Cantor Fitzgerald Boosts Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target to $30.00

Rocket Pharmaceuticals (NASDAQ:RCKT) had its price objective raised by Cantor Fitzgerald from $20.00 to $30.00 in a research report report published on Friday,Benzinga reports. The firm currently has an overweight rating on the biotechnology company’s stock. Cantor Fitzgerald also issued estimates for Rocket Pharmaceuticals’ FY2025 earnings at ($2.28) EPS.

Several other analysts have also issued reports on RCKT. BMO Capital Markets assumed coverage on shares of Rocket Pharmaceuticals in a research report on Wednesday, March 12th. They set an “outperform” rating and a $50.00 price target on the stock. JPMorgan Chase & Co. dropped their price target on shares of Rocket Pharmaceuticals from $45.00 to $44.00 and set an “overweight” rating on the stock in a research report on Friday, May 9th. Wedbush reaffirmed an “outperform” rating and set a $32.00 price target on shares of Rocket Pharmaceuticals in a research report on Friday. Canaccord Genuity Group dropped their price target on shares of Rocket Pharmaceuticals from $36.00 to $34.00 and set a “buy” rating on the stock in a research report on Monday, May 12th. Finally, Chardan Capital upped their price target on shares of Rocket Pharmaceuticals from $45.00 to $46.00 and gave the stock a “buy” rating in a research report on Friday. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $37.73.

Rocket Pharmaceuticals Stock Performance

Shares of RCKT opened at $6.50 on Friday. Rocket Pharmaceuticals has a 12 month low of $4.55 and a 12 month high of $26.98. The firm has a fifty day simple moving average of $6.93 and a 200 day simple moving average of $10.23. The stock has a market capitalization of $694.11 million, a price-to-earnings ratio of -2.36 and a beta of 1.02. The company has a current ratio of 6.05, a quick ratio of 6.05 and a debt-to-equity ratio of 0.06.

Rocket Pharmaceuticals (NASDAQ:RCKT) last announced its 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 last year, the firm posted ($0.66) EPS. Research analysts forecast that Rocket Pharmaceuticals will post -2.83 EPS for the current fiscal year.

Insider Activity

In related news, CEO Gaurav Shah acquired 20,000 shares of the company’s stock in a transaction dated Thursday, April 10th. The shares were bought at an average cost of $5.08 per share, with a total value of $101,600.00. Following the completion of the transaction, the chief executive officer now directly owns 792,680 shares of the company’s stock, valued at $4,026,814.40. This trade represents a 2.59% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Aaron Ondrey sold 7,489 shares of the company’s stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $5.29, for a total transaction of $39,616.81. Following the completion of the transaction, the chief financial officer now owns 129,650 shares in the company, valued at $685,848.50. This trade represents a 5.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 24.76% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the business. Covestor Ltd grew its stake in shares of Rocket Pharmaceuticals by 33,166.7% in the fourth quarter. Covestor Ltd now owns 1,996 shares of the biotechnology company’s stock valued at $25,000 after acquiring an additional 1,990 shares in the last quarter. Signaturefd LLC grew its stake in shares of Rocket Pharmaceuticals by 83.6% in the first quarter. Signaturefd LLC now owns 9,024 shares of the biotechnology company’s stock valued at $60,000 after acquiring an additional 4,108 shares in the last quarter. Harbour Investments Inc. grew its stake in shares of Rocket Pharmaceuticals by 51.9% in the fourth quarter. Harbour Investments Inc. now owns 5,385 shares of the biotechnology company’s stock valued at $68,000 after acquiring an additional 1,840 shares in the last quarter. KBC Group NV grew its stake in shares of Rocket Pharmaceuticals by 159.6% in the fourth 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, Hsbc Holdings PLC acquired a new position in shares of Rocket Pharmaceuticals in the first quarter valued at about $69,000. 98.39% of the stock is currently owned by institutional investors and hedge funds.

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.