Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target Lowered to $52.00 at Needham & Company LLC

Rocket Pharmaceuticals (NASDAQ:RCKT) had its target price lowered by Needham & Company LLC from $53.00 to $52.00 in a report issued on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the biotechnology company’s stock.

A number of other equities research analysts have also recently issued reports on the stock. William Blair reaffirmed an outperform rating on shares of Rocket Pharmaceuticals in a research note on Monday, June 3rd. The Goldman Sachs Group assumed coverage on shares of Rocket Pharmaceuticals in a research note on Tuesday, April 2nd. They issued a neutral rating and a $39.00 price objective for the company. Finally, UBS Group cut their price objective on shares of Rocket Pharmaceuticals from $56.00 to $54.00 and set a buy rating for the company in a research note on Friday, March 1st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $52.13.

Rocket Pharmaceuticals Trading Up 0.5 %

Shares of NASDAQ:RCKT opened at $21.53 on Friday. The company’s fifty day moving average price is $22.39 and its 200-day moving average price is $26.00. Rocket Pharmaceuticals has a one year low of $14.89 and a one year high of $32.53. The company has a debt-to-equity ratio of 0.04, a current ratio of 10.47 and a quick ratio of 10.47.

Rocket Pharmaceuticals (NASDAQ:RCKT) last announced its quarterly earnings data on Monday, May 6th. The biotechnology company reported ($0.66) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.67) by $0.01. During the same quarter in the previous year, the firm posted ($0.73) earnings per share. As a group, analysts anticipate that Rocket Pharmaceuticals will post -2.85 EPS for the current year.

Insider Activity

In other news, insider Mark Andrew White sold 12,532 shares of Rocket Pharmaceuticals stock in a transaction dated 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director David P. Southwell sold 70,000 shares of Rocket Pharmaceuticals stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $24.36, for a total transaction of $1,705,200.00. Following the sale, the director now owns 95,160 shares of the company’s stock, valued at approximately $2,318,097.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark Andrew White sold 12,532 shares of Rocket Pharmaceuticals stock in a transaction dated 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 directly owns 75,226 shares in the company, valued at approximately $1,853,568.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 105,282 shares of company stock valued at $2,551,801. Corporate insiders own 31.10% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Comerica Bank purchased a new position in Rocket Pharmaceuticals during the 3rd quarter valued at about $9,017,000. Franklin Resources Inc. lifted its position in Rocket Pharmaceuticals by 60.8% during the 4th quarter. Franklin Resources Inc. now owns 1,072,910 shares of the biotechnology company’s stock valued at $32,155,000 after acquiring an additional 405,855 shares during the period. Avidity Partners Management LP lifted its position in Rocket Pharmaceuticals by 8.3% during the 4th quarter. Avidity Partners Management LP now owns 1,719,103 shares of the biotechnology company’s stock valued at $51,522,000 after acquiring an additional 131,674 shares during the period. Virtu Financial LLC purchased a new position in Rocket Pharmaceuticals during the 4th quarter valued at about $332,000. Finally, Wellington Management Group LLP lifted its position in Rocket Pharmaceuticals by 56.0% during the 3rd quarter. Wellington Management Group LLP now owns 8,022,830 shares of the biotechnology company’s stock valued at $164,388,000 after acquiring an additional 2,880,373 shares during the period. 98.39% of the stock is 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.