has been the subject of a number of other research reports. JPMorgan Chase & Co. cut their price objective on Rocket Pharmaceuticals from $45.00 to $44.00 and set an “overweight” rating for the company in a research report on Friday, May 9th. BMO Capital Markets began coverage on Rocket Pharmaceuticals in a research report on Wednesday, March 12th. They set an “outperform” rating and a $50.00 price objective for the company. Needham & Company LLC restated a “buy” rating and set a $42.00 price objective on shares of Rocket Pharmaceuticals in a research report on Wednesday, April 9th. The Goldman Sachs Group lowered their price target on shares of Rocket Pharmaceuticals from $15.00 to $13.00 and set a “neutral” rating for the company in a report on Friday, May 9th. Finally, Canaccord Genuity Group lowered their price target on shares of Rocket Pharmaceuticals from $36.00 to $34.00 and set a “buy” rating for the company in a report on Monday. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $40.82.

Rocket Pharmaceuticals Trading Down 5.6%

Shares of RCKT stock opened at $6.61 on Monday. Rocket Pharmaceuticals has a 12-month low of $4.55 and a 12-month high of $26.98. The company has a quick ratio of 6.05, a current ratio of 6.05 and a debt-to-equity ratio of 0.06. The business has a 50-day moving average price of $7.06 and a two-hundred day moving average price of $10.50. The firm has a market cap of $705.86 million, a P/E ratio of -2.40 and a beta of 1.02.

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

Insiders Place Their Bets

In related news, insider Kinnari Patel purchased 21,099 shares of the firm’s stock in a transaction dated Wednesday, April 9th. The stock was purchased at an average price of $4.70 per share, with a total value of $99,165.30. Following the completion of the purchase, the insider now owns 26,774 shares of the company’s stock, valued at approximately $125,837.80. The trade was a 371.79% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Aaron Ondrey sold 7,489 shares of Rocket Pharmaceuticals stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $5.29, for a total transaction of $39,616.81. Following the transaction, the chief financial officer now directly owns 129,650 shares in the company, valued at approximately $685,848.50. The trade was a 5.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. 28.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of the company. Covestor Ltd grew its holdings in shares of Rocket Pharmaceuticals by 33,166.7% during the fourth quarter. Covestor Ltd now owns 1,996 shares of the biotechnology company’s stock valued at $25,000 after buying an additional 1,990 shares during the last quarter. Signaturefd LLC increased its stake in shares of Rocket Pharmaceuticals by 319.8% during the fourth quarter. Signaturefd LLC now owns 4,916 shares of the biotechnology company’s stock worth $62,000 after purchasing an additional 3,745 shares in the last quarter. Harbour Investments Inc. increased 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 worth $68,000 after purchasing an additional 1,840 shares in the last quarter. KBC Group NV grew its stake in Rocket Pharmaceuticals by 159.6% during the 4th quarter. KBC Group NV now owns 5,475 shares of the biotechnology company’s stock valued at $69,000 after acquiring an additional 3,366 shares in the last quarter. Finally, Virtus ETF Advisers LLC grew its stake in Rocket Pharmaceuticals by 40.4% during the 4th quarter. Virtus ETF Advisers LLC now owns 5,656 shares of the biotechnology company’s stock valued at $71,000 after acquiring an additional 1,628 shares in the last quarter. 98.39% of the stock is owned by hedge funds and other 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.