Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target Lowered to $40.00 at Canaccord Genuity Group

Rocket Pharmaceuticals (NASDAQ:RCKT) had its target price decreased by Canaccord Genuity Group from $49.00 to $40.00 in a research note released on Wednesday, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the biotechnology company’s stock.

Several other research analysts have also recently issued reports on RCKT. William Blair reissued an outperform rating on shares of Rocket Pharmaceuticals in a research note on Monday, June 3rd. The Goldman Sachs Group assumed coverage on Rocket Pharmaceuticals in a research note on Tuesday, April 2nd. They set a neutral rating and a $39.00 price target on the stock. Chardan Capital reaffirmed a buy rating and issued a $62.00 price objective on shares of Rocket Pharmaceuticals in a research note on Friday, June 28th. Finally, Needham & Company LLC cut their target price on shares of Rocket Pharmaceuticals from $53.00 to $52.00 and set a buy rating on the stock in a research report on Friday, June 28th. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Rocket Pharmaceuticals presently has an average rating of Moderate Buy and a consensus price target of $51.25.

Rocket Pharmaceuticals Stock Performance

RCKT stock opened at $20.03 on Wednesday. Rocket Pharmaceuticals has a twelve month low of $14.89 and a twelve month high of $32.53. The firm has a market cap of $1.82 billion, a price-to-earnings ratio of -6.98 and a beta of 1.13. The business’s fifty day simple moving average is $22.17 and its two-hundred day simple moving average is $25.84. The company has a quick ratio of 10.47, a current ratio of 10.47 and a debt-to-equity ratio of 0.04.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its quarterly earnings results on Monday, May 6th. The biotechnology company reported ($0.66) EPS for the quarter, topping the consensus estimate of ($0.67) by $0.01. During the same quarter in the previous year, the company posted ($0.73) earnings per share. Analysts predict that Rocket Pharmaceuticals will post -2.88 earnings per share for the current year.

Insider Activity at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, CEO Gaurav Shah sold 9,790 shares of Rocket Pharmaceuticals stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $23.35, for a total value of $228,596.50. Following the transaction, the chief executive officer now directly owns 728,069 shares of the company’s stock, valued at $17,000,411.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Rocket Pharmaceuticals news, insider Mark Andrew White sold 12,532 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $24.64, for a total transaction of $308,788.48. Following the sale, the insider now owns 75,226 shares of the company’s stock, valued at approximately $1,853,568.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Gaurav Shah sold 9,790 shares of the firm’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $23.35, for a total transaction of $228,596.50. Following the completion of the transaction, the chief executive officer now directly owns 728,069 shares of the company’s stock, valued at approximately $17,000,411.15. The disclosure for this sale can be found here. Insiders sold 105,282 shares of company stock valued at $2,551,801 over the last 90 days. Insiders own 31.10% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several hedge funds have recently made changes to their positions in the company. Annandale Capital LLC acquired a new position in shares of Rocket Pharmaceuticals in the third quarter valued at about $66,000. Tower Research Capital LLC TRC increased its holdings in Rocket Pharmaceuticals by 105.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,557 shares of the biotechnology company’s stock worth $107,000 after buying an additional 1,829 shares during the period. Old Well Partners LLC purchased a new position in Rocket Pharmaceuticals during the 4th quarter worth approximately $200,000. Capstone Investment Advisors LLC acquired a new stake in Rocket Pharmaceuticals during the 4th quarter valued at approximately $217,000. Finally, Amalgamated Bank boosted its holdings in shares of Rocket Pharmaceuticals by 5.4% in the 4th quarter. Amalgamated Bank now owns 8,653 shares of the biotechnology company’s stock valued at $259,000 after acquiring an additional 440 shares during the last quarter. 98.39% of the stock is 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.