Wedbush Reaffirms Outperform Rating for Rocket Pharmaceuticals (NASDAQ:RCKT)

Rocket Pharmaceuticals (NASDAQ:RCKT)‘s stock had its “outperform” rating reiterated by Wedbush in a report issued on Friday,Benzinga reports. They currently have a $32.00 price target on the biotechnology company’s stock. Wedbush’s price objective points to a potential upside of 392.31% from the company’s current price.

Several other research firms have also recently commented on RCKT. Canaccord Genuity Group decreased their target price on shares of Rocket Pharmaceuticals from $36.00 to $34.00 and set a “buy” rating for the company in a research report on Monday, May 12th. Scotiabank decreased their price objective on Rocket Pharmaceuticals from $52.00 to $51.00 and set a “sector outperform” rating for the company in a report on Monday, May 12th. BMO Capital Markets started coverage on Rocket Pharmaceuticals in a research report on Wednesday, March 12th. They issued an “outperform” rating and a $50.00 target price on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $42.00 target price on shares of Rocket Pharmaceuticals in a research note on Wednesday, April 9th. Finally, JPMorgan Chase & Co. decreased their price target on Rocket Pharmaceuticals from $45.00 to $44.00 and set an “overweight” rating for the company in a research note on Friday, May 9th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.73.

Rocket Pharmaceuticals Price Performance

Shares of NASDAQ RCKT opened at $6.50 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05. The firm has a market capitalization of $694.11 million, a PE ratio of -2.36 and a beta of 1.02. Rocket Pharmaceuticals has a 1-year low of $4.55 and a 1-year high of $26.98. The business’s fifty day moving average price is $6.93 and its two-hundred day moving average price is $10.28.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its quarterly earnings results on Tuesday, May 13th. The biotechnology company reported ($0.56) EPS for the quarter, topping the consensus estimate of ($0.58) by $0.02. During the same quarter in the prior year, the business posted ($0.66) EPS. On average, research 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, CEO Gaurav Shah purchased 20,000 shares of the firm’s stock in a transaction on Thursday, April 10th. The shares were purchased at an average price of $5.08 per share, for a total transaction of $101,600.00. Following the completion of the transaction, the chief executive officer now owns 792,680 shares in the company, valued at $4,026,814.40. This represents a 2.59% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Aaron Ondrey sold 7,489 shares of the company’s stock in a transaction on Friday, April 4th. The shares were sold at an average price of $5.29, for a total value of $39,616.81. Following the completion of the transaction, the chief financial officer now directly owns 129,650 shares in the company, valued at $685,848.50. This represents a 5.46% decrease in their position. The disclosure for this sale can be found here. 24.76% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Several large investors have recently modified their holdings of the stock. Wellington Management Group LLP boosted its position in shares of Rocket Pharmaceuticals by 24.5% in the 4th quarter. Wellington Management Group LLP now owns 13,995,177 shares of the biotechnology company’s stock valued at $175,919,000 after purchasing an additional 2,753,033 shares during the period. Suvretta Capital Management LLC acquired a new position in shares of Rocket Pharmaceuticals in the fourth quarter worth about $32,267,000. Janus Henderson Group PLC boosted its holdings in shares of Rocket Pharmaceuticals by 111.0% in the fourth quarter. Janus Henderson Group PLC now owns 4,004,039 shares of the biotechnology company’s stock worth $50,343,000 after buying an additional 2,106,699 shares during the period. Point72 Asset Management L.P. increased its position in shares of Rocket Pharmaceuticals by 3,163.9% in the fourth quarter. Point72 Asset Management L.P. now owns 1,569,823 shares of the biotechnology company’s stock worth $19,733,000 after acquiring an additional 1,521,727 shares in the last quarter. Finally, Boxer Capital Management LLC acquired a new stake in shares of Rocket Pharmaceuticals during the fourth quarter valued at approximately $18,428,000. 98.39% of the stock is owned by institutional investors.

About Rocket Pharmaceuticals

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.