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

Rocket Pharmaceuticals (NASDAQ:RCKT) had its price target reduced by equities research analysts at Canaccord Genuity Group from $49.00 to $40.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the biotechnology company’s stock. Canaccord Genuity Group’s target price points to a potential upside of 99.70% from the stock’s current price.

RCKT has been the subject of several other reports. Chardan Capital restated a “buy” rating and issued a $62.00 target price on shares of Rocket Pharmaceuticals in a research note on Friday, June 28th. William Blair reiterated an “outperform” rating on shares of Rocket Pharmaceuticals in a research note on Monday, June 3rd. Needham & Company LLC cut their price target on Rocket Pharmaceuticals from $53.00 to $52.00 and set a “buy” rating for the company in a research note on Friday, June 28th. Finally, The Goldman Sachs Group began coverage on Rocket Pharmaceuticals in a research note on Tuesday, April 2nd. They set a “neutral” rating and a $39.00 price target for the company. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.25.

Rocket Pharmaceuticals Stock Performance

Shares of RCKT opened at $20.03 on Wednesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 10.47 and a quick ratio of 10.47. The stock has a 50-day moving average of $22.13 and a 200-day moving average of $25.80. The company has a market cap of $1.82 billion, a PE ratio of -6.98 and a beta of 1.13. Rocket Pharmaceuticals has a one year low of $14.89 and a one year high of $32.53.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its earnings results on Monday, May 6th. The biotechnology company reported ($0.66) EPS for the quarter, beating the consensus estimate of ($0.67) by $0.01. During the same period last year, the company earned ($0.73) earnings per share. On average, equities research analysts predict that Rocket Pharmaceuticals will post -3 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rocket Pharmaceuticals news, insider Mark Andrew White sold 12,532 shares of Rocket Pharmaceuticals 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 transaction, 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 is available through this link. In related news, Director David P. Southwell sold 10,000 shares of Rocket Pharmaceuticals stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $24.05, for a total value of $240,500.00. Following the sale, the director now owns 114,784 shares of the company’s stock, valued at approximately $2,760,555.20. The transaction 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 that occurred on Monday, April 8th. The stock was sold at an average price of $24.64, for a total transaction of $308,788.48. Following the completion of 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. Insiders have sold a total of 105,282 shares of company stock valued at $2,551,801 in the last 90 days. 31.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of hedge funds have recently modified their holdings of the stock. Janus Henderson Group PLC raised its holdings in shares of Rocket Pharmaceuticals by 174.3% in the 1st quarter. Janus Henderson Group PLC now owns 2,606,016 shares of the biotechnology company’s stock worth $70,170,000 after purchasing an additional 1,656,111 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Rocket Pharmaceuticals by 11.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,943,160 shares of the biotechnology company’s stock worth $79,290,000 after purchasing an additional 314,086 shares during the period. Westfield Capital Management Co. LP raised its holdings in shares of Rocket Pharmaceuticals by 1.1% in the 1st quarter. Westfield Capital Management Co. LP now owns 3,984,030 shares of the biotechnology company’s stock worth $107,330,000 after purchasing an additional 42,171 shares during the period. ProShare Advisors LLC raised its holdings in shares of Rocket Pharmaceuticals by 9.1% in the 1st quarter. ProShare Advisors LLC now owns 17,614 shares of the biotechnology company’s stock worth $475,000 after purchasing an additional 1,468 shares during the period. Finally, Russell Investments Group Ltd. raised its holdings in shares of Rocket Pharmaceuticals by 4.1% in the 1st quarter. Russell Investments Group Ltd. now owns 675,769 shares of the biotechnology company’s stock worth $18,205,000 after purchasing an additional 26,823 shares during the period. 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.