BMO Capital Markets Begins Coverage on Rocket Pharmaceuticals (NASDAQ:RCKT)

Equities researchers at BMO Capital Markets initiated coverage on shares of Rocket Pharmaceuticals (NASDAQ:RCKT) in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. The firm set an “outperform” rating and a $50.00 price target on the biotechnology company’s stock. BMO Capital Markets’ price target would indicate a potential upside of 488.24% from the stock’s previous close.

A number of other equities analysts also recently commented on RCKT. Chardan Capital decreased their price target on Rocket Pharmaceuticals from $62.00 to $54.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Canaccord Genuity Group decreased their target price on Rocket Pharmaceuticals from $39.00 to $36.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $65.00 price target on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. Scotiabank raised their price objective on Rocket Pharmaceuticals from $51.00 to $52.00 and gave the stock a “sector outperform” rating in a research note on Monday, March 3rd. Finally, Leerink Partners lowered their target price on shares of Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating for the company in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $43.00.

Rocket Pharmaceuticals Stock Performance

Shares of RCKT opened at $8.50 on Wednesday. The firm has a market cap of $906.36 million, a price-to-earnings ratio of -3.09 and a beta of 1.03. 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 business’s 50 day moving average is $10.38 and its two-hundred day moving average is $14.12. Rocket Pharmaceuticals has a 52-week low of $8.06 and a 52-week high of $28.73.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its quarterly earnings results on Monday, March 3rd. The biotechnology company reported ($0.62) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.68) by $0.06. Analysts forecast that Rocket Pharmaceuticals will post -2.83 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Toronto Dominion Bank acquired a new position in shares of Rocket Pharmaceuticals during the fourth quarter worth approximately $13,827,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Rocket Pharmaceuticals by 16.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 139,572 shares of the biotechnology company’s stock valued at $1,754,000 after acquiring an additional 19,939 shares in the last quarter. Woodline Partners LP raised its stake in Rocket Pharmaceuticals by 8.5% during the 4th quarter. Woodline Partners LP now owns 652,421 shares of the biotechnology company’s stock valued at $8,201,000 after acquiring an additional 51,358 shares in the last quarter. Soleus Capital Management L.P. acquired a new position in Rocket Pharmaceuticals during the 4th quarter worth $3,415,000. Finally, Two Sigma Investments LP grew its stake in shares of Rocket Pharmaceuticals by 88.6% in the fourth quarter. Two Sigma Investments LP now owns 41,142 shares of the biotechnology company’s stock worth $517,000 after purchasing an additional 19,326 shares in the last quarter. Institutional investors own 98.39% of the company’s stock.

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.