Rocket Pharmaceuticals (NASDAQ:RCKT) Earns Buy Rating from Chardan Capital

Rocket Pharmaceuticals (NASDAQ:RCKT)‘s stock had its “buy” rating reissued by equities research analysts at Chardan Capital in a research report issued on Monday,Benzinga reports. They currently have a $62.00 target price on the biotechnology company’s stock. Chardan Capital’s price target suggests a potential upside of 286.77% from the stock’s current price.

Several other research analysts also recently commented on 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 objective for the company. Cantor Fitzgerald reissued an “overweight” rating and set a $65.00 price target on shares of Rocket Pharmaceuticals in a research note on Tuesday, August 6th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Rocket Pharmaceuticals in a research note on Monday, September 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $52.00 price objective on shares of Rocket Pharmaceuticals in a report on Friday, November 8th. Finally, JPMorgan Chase & Co. raised their target price on shares of Rocket Pharmaceuticals from $50.00 to $54.00 and gave the company an “overweight” rating in a report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $51.75.

Rocket Pharmaceuticals Price Performance

RCKT stock opened at $16.03 on Monday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 7.79 and a current ratio of 7.79. The company’s fifty day moving average price is $17.96 and its 200-day moving average price is $20.32. Rocket Pharmaceuticals has a one year low of $15.92 and a one year high of $32.53. The company has a market capitalization of $1.46 billion, a PE ratio of -5.83 and a beta of 1.09.

Hedge Funds Weigh In On Rocket Pharmaceuticals

A number of large investors have recently made changes to their positions in RCKT. Russell Investments Group Ltd. grew its stake in shares of Rocket Pharmaceuticals by 4.1% during the first quarter. Russell Investments Group Ltd. now owns 675,769 shares of the biotechnology company’s stock valued at $18,205,000 after buying an additional 26,823 shares during the last quarter. ProShare Advisors LLC grew its position in Rocket Pharmaceuticals by 9.1% in the 1st quarter. ProShare Advisors LLC now owns 17,614 shares of the biotechnology company’s stock valued at $475,000 after acquiring an additional 1,468 shares during the last quarter. Westfield Capital Management Co. LP increased its stake in Rocket Pharmaceuticals by 1.1% in 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 lifted its position in shares of 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 last quarter. Finally, Janus Henderson Group PLC boosted its stake in shares of 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 valued at $70,170,000 after purchasing an additional 1,656,111 shares during the period. 98.39% of the stock is owned by hedge funds and other 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.