Mirae Asset Global Investments Co. Ltd. Increases Stake in Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)

Mirae Asset Global Investments Co. Ltd. raised its position in Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) by 21.5% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 3,292 shares of the biotechnology company’s stock after purchasing an additional 582 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Rocket Pharmaceuticals were worth $61,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC raised its holdings in shares of Rocket Pharmaceuticals by 31.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,160 shares of the biotechnology company’s stock worth $68,000 after acquiring an additional 764 shares during the period. Values First Advisors Inc. purchased a new position in shares of Rocket Pharmaceuticals during the 3rd quarter worth $108,000. SG Americas Securities LLC purchased a new position in shares of Rocket Pharmaceuticals during the 3rd quarter worth $113,000. Dana Investment Advisors Inc. raised its holdings in shares of Rocket Pharmaceuticals by 4.4% during the 2nd quarter. Dana Investment Advisors Inc. now owns 13,847 shares of the biotechnology company’s stock worth $298,000 after acquiring an additional 586 shares during the period. Finally, Mirador Capital Partners LP purchased a new position in shares of Rocket Pharmaceuticals during the 3rd quarter worth $310,000. Hedge funds and other institutional investors own 98.39% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on RCKT. Needham & Company LLC reiterated a “buy” rating and set a $52.00 price target on shares of Rocket Pharmaceuticals in a report on Tuesday, September 17th. Scotiabank initiated coverage on shares of Rocket Pharmaceuticals in a report on Wednesday, October 16th. They issued a “sector outperform” rating and a $50.00 price objective on the stock. Canaccord Genuity Group restated a “buy” rating and issued a $38.00 price objective on shares of Rocket Pharmaceuticals in a report on Monday, September 30th. Cantor Fitzgerald restated an “overweight” rating and issued a $65.00 price objective on shares of Rocket Pharmaceuticals in a report on Tuesday, August 6th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Rocket Pharmaceuticals from $50.00 to $54.00 and gave the company an “overweight” rating in a report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $51.75.

Rocket Pharmaceuticals Stock Performance

NASDAQ RCKT opened at $17.19 on Wednesday. The company has a market cap of $1.56 billion, a P/E ratio of -6.00 and a beta of 1.09. The company has a debt-to-equity ratio of 0.05, a current ratio of 7.79 and a quick ratio of 7.79. The stock has a 50-day moving average of $18.15 and a two-hundred day moving average of $20.57. Rocket Pharmaceuticals, Inc. has a 1-year low of $15.98 and a 1-year high of $32.53.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its 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 prior year, the business earned ($0.82) earnings per share. As a group, analysts anticipate that Rocket Pharmaceuticals, Inc. will post -2.98 EPS 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.