Rocket Pharmaceuticals (NASDAQ:RCKT) Earns Buy Rating from Chardan Capital

Chardan Capital restated their buy rating on shares of Rocket Pharmaceuticals (NASDAQ:RCKT) in a report published on Monday morning,Benzinga reports. The firm currently has a $62.00 price objective on the biotechnology company’s stock. Chardan Capital also issued estimates for Rocket Pharmaceuticals’ FY2024 earnings at ($2.80) EPS and FY2025 earnings at ($2.75) EPS.

Other analysts have also recently issued reports about the company. Scotiabank assumed coverage on Rocket Pharmaceuticals in a research report on Wednesday, October 16th. They issued a “sector outperform” rating and a $50.00 target price on the stock. Canaccord Genuity Group reissued a “buy” rating and set a $38.00 price target on shares of Rocket Pharmaceuticals in a report on Monday, September 30th. JPMorgan Chase & Co. upped their price objective on shares of Rocket Pharmaceuticals from $50.00 to $54.00 and gave the stock an “overweight” rating in a report on Tuesday, August 6th. Cantor Fitzgerald reissued an “overweight” rating and set a $65.00 target price on shares of Rocket Pharmaceuticals in a research note on Tuesday, August 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $52.00 price target on shares of Rocket Pharmaceuticals in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $51.75.

Rocket Pharmaceuticals Trading Down 5.4 %

Rocket Pharmaceuticals stock opened at $14.82 on Monday. Rocket Pharmaceuticals has a 52-week low of $14.65 and a 52-week high of $32.53. The company has a quick ratio of 7.79, a current ratio of 6.05 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $1.35 billion, a price-to-earnings ratio of -5.39 and a beta of 1.09. The firm has a 50-day moving average price of $17.84 and a two-hundred day moving average price of $20.25.

Institutional Trading of Rocket Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in RCKT. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of 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 in the last quarter. Nisa Investment Advisors LLC raised its position in shares of Rocket Pharmaceuticals by 31.9% during the second quarter. Nisa Investment Advisors LLC now owns 3,160 shares of the biotechnology company’s stock worth $68,000 after purchasing an additional 764 shares during the period. Values First Advisors Inc. purchased a new stake in shares of Rocket Pharmaceuticals during the third quarter valued at $108,000. SG Americas Securities LLC acquired a new position in shares of Rocket Pharmaceuticals in the 3rd quarter valued at $113,000. Finally, Verition Fund Management LLC acquired a new position in shares of Rocket Pharmaceuticals in the 3rd quarter valued at $290,000. 98.39% of the stock is 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.