Canaccord Genuity Group Has Lowered Expectations for Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Price

Rocket Pharmaceuticals (NASDAQ:RCKT) had its price objective decreased by research analysts at Canaccord Genuity Group from $36.00 to $34.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. Canaccord Genuity Group’s price objective suggests a potential upside of 414.37% from the company’s previous close.

A number of other equities analysts have also recently issued reports on the company. JPMorgan Chase & Co. cut their target price on Rocket Pharmaceuticals from $45.00 to $44.00 and set an “overweight” rating on the stock in a report on Friday, May 9th. BMO Capital Markets started coverage on Rocket Pharmaceuticals in a research report on Wednesday, March 12th. They set an “outperform” rating and a $50.00 target price for the company. Chardan Capital decreased their target price on Rocket Pharmaceuticals from $54.00 to $45.00 and set a “buy” rating for the company in a research report on Friday, May 9th. Needham & Company LLC reaffirmed a “buy” rating and set a $42.00 target price on shares of Rocket Pharmaceuticals in a research report on Wednesday, April 9th. Finally, The Goldman Sachs Group decreased their target price on Rocket Pharmaceuticals from $15.00 to $13.00 and set a “neutral” rating for the company in a research report on Friday, May 9th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $40.82.

Rocket Pharmaceuticals Stock Performance

Rocket Pharmaceuticals stock opened at $6.61 on Monday. The business has a 50 day moving average of $7.06 and a 200-day moving average of $10.50. Rocket Pharmaceuticals has a 1 year low of $4.55 and a 1 year high of $26.98. 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 company has a market capitalization of $705.86 million, a P/E ratio of -2.40 and a beta of 1.02.

Rocket Pharmaceuticals (NASDAQ:RCKT) last announced its earnings results on Tuesday, May 13th. The biotechnology company reported ($0.56) 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. On average, equities research analysts predict that Rocket Pharmaceuticals will post -2.83 earnings per share for the current year.

Insider Transactions at Rocket Pharmaceuticals

In related news, insider Kinnari Patel acquired 21,099 shares of the firm’s stock in a transaction dated Wednesday, April 9th. The shares were 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 directly owns 26,774 shares of the company’s stock, valued at $125,837.80. This represents a 371.79% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 value of $39,616.81. Following the sale, the chief financial officer now directly owns 129,650 shares in the company, valued at $685,848.50. This trade represents a 5.46% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 28.50% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC increased its position in shares of Rocket Pharmaceuticals by 796.2% during the 4th quarter. SG Americas Securities LLC now owns 54,921 shares of the biotechnology company’s stock valued at $690,000 after purchasing an additional 48,793 shares during the last quarter. Jennison Associates LLC increased its position in shares of Rocket Pharmaceuticals by 72.6% during the 4th quarter. Jennison Associates LLC now owns 70,304 shares of the biotechnology company’s stock valued at $884,000 after purchasing an additional 29,564 shares during the last quarter. Mirador Capital Partners LP increased its position in shares of Rocket Pharmaceuticals by 403.9% during the 4th quarter. Mirador Capital Partners LP now owns 84,529 shares of the biotechnology company’s stock valued at $1,063,000 after purchasing an additional 67,755 shares during the last quarter. Sovran Advisors LLC bought a new position in shares of Rocket Pharmaceuticals during the 4th quarter valued at approximately $1,895,000. Finally, Strategic Financial Concepts LLC bought a new position in shares of Rocket Pharmaceuticals during the 4th quarter valued at approximately $141,000. Hedge funds and other institutional investors own 98.39% of the company’s stock.

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.