Needham & Company LLC Reiterates Buy Rating for Rocket Pharmaceuticals (NASDAQ:RCKT)

Rocket Pharmaceuticals (NASDAQ:RCKT)‘s stock had its “buy” rating restated by equities researchers at Needham & Company LLC in a research report issued on Tuesday,Benzinga reports. They currently have a $52.00 target price on the biotechnology company’s stock. Needham & Company LLC’s target price indicates a potential upside of 298.77% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. Scotiabank began coverage on shares of Rocket Pharmaceuticals in a report on Wednesday, October 16th. They set a “sector outperform” rating and a $50.00 price target on the stock. Chardan Capital reaffirmed a “buy” rating and set a $62.00 price objective on shares of Rocket Pharmaceuticals in a research report on Monday. JPMorgan Chase & Co. boosted their price objective on shares of Rocket Pharmaceuticals from $50.00 to $54.00 and gave the company an “overweight” rating in a research report on Tuesday, August 6th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $38.00 price objective on shares of Rocket Pharmaceuticals in a research report on Monday, September 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $65.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $51.00.

Rocket Pharmaceuticals Stock Down 0.9 %

RCKT stock opened at $13.04 on Tuesday. Rocket Pharmaceuticals has a 52-week low of $12.62 and a 52-week high of $32.53. The company’s 50 day simple moving average is $17.38 and its 200-day simple moving average is $19.98. 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 firm has a market capitalization of $1.19 billion, a P/E ratio of -4.74 and a beta of 1.09.

Institutional Trading of Rocket Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of RCKT. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Rocket Pharmaceuticals by 21.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,292 shares of the biotechnology company’s stock worth $61,000 after buying an additional 582 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in Rocket Pharmaceuticals by 31.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,160 shares of the biotechnology company’s stock valued at $68,000 after purchasing an additional 764 shares during the last quarter. Values First Advisors Inc. acquired a new position in Rocket Pharmaceuticals during the 3rd quarter valued at $108,000. SG Americas Securities LLC acquired a new position in Rocket Pharmaceuticals during the 3rd quarter valued at $113,000. Finally, XTX Topco Ltd acquired a new position in Rocket Pharmaceuticals during the 3rd quarter valued at $286,000. 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.