PNC Financial Services Group Inc. Acquires 6,342 Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)

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

Other hedge funds have also recently modified their holdings of the company. KBC Group NV boosted its holdings in shares of Rocket Pharmaceuticals by 159.6% during the 4th quarter. KBC Group NV now owns 5,475 shares of the biotechnology company’s stock valued at $69,000 after buying an additional 3,366 shares in the last quarter. E Fund Management Co. Ltd. purchased a new position in shares of Rocket Pharmaceuticals in the 4th quarter worth about $139,000. Strategic Financial Concepts LLC purchased a new position in shares of Rocket Pharmaceuticals in the 4th quarter worth about $141,000. Private Advisor Group LLC purchased a new position in shares of Rocket Pharmaceuticals in the 4th quarter worth about $166,000. Finally, XTX Topco Ltd purchased a new position in shares of Rocket Pharmaceuticals in the 3rd quarter worth about $286,000. Institutional investors own 98.39% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Wedbush assumed coverage on Rocket Pharmaceuticals in a research report on Monday, December 30th. They issued an “outperform” rating and a $32.00 price target for the company. Chardan Capital lowered their price target on Rocket Pharmaceuticals from $62.00 to $54.00 and set a “buy” rating for the company in a research report on Friday, February 28th. Needham & Company LLC lowered their price target on Rocket Pharmaceuticals from $52.00 to $42.00 and set a “buy” rating for the company in a research report on Friday, February 28th. BMO Capital Markets assumed coverage on Rocket Pharmaceuticals in a research report on Wednesday, March 12th. They issued an “outperform” rating and a $50.00 price target for the company. Finally, Jefferies Financial Group started coverage on Rocket Pharmaceuticals in a research report on Wednesday, December 18th. They issued a “buy” rating and a $29.00 price target for the company. 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.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $43.00.

Rocket Pharmaceuticals Price Performance

Shares of NASDAQ:RCKT opened at $8.43 on Friday. Rocket Pharmaceuticals, Inc. has a fifty-two week low of $8.06 and a fifty-two week high of $27.98. The business has a 50-day simple moving average of $9.87 and a two-hundred day simple moving average of $13.65. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.05 and a current ratio of 6.05. The firm 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) EPS for the quarter, beating the consensus estimate of ($0.68) by $0.06. On average, 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.