Equities Analysts Set Expectations for RCKT FY2024 Earnings

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) – Equities research analysts at Leerink Partnrs lifted their FY2024 earnings per share (EPS) estimates for shares of Rocket Pharmaceuticals in a report issued on Wednesday, January 22nd. Leerink Partnrs analyst M. Foroohar now anticipates that the biotechnology company will post earnings of ($2.72) per share for the year, up from their previous estimate of ($2.73). The consensus estimate for Rocket Pharmaceuticals’ current full-year earnings is ($2.83) per share. Leerink Partnrs also issued estimates for Rocket Pharmaceuticals’ FY2025 earnings at ($1.24) EPS.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.71) EPS for the quarter, beating analysts’ consensus estimates of ($0.78) by $0.07.

Several other equities research analysts also recently issued reports on the company. Wedbush initiated coverage on Rocket Pharmaceuticals in a research report on Monday, December 30th. They issued an “outperform” rating and a $32.00 price target on the stock. Jefferies Financial Group began coverage on Rocket Pharmaceuticals in a report on Wednesday, December 18th. They issued a “buy” rating and a $29.00 target price on the stock. Scotiabank began coverage on Rocket Pharmaceuticals in a report on Wednesday, October 16th. They set a “sector outperform” rating and a $50.00 price target for the company. Canaccord Genuity Group restated a “buy” rating and issued a $39.00 price objective on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. Finally, Chardan Capital reiterated a “buy” rating and set a $62.00 target price on shares of Rocket Pharmaceuticals in a research note on Monday, November 18th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, Rocket Pharmaceuticals presently has an average rating of “Moderate Buy” and an average price target of $47.27.

Rocket Pharmaceuticals Stock Performance

Shares of RCKT opened at $10.71 on Friday. The company has a market capitalization of $976.29 million, a PE ratio of -3.89 and a beta of 1.01. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05. Rocket Pharmaceuticals has a one year low of $10.07 and a one year high of $31.47. The company’s fifty day moving average price is $12.32 and its 200 day moving average price is $16.78.

Insider Activity

In other news, CEO Gaurav Shah sold 11,091 shares of Rocket Pharmaceuticals stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $13.05, for a total transaction of $144,737.55. Following the sale, the chief executive officer now directly owns 707,328 shares in the company, valued at approximately $9,230,630.40. The trade was a 1.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders sold 13,490 shares of company stock worth $176,045. 28.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC acquired a new position in shares of Rocket Pharmaceuticals in the 2nd quarter worth approximately $2,144,000. Marshall Wace LLP bought a new stake in Rocket Pharmaceuticals in the second quarter valued at $422,000. Maverick Capital Ltd. raised its stake in Rocket Pharmaceuticals by 1.0% during the second quarter. Maverick Capital Ltd. now owns 3,928,312 shares of the biotechnology company’s stock worth $84,577,000 after acquiring an additional 40,000 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Rocket Pharmaceuticals by 23.5% during the second quarter. The Manufacturers Life Insurance Company now owns 139,613 shares of the biotechnology company’s stock valued at $3,006,000 after acquiring an additional 26,556 shares during the period. Finally, Novo Holdings A S boosted its stake in shares of Rocket Pharmaceuticals by 4.8% in the 2nd quarter. Novo Holdings A S now owns 1,100,000 shares of the biotechnology company’s stock valued at $23,683,000 after purchasing an additional 50,000 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.