Analysts Set Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) PT at $51.00

Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) have been given a consensus rating of “Moderate Buy” by the eleven research firms that are covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $51.00.

A number of research firms have recently commented on RCKT. Leerink Partners lowered their target price on Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating for the company in a research report on Tuesday, November 19th. Scotiabank began coverage on shares of Rocket Pharmaceuticals in a research note on Wednesday, October 16th. They issued a “sector outperform” rating and a $50.00 price objective for the company. Needham & Company LLC restated a “buy” rating and set a $52.00 target price on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $65.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Finally, Chardan Capital restated a “buy” rating and set a $62.00 price objective on shares of Rocket Pharmaceuticals in a research report on Monday, November 18th.

Insider Activity

In related news, CEO Gaurav Shah sold 11,091 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $13.05, for a total value of $144,737.55. Following the transaction, the chief executive officer now owns 707,328 shares of the company’s stock, valued at $9,230,630.40. This trade represents a 1.54 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders sold 13,490 shares of company stock valued at $176,045. 28.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

A number of institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP boosted its holdings in shares of Rocket Pharmaceuticals by 22.8% in the third quarter. Wellington Management Group LLP now owns 11,242,144 shares of the biotechnology company’s stock valued at $207,642,000 after purchasing an additional 2,086,424 shares during the period. State Street Corp lifted its holdings in shares of Rocket Pharmaceuticals by 11.6% in the 3rd quarter. State Street Corp now owns 3,102,022 shares of the biotechnology company’s stock worth $57,294,000 after buying an additional 322,156 shares during the period. First Turn Management LLC grew its position in shares of Rocket Pharmaceuticals by 123.6% during the 2nd quarter. First Turn Management LLC now owns 560,989 shares of the biotechnology company’s stock worth $12,078,000 after buying an additional 310,119 shares in the last quarter. Maverick Capital Ltd. increased its stake in shares of Rocket Pharmaceuticals by 4.8% during the third quarter. Maverick Capital Ltd. now owns 4,118,672 shares of the biotechnology company’s stock valued at $76,072,000 after buying an additional 190,360 shares during the period. Finally, Westfield Capital Management Co. LP raised its holdings in shares of Rocket Pharmaceuticals by 3.8% in the third quarter. Westfield Capital Management Co. LP now owns 4,493,833 shares of the biotechnology company’s stock valued at $83,001,000 after acquiring an additional 165,911 shares in the last quarter. 98.39% of the stock is owned by hedge funds and other institutional investors.

Rocket Pharmaceuticals Price Performance

Shares of Rocket Pharmaceuticals stock opened at $13.89 on Wednesday. The firm has a market cap of $1.27 billion, a PE ratio of -5.05 and a beta of 1.01. The stock has a 50 day moving average of $16.02 and a 200 day moving average of $19.19. The company has a current ratio of 6.05, a quick ratio of 6.05 and a debt-to-equity ratio of 0.06. Rocket Pharmaceuticals has a 12 month low of $12.62 and a 12 month high of $32.53.

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.