Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Price Up 6.3% – What’s Next?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) rose 6.3% during trading on Friday . The company traded as high as $13.60 and last traded at $13.60. Approximately 264,678 shares were traded during trading, a decline of 67% from the average daily volume of 792,594 shares. The stock had previously closed at $12.79.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Chardan Capital reissued a “buy” rating and issued a $62.00 target price on shares of Rocket Pharmaceuticals in a research note on Monday. Scotiabank initiated coverage on Rocket Pharmaceuticals in a report on Wednesday, October 16th. They set a “sector outperform” rating and a $50.00 target price for the company. Cantor Fitzgerald reissued an “overweight” rating and set a $65.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday. JPMorgan Chase & Co. raised their target price on shares of Rocket Pharmaceuticals from $50.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 6th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $52.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday. 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 a consensus rating of “Moderate Buy” and a consensus target price of $51.00.

Rocket Pharmaceuticals Stock Up 9.9 %

The company’s 50 day moving average price is $17.38 and its two-hundred day moving average price is $19.98. The firm has a market cap of $1.28 billion, a PE ratio of -4.90 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.

Institutional Trading of Rocket Pharmaceuticals

Hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC raised its position in Rocket Pharmaceuticals by 0.9% during the third quarter. Geode Capital Management LLC now owns 1,617,866 shares of the biotechnology company’s stock valued at $29,888,000 after purchasing an additional 14,256 shares during the period. Main Management ETF Advisors LLC bought a new position in Rocket Pharmaceuticals during the third quarter valued at $602,000. XTX Topco Ltd bought a new stake in shares of Rocket Pharmaceuticals in the 3rd quarter worth about $286,000. Wellington Management Group LLP boosted its stake in shares of Rocket Pharmaceuticals by 22.8% during the 3rd quarter. Wellington Management Group LLP now owns 11,242,144 shares of the biotechnology company’s stock worth $207,642,000 after purchasing an additional 2,086,424 shares during the period. Finally, Sphera Funds Management LTD. lifted its stake in Rocket Pharmaceuticals by 12.0% in the third quarter. Sphera Funds Management LTD. now owns 231,792 shares of the biotechnology company’s stock worth $4,281,000 after purchasing an additional 24,859 shares during the last quarter. Hedge funds and other institutional investors own 98.39% of the company’s stock.

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.