Rocket Pharmaceuticals’ (RCKT) “Outperform” Rating Reiterated at Wedbush

by · The Cerbat Gem

Wedbush reissued their outperform rating on shares of Rocket Pharmaceuticals (NASDAQ:RCKT – Free Report) in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has a $15.00 price objective on the biotechnology company’s stock.

Other equities analysts have also issued reports about the company. Chardan Capital reiterated a “buy” rating and issued a $11.00 target price on shares of Rocket Pharmaceuticals in a research note on Tuesday. Weiss Ratings lowered Rocket Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, August 11th. Needham & Company LLC raised Rocket Pharmaceuticals from a “hold” rating to a “buy” rating and set a $9.00 price target on the stock in a research note on Wednesday. Finally, Wall Street Zen raised shares of Rocket Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Monday, August 17th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $8.62.

Read Our Latest Stock Report on Rocket Pharmaceuticals

Rocket Pharmaceuticals Stock Down 3.7%

Shares of NASDAQ RCKT opened at $3.37 on Wednesday. The firm has a market cap of $369.96 million, a P/E ratio of -19.82 and a beta of 0.50. The company has a debt-to-equity ratio of 0.05, a quick ratio of 9.24 and a current ratio of 9.24. Rocket Pharmaceuticals has a 1 year low of $2.53 and a 1 year high of $5.45. The firm’s 50 day moving average price is $3.50 and its 200 day moving average price is $3.61.

Rocket Pharmaceuticals (NASDAQ:RCKT – Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The biotechnology company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.22. During the same period last year, the company earned ($0.62) earnings per share. As a group, sell-side analysts anticipate that Rocket Pharmaceuticals will post -1.36 earnings per share for the current year.

Insider Transactions at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, COO Christopher Stevens sold 36,658 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $3.50, for a total value of $128,303.00. Following the completion of the transaction, the chief operating officer owned 505,784 shares in the company, valued at $1,770,244. This represents a 6.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Martin Wilson sold 75,364 shares of Rocket Pharmaceuticals stock in a transaction on Friday, September 11th. The stock was sold at an average price of $3.40, for a total transaction of $256,237.60. Following the sale, the general counsel directly owned 598,489 shares in the company, valued at $2,034,862.60. This trade represents a 11.18% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 125,977 shares of company stock valued at $432,273. Insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in RCKT. Opaleye Management Inc. boosted its stake in Rocket Pharmaceuticals by 4.7% in the second quarter. Opaleye Management Inc. now owns 1,000,000 shares of the biotechnology company’s stock valued at $3,420,000 after acquiring an additional 45,000 shares during the period. Squarepoint Ops LLC lifted its holdings in shares of Rocket Pharmaceuticals by 524.9% in the 2nd quarter. Squarepoint Ops LLC now owns 181,147 shares of the biotechnology company’s stock worth $620,000 after purchasing an additional 152,161 shares during the last quarter. Corient Private Wealth LP boosted its position in Rocket Pharmaceuticals by 17.0% during the 2nd quarter. Corient Private Wealth LP now owns 37,819 shares of the biotechnology company’s stock valued at $129,000 after purchasing an additional 5,501 shares during the period. HB Wealth Management LLC acquired a new position in Rocket Pharmaceuticals during the 2nd quarter valued at approximately $36,000. Finally, Wellington Management Group LLP bought a new position in Rocket Pharmaceuticals during the 2nd quarter worth $211,000. Institutional investors and hedge funds own 98.39% of the company’s stock.

About Rocket Pharmaceuticals

(Get Free Report)

Rocket Pharmaceuticals, Inc is a biotechnology company focused on developing gene therapies for rare and devastating diseases. The company uses lentiviral and adeno-associated virus (AAV) vector platforms to deliver genetic material intended to address the underlying causes of inherited disorders, with research programs spanning hematology, immunology, metabolic disease and cardiac conditions.

Rocket’s pipeline has included RP-L102 for Fanconi anemia, a rare inherited bone marrow failure disorder; RP-L201 for leukocyte adhesion deficiency-I, an immune-system disorder; and RP-L301 for pyruvate kinase deficiency, a rare red blood cell disorder.

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