Analysts Set Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) Target Price at $16.40

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) has been given an average recommendation of “Hold” by the seventeen brokerages that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, nine have given a hold recommendation and seven have given a buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $16.3333.

A number of equities research analysts have issued reports on the company. UBS Group cut their target price on Rocket Pharmaceuticals from $12.00 to $5.00 and set a “buy” rating on the stock in a research note on Tuesday, June 17th. Chardan Capital cut their price objective on shares of Rocket Pharmaceuticals from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Monday. Morgan Stanley restated an “equal weight” rating and set a $7.00 price objective on shares of Rocket Pharmaceuticals in a research note on Wednesday, May 28th. The Goldman Sachs Group cut shares of Rocket Pharmaceuticals from a “neutral” rating to a “sell” rating in a research note on Wednesday, May 28th. Finally, Leerink Partners restated a “market perform” rating and set a $8.00 price objective (down from $37.00) on shares of Rocket Pharmaceuticals in a research note on Wednesday, May 28th.

Rocket Pharmaceuticals Stock Performance

RCKT stock opened at $3.09 on Monday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 9.19 and a current ratio of 6.39. The stock has a market capitalization of $333.41 million, a price-to-earnings ratio of -1.23 and a beta of 0.65. Rocket Pharmaceuticals has a 1 year low of $2.19 and a 1 year high of $22.01. The stock’s fifty day moving average is $2.95 and its two-hundred day moving average is $6.01.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its earnings results on Thursday, August 7th. The biotechnology company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.02). During the same quarter in the prior year, the company posted ($0.74) earnings per share. On average, research analysts predict that Rocket Pharmaceuticals will post -2.83 EPS for the current year.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Jump Financial LLC raised its position in Rocket Pharmaceuticals by 72.4% in the second quarter. Jump Financial LLC now owns 437,295 shares of the biotechnology company’s stock worth $1,071,000 after acquiring an additional 183,572 shares in the last quarter. Walleye Capital LLC raised its position in Rocket Pharmaceuticals by 100.7% in the second quarter. Walleye Capital LLC now owns 576,051 shares of the biotechnology company’s stock worth $1,411,000 after acquiring an additional 288,963 shares in the last quarter. Virtus Investment Advisers LLC raised its position in Rocket Pharmaceuticals by 134.6% in the second quarter. Virtus Investment Advisers LLC now owns 30,630 shares of the biotechnology company’s stock worth $75,000 after acquiring an additional 17,572 shares in the last quarter. Quadrature Capital Ltd bought a new stake in Rocket Pharmaceuticals in the second quarter worth about $226,000. Finally, XTX Topco Ltd increased its stake in Rocket Pharmaceuticals by 290.7% in the 2nd quarter. XTX Topco Ltd now owns 134,445 shares of the biotechnology company’s stock worth $329,000 after purchasing an additional 100,038 shares in the last quarter. 98.39% of the stock is currently 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.