PNC Financial Services Group Inc. Increases Stock Position in Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)

PNC Financial Services Group Inc. boosted its stake in Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) by 39.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,455 shares of the biotechnology company’s stock after purchasing an additional 6,342 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Rocket Pharmaceuticals were worth $282,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Wellington Management Group LLP raised its stake in Rocket Pharmaceuticals by 22.8% in the third quarter. Wellington Management Group LLP now owns 11,242,144 shares of the biotechnology company’s stock valued at $207,642,000 after purchasing an additional 2,086,424 shares in the last quarter. Westfield Capital Management Co. LP raised its stake in shares of Rocket Pharmaceuticals by 3.8% during 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 in the last quarter. Maverick Capital Ltd. raised its stake in shares of Rocket Pharmaceuticals by 4.8% during the third quarter. Maverick Capital Ltd. now owns 4,118,672 shares of the biotechnology company’s stock worth $76,072,000 after acquiring an additional 190,360 shares in the last quarter. State Street Corp raised its stake in shares of 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 acquiring an additional 322,156 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Rocket Pharmaceuticals by 0.9% during the third quarter. Geode Capital Management LLC now owns 1,617,866 shares of the biotechnology company’s stock worth $29,888,000 after acquiring an additional 14,256 shares in the last quarter. 98.39% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on RCKT. Needham & Company LLC decreased their price target on shares of Rocket Pharmaceuticals from $52.00 to $42.00 and set a “buy” rating on the stock in a research note on Friday, February 28th. Chardan Capital decreased their price target on shares of Rocket Pharmaceuticals from $62.00 to $54.00 and set a “buy” rating on the stock in a research note on Friday, February 28th. Wedbush began coverage on shares of Rocket Pharmaceuticals in a research note on Monday, December 30th. They set an “outperform” rating and a $32.00 price target on the stock. Jefferies Financial Group began coverage on shares of Rocket Pharmaceuticals in a research note on Wednesday, December 18th. They set a “buy” rating and a $29.00 price target on the stock. Finally, Canaccord Genuity Group decreased their price target on shares of Rocket Pharmaceuticals from $39.00 to $36.00 and set a “buy” rating on the stock in a research note on Monday, March 3rd. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $43.00.

Rocket Pharmaceuticals Stock Up 1.3 %

Shares of NASDAQ RCKT opened at $8.43 on Friday. The company has a quick ratio of 6.05, a current ratio of 6.05 and a debt-to-equity ratio of 0.06. Rocket Pharmaceuticals, Inc. has a 52 week low of $8.06 and a 52 week high of $27.98. The firm’s fifty day moving average is $9.87 and its 200 day moving average is $13.65. The company has a market cap of $898.89 million, a price-to-earnings ratio of -3.07 and a beta of 1.03.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its quarterly earnings results on Monday, March 3rd. The biotechnology company reported ($0.62) earnings per share for the quarter, beating the consensus estimate of ($0.68) by $0.06. On average, equities research analysts expect that Rocket Pharmaceuticals, Inc. will post -2.83 earnings per share for the current year.

Rocket Pharmaceuticals 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.