Needham & Company LLC Reiterates Buy Rating for Rocket Pharmaceuticals (NASDAQ:RCKT)

Rocket Pharmaceuticals (NASDAQ:RCKT)‘s stock had its “buy” rating reiterated by research analysts at Needham & Company LLC in a report issued on Friday,Benzinga reports. They presently have a $52.00 price target on the biotechnology company’s stock. Needham & Company LLC’s target price would suggest a potential upside of 197.99% from the company’s current price.

Several other analysts also recently issued reports on RCKT. Chardan Capital restated a “buy” rating and issued a $62.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday, August 6th. JPMorgan Chase & Co. raised their price objective on Rocket Pharmaceuticals from $50.00 to $54.00 and gave the stock an “overweight” rating in a report on Tuesday, August 6th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Rocket Pharmaceuticals in a research report on Monday, September 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $65.00 target price on shares of Rocket Pharmaceuticals in a research report on Tuesday, August 6th. Finally, Scotiabank began coverage on Rocket Pharmaceuticals in a report on Wednesday, October 16th. They issued 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 nine have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $51.75.

Rocket Pharmaceuticals Stock Performance

Shares of RCKT opened at $17.45 on Friday. The company has a 50-day moving average of $18.04 and a two-hundred day moving average of $20.42. The stock has a market cap of $1.59 billion, a P/E ratio of -6.35 and a beta of 1.09. Rocket Pharmaceuticals has a 12-month low of $15.98 and a 12-month high of $32.53. The company has a current ratio of 7.79, a quick ratio of 7.79 and a debt-to-equity ratio of 0.05.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Westfield Capital Management Co. LP grew its stake in Rocket Pharmaceuticals by 1.1% during the first quarter. Westfield Capital Management Co. LP now owns 3,984,030 shares of the biotechnology company’s stock worth $107,330,000 after buying an additional 42,171 shares during the period. Maverick Capital Ltd. boosted its position in Rocket Pharmaceuticals by 1.0% during the 2nd quarter. Maverick Capital Ltd. now owns 3,928,312 shares of the biotechnology company’s stock worth $84,577,000 after purchasing an additional 40,000 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Rocket Pharmaceuticals by 11.9% in the 1st 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 in the last quarter. Janus Henderson Group PLC raised its position in Rocket Pharmaceuticals by 174.3% in the first quarter. Janus Henderson Group PLC now owns 2,606,016 shares of the biotechnology company’s stock valued at $70,170,000 after purchasing an additional 1,656,111 shares during the period. Finally, Novo Holdings A S raised its position in Rocket Pharmaceuticals by 4.8% in the second 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 during the period. Hedge funds and other institutional investors 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.