Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target Cut to $40.00

Rocket Pharmaceuticals (NASDAQ:RCKT) had its target price lowered by equities research analysts at Canaccord Genuity Group from $49.00 to $40.00 in a report released on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the biotechnology company’s stock. Canaccord Genuity Group’s price objective points to a potential upside of 99.70% from the company’s current price.

RCKT has been the topic of several other reports. Chardan Capital reiterated a “buy” rating and set a $62.00 target price on shares of Rocket Pharmaceuticals in a report on Friday, June 28th. The Goldman Sachs Group assumed coverage on Rocket Pharmaceuticals in a report on Tuesday, April 2nd. They set a “neutral” rating and a $39.00 target price on the stock. William Blair reiterated an “outperform” rating on shares of Rocket Pharmaceuticals in a report on Monday, June 3rd. Finally, Needham & Company LLC reduced their target price on Rocket Pharmaceuticals from $53.00 to $52.00 and set a “buy” rating on the stock in a report on Friday, June 28th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.25.

Rocket Pharmaceuticals Stock Up 1.3 %

NASDAQ:RCKT opened at $20.03 on Wednesday. Rocket Pharmaceuticals has a 12-month low of $14.89 and a 12-month high of $32.53. The company has a quick ratio of 10.47, a current ratio of 10.47 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $1.82 billion, a P/E ratio of -6.98 and a beta of 1.13. The stock’s fifty day simple moving average is $22.13 and its 200-day simple moving average is $25.80.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its quarterly earnings results on Monday, May 6th. The biotechnology company reported ($0.66) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.67) by $0.01. During the same period in the prior year, the business earned ($0.73) earnings per share. Equities research analysts expect that Rocket Pharmaceuticals will post -3 earnings per share for the current year.

Insider Buying and Selling at Rocket Pharmaceuticals

In related news, insider Mark Andrew White sold 12,532 shares of Rocket Pharmaceuticals stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $24.64, for a total value of $308,788.48. Following the sale, the insider now owns 75,226 shares of the company’s stock, valued at $1,853,568.64. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Mark Andrew White sold 12,532 shares of Rocket Pharmaceuticals stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $24.64, for a total value of $308,788.48. Following the sale, the insider now owns 75,226 shares of the company’s stock, valued at $1,853,568.64. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David P. Southwell sold 70,000 shares of Rocket Pharmaceuticals stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $24.36, for a total value of $1,705,200.00. Following the completion of the sale, the director now directly owns 95,160 shares in the company, valued at approximately $2,318,097.60. The disclosure for this sale can be found here. Insiders have sold 105,282 shares of company stock valued at $2,551,801 in the last 90 days. 31.10% of the stock is currently owned by company insiders.

Institutional Trading of Rocket Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP grew its holdings in Rocket Pharmaceuticals by 2.2% during the fourth quarter. Wellington Management Group LLP now owns 8,197,546 shares of the biotechnology company’s stock worth $245,680,000 after purchasing an additional 174,716 shares during the period. Vanguard Group Inc. grew its holdings in Rocket Pharmaceuticals by 18.3% during the fourth quarter. Vanguard Group Inc. now owns 5,447,565 shares of the biotechnology company’s stock worth $163,264,000 after purchasing an additional 843,552 shares during the period. Westfield Capital Management Co. LP grew its holdings in Rocket Pharmaceuticals by 1.1% during the first quarter. Westfield Capital Management Co. LP now owns 3,984,030 shares of the biotechnology company’s stock worth $107,330,000 after purchasing an additional 42,171 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Rocket Pharmaceuticals by 11.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,943,160 shares of the biotechnology company’s stock worth $79,290,000 after purchasing an additional 314,086 shares during the period. Finally, Janus Henderson Group PLC grew its holdings in Rocket Pharmaceuticals by 174.3% during the first quarter. Janus Henderson Group PLC now owns 2,606,016 shares of the biotechnology company’s stock worth $70,170,000 after purchasing an additional 1,656,111 shares during the period. Institutional investors and hedge funds 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.