Canaccord Genuity Group Reiterates “Buy” Rating for Rocket Pharmaceuticals (NASDAQ:RCKT)

Canaccord Genuity Group reaffirmed their buy rating on shares of Rocket Pharmaceuticals (NASDAQ:RCKT) in a report released on Tuesday morning,Benzinga reports. They currently have a $39.00 price objective on the biotechnology company’s stock.

RCKT has been the topic of a number of other research reports. JPMorgan Chase & Co. upped their target price on Rocket Pharmaceuticals from $50.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, August 6th. Needham & Company LLC restated a “buy” rating and issued a $52.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday. Leerink Partners reduced their price objective on Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating on the stock in a research report on Tuesday. Chardan Capital reissued a “buy” rating and issued a $62.00 target price on shares of Rocket Pharmaceuticals in a research note on Monday, November 18th. Finally, Scotiabank began coverage on shares of Rocket Pharmaceuticals in a report on Wednesday, October 16th. They set a “sector outperform” rating and a $50.00 price target for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $51.00.

Rocket Pharmaceuticals Stock Performance

NASDAQ:RCKT opened at $14.11 on Tuesday. Rocket Pharmaceuticals has a twelve month low of $12.62 and a twelve month high of $32.53. The company has a market capitalization of $1.29 billion, a P/E ratio of -5.14 and a beta of 1.09. The company has a current ratio of 6.05, a quick ratio of 6.05 and a debt-to-equity ratio of 0.06. The firm has a 50-day moving average price of $17.26 and a two-hundred day moving average price of $19.93.

Institutional Trading of Rocket Pharmaceuticals

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. raised its holdings in Rocket Pharmaceuticals by 21.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,292 shares of the biotechnology company’s stock valued at $61,000 after buying an additional 582 shares during the period. Nisa Investment Advisors LLC increased its position in shares of Rocket Pharmaceuticals by 31.9% in the second 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 in the last quarter. Values First Advisors Inc. acquired a new stake in shares of Rocket Pharmaceuticals in the third quarter worth $108,000. SG Americas Securities LLC purchased a new position in shares of Rocket Pharmaceuticals in the 3rd quarter valued at $113,000. Finally, XTX Topco Ltd acquired a new position in shares of Rocket Pharmaceuticals during the 3rd quarter valued at $286,000. 98.39% of the stock is currently owned by institutional investors and hedge funds.

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.