Chardan Capital Reiterates "Buy" Rating for Rocket Pharmaceuticals (NASDAQ:RCKT)

Key Points

• Chardan Capital reiterated its “Buy” rating on Rocket Pharmaceuticals and maintained an $11 price target, implying roughly 196% upside from the stock’s $3.72 price.
• Analyst sentiment is mixed: Rocket has a consensus “Hold” rating and an average price target of $8.57, despite one Strong Buy, four Buy, two Hold and three Sell ratings.
• Rocket reported quarterly EPS of $1.08, exceeding the $0.86 consensus estimate. The clinical-stage biotechnology company develops gene therapies for rare inherited pediatric diseases.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report)'s stock had its "buy" rating reissued by analysts at Chardan Capital in a research report issued to clients and investors on Tuesday, Benzinga reports. They currently have a $11.00 price target on the biotechnology company's stock. Chardan Capital's price target indicates a potential upside of 195.70% from the company's current price.

Other analysts also recently issued research reports about the stock. Wedbush decreased their price target on shares of Rocket Pharmaceuticals from $16.00 to $15.00 and set an "outperform" rating for the company in a research note on Tuesday, August 11th. Weiss Ratings downgraded Rocket Pharmaceuticals from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday, August 11th. Finally, Wall Street Zen raised Rocket Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Monday, August 17th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $8.57.

Rocket Pharmaceuticals Stock Performance

RCKT stock opened at $3.72 on Tuesday. The business's fifty day simple moving average is $3.53 and its two-hundred day simple moving average is $3.62. The company has a quick ratio of 9.24, a current ratio of 9.24 and a debt-to-equity ratio of 0.05. The firm has a market cap of $408.38 million, a price-to-earnings ratio of -21.88 and a beta of 0.47. Rocket Pharmaceuticals has a twelve month low of $2.53 and a twelve month high of $5.45.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The biotechnology company reported $1.08 earnings per share for the quarter, beating analysts' consensus estimates of $0.86 by $0.22. During the same quarter in the prior year, the business posted ($0.62) EPS. Analysts predict that Rocket Pharmaceuticals will post -1.39 earnings per share for the current year.

Insider Activity at Rocket Pharmaceuticals

In other news, COO Christopher James Stevens sold 36,658 shares of the company's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $3.50, for a total value of $128,303.00. Following the completion of the sale, the chief operating officer owned 505,784 shares of the company's stock, valued at approximately $1,770,244. This represents a 6.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 50,613 shares of company stock valued at $176,035. Insiders own 21.30% of the company's stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several institutional investors have recently bought and sold shares of RCKT. Barclays PLC lifted its position in Rocket Pharmaceuticals by 2.4% during the fourth quarter. Barclays PLC now owns 153,049 shares of the biotechnology company's stock valued at $537,000 after purchasing an additional 3,656 shares during the period. Corient Private Wealth LP lifted its holdings in shares of Rocket Pharmaceuticals by 17.0% in the 2nd quarter. Corient Private Wealth LP now owns 37,819 shares of the biotechnology company's stock valued at $129,000 after buying an additional 5,501 shares during the period. CANADA LIFE ASSURANCE Co boosted its stake in shares of Rocket Pharmaceuticals by 94.4% in the second quarter. CANADA LIFE ASSURANCE Co now owns 12,202 shares of the biotechnology company's stock worth $29,000 after buying an additional 5,926 shares during the last quarter. Sanctuary Advisors LLC grew its holdings in Rocket Pharmaceuticals by 63.5% during the fourth quarter. Sanctuary Advisors LLC now owns 17,437 shares of the biotechnology company's stock worth $61,000 after acquiring an additional 6,769 shares during the period. Finally, Rice Hall James & Associates LLC grew its holdings in Rocket Pharmaceuticals by 8.1% during the first quarter. Rice Hall James & Associates LLC now owns 91,887 shares of the biotechnology company's stock worth $329,000 after acquiring an additional 6,900 shares during the period. 98.39% of the stock is owned by hedge funds and other institutional investors.

Rocket Pharmaceuticals Company Profile

Rocket Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing gene therapies for rare, inherited pediatric diseases. The company employs a proprietary adeno-associated virus (AAV) and lentiviral vector platform to deliver functional copies of genes in patients with genetic deficiencies. Its programs target a spectrum of disorders, including Fanconi anemia, leukocyte adhesion deficiency type I and Danon disease, with the goal of delivering one-time treatments that address the underlying causes of disease rather than merely managing symptoms.

The company's pipeline comprises multiple product candidates in various stages of development.

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