Rocket Pharmaceuticals (NASDAQ:RCKT) Coverage Initiated by Analysts at Wedbush

Wedbush began coverage on shares of Rocket Pharmaceuticals (NASDAQ:RCKT) in a report published on Monday morning, MarketBeat reports. The brokerage issued an outperform rating and a $32.00 target price on the biotechnology company’s stock.

RCKT has been the topic of a number of other research reports. Jefferies Financial Group began coverage on Rocket Pharmaceuticals in a research report on Wednesday, December 18th. They issued a “buy” rating and a $29.00 price target on the stock. Chardan Capital reissued a “buy” rating and issued a $62.00 price objective on shares of Rocket Pharmaceuticals in a research report on Monday, November 18th. Scotiabank began coverage on shares of Rocket Pharmaceuticals in a research report on Wednesday, October 16th. They set a “sector outperform” rating and a $50.00 price objective for the company. Leerink Partners reduced their target price on Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating for the company in a research note on Tuesday, November 19th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $39.00 price objective on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, one has given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $47.27.

Rocket Pharmaceuticals Trading Up 2.4 %

RCKT opened at $12.03 on Monday. The company’s 50 day moving average price is $14.50 and its two-hundred day moving average price is $18.15. The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of -4.37 and a beta of 1.01. Rocket Pharmaceuticals has a fifty-two week low of $11.15 and a fifty-two week high of $31.47. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05.

Insiders Place Their Bets

In related news, CEO Gaurav Shah sold 11,091 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $13.05, for a total value of $144,737.55. Following the transaction, the chief executive officer now directly owns 707,328 shares of the company’s stock, valued at approximately $9,230,630.40. The trade was a 1.54 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last ninety days, insiders sold 13,490 shares of company stock valued at $176,045. Corporate insiders own 28.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Novo Holdings A S grew its holdings in Rocket Pharmaceuticals by 4.8% during the second quarter. Novo Holdings A S now owns 1,100,000 shares of the biotechnology company’s stock valued at $23,683,000 after purchasing an additional 50,000 shares during the period. Renaissance Technologies LLC purchased a new position in shares of Rocket Pharmaceuticals in the second quarter valued at $2,144,000. First Turn Management LLC boosted its stake in Rocket Pharmaceuticals by 10.8% in the 3rd quarter. First Turn Management LLC now owns 621,306 shares of the biotechnology company’s stock worth $11,476,000 after purchasing an additional 60,317 shares during the period. Walleye Capital LLC bought a new stake in shares of Rocket Pharmaceuticals during the third quarter valued at about $2,556,000. Finally, Maverick Capital Ltd. boosted its position in shares of Rocket Pharmaceuticals by 1.0% in the second quarter. Maverick Capital Ltd. now owns 3,928,312 shares of the biotechnology company’s stock valued at $84,577,000 after acquiring an additional 40,000 shares during the period. 98.39% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Pharmaceuticals Company Profile

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.