Rocket Pharmaceuticals (NASDAQ:RCKT) Now Covered by Analysts at Wedbush

Wedbush started coverage on shares of Rocket Pharmaceuticals (NASDAQ:RCKT) in a research note released on Monday, MarketBeat Ratings reports. The firm issued an outperform rating and a $32.00 price target on the biotechnology company’s stock.

A number of other research analysts have also recently issued reports on RCKT. Leerink Partners decreased their price objective on shares of Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating for the company in a report on Tuesday, November 19th. Chardan Capital restated a “buy” rating and set a $62.00 target price on shares of Rocket Pharmaceuticals in a report on Monday, November 18th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $65.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Jefferies Financial Group began coverage on Rocket Pharmaceuticals in a report on Wednesday, December 18th. They issued a “buy” rating and a $29.00 price target on the stock. Finally, Scotiabank initiated coverage on Rocket Pharmaceuticals in a research report on Wednesday, October 16th. They set a “sector outperform” rating and a $50.00 price target for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $47.27.

Rocket Pharmaceuticals Stock Performance

RCKT stock opened at $12.03 on Monday. Rocket Pharmaceuticals has a twelve month low of $11.15 and a twelve month high of $31.47. The company has a quick ratio of 6.05, a current ratio of 6.05 and a debt-to-equity ratio of 0.06. The company has a market cap of $1.10 billion, a P/E ratio of -4.37 and a beta of 1.01. The business’s fifty day moving average is $14.50 and its 200-day moving average is $18.15.

Insider Activity at Rocket Pharmaceuticals

In related news, CEO Gaurav Shah sold 11,091 shares of the company’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 owns 707,328 shares in the company, valued at approximately $9,230,630.40. This represents a 1.54 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders sold 13,490 shares of company stock worth $176,045. Insiders own 28.50% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

A number of large investors have recently made changes to their positions in the company. Wellington Management Group LLP increased its holdings in shares of Rocket Pharmaceuticals by 22.8% during the third quarter. Wellington Management Group LLP now owns 11,242,144 shares of the biotechnology company’s stock worth $207,642,000 after purchasing an additional 2,086,424 shares during the period. State Street Corp lifted its stake in Rocket Pharmaceuticals by 11.6% during the third quarter. State Street Corp now owns 3,102,022 shares of the biotechnology company’s stock worth $57,294,000 after purchasing an additional 322,156 shares during the last quarter. First Turn Management LLC raised its holdings in shares of Rocket Pharmaceuticals by 123.6% during the 2nd quarter. First Turn Management LLC now owns 560,989 shares of the biotechnology company’s stock worth $12,078,000 after buying an additional 310,119 shares in the last quarter. Maverick Capital Ltd. boosted its stake in Rocket Pharmaceuticals by 4.8% in the third quarter. Maverick Capital Ltd. now owns 4,118,672 shares of the biotechnology company’s stock valued at $76,072,000 after buying an additional 190,360 shares in the last quarter. Finally, Westfield Capital Management Co. LP lifted its holdings in shares of Rocket Pharmaceuticals by 3.8% in the third quarter. Westfield Capital Management Co. LP now owns 4,493,833 shares of the biotechnology company’s stock worth $83,001,000 after acquiring an additional 165,911 shares during the last quarter. Institutional investors own 98.39% of the company’s stock.

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.