Rocket Pharmaceuticals (NASDAQ:RCKT) Rating Reiterated by Needham & Company LLC

Rocket Pharmaceuticals (NASDAQ:RCKT)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a research note issued on Tuesday, Benzinga reports. They currently have a $52.00 price objective on the biotechnology company’s stock. Needham & Company LLC’s price target points to a potential upside of 149.52% from the stock’s previous close.

A number of other research analysts have also weighed in on RCKT. Chardan Capital reissued a “buy” rating and issued a $62.00 target price on shares of Rocket Pharmaceuticals in a research note on Tuesday, August 6th. JPMorgan Chase & Co. boosted their price objective on Rocket Pharmaceuticals from $50.00 to $54.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 6th. William Blair restated an “outperform” rating on shares of Rocket Pharmaceuticals in a report on Monday, June 3rd. Canaccord Genuity Group reduced their price target on Rocket Pharmaceuticals from $49.00 to $40.00 and set a “buy” rating on the stock in a report on Wednesday, July 3rd. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $65.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $52.29.

Rocket Pharmaceuticals Trading Down 4.4 %

Shares of NASDAQ:RCKT opened at $20.84 on Tuesday. Rocket Pharmaceuticals has a 12-month low of $16.55 and a 12-month high of $32.53. The company has a market capitalization of $1.89 billion, a PE ratio of -7.26 and a beta of 1.10. The business has a 50 day moving average of $20.68 and a two-hundred day moving average of $22.62. The company has a current ratio of 7.79, a quick ratio of 7.79 and a debt-to-equity ratio of 0.05.

Rocket Pharmaceuticals (NASDAQ:RCKT) last announced its quarterly earnings results on Monday, August 5th. The biotechnology company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.72) by ($0.02). During the same quarter in the previous year, the firm posted ($0.82) earnings per share. As a group, analysts forecast that Rocket Pharmaceuticals will post -2.97 EPS for the current year.

Insiders Place Their Bets

In other Rocket Pharmaceuticals news, insider Mark Andrew White sold 3,026 shares of the stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $20.39, for a total value of $61,700.14. Following the completion of the transaction, the insider now directly owns 72,220 shares of the company’s stock, valued at $1,472,565.80. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 31.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in RCKT. Janus Henderson Group PLC boosted its position in Rocket Pharmaceuticals by 174.3% during the first quarter. Janus Henderson Group PLC now owns 2,606,016 shares of the biotechnology company’s stock worth $70,170,000 after acquiring an additional 1,656,111 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Rocket Pharmaceuticals by 18.3% during the fourth quarter. Vanguard Group Inc. now owns 5,447,565 shares of the biotechnology company’s stock worth $163,264,000 after purchasing an additional 843,552 shares during the last quarter. Franklin Resources Inc. grew its position in shares of Rocket Pharmaceuticals by 60.8% in the fourth quarter. Franklin Resources Inc. now owns 1,072,910 shares of the biotechnology company’s stock valued at $32,155,000 after purchasing an additional 405,855 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Rocket Pharmaceuticals by 11.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,943,160 shares of the biotechnology company’s stock valued at $79,290,000 after purchasing an additional 314,086 shares during the last quarter. Finally, First Turn Management LLC lifted its position in Rocket Pharmaceuticals by 123.6% during the second quarter. First Turn Management LLC now owns 560,989 shares of the biotechnology company’s stock worth $12,078,000 after buying an additional 310,119 shares during the period. Institutional investors and hedge funds 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.