Rocket Pharmaceuticals' (RCKT) "Buy" Rating Reaffirmed at Chardan Capital

Key Points

• Chardan Capital reaffirmed a “Buy” rating on Rocket Pharmaceuticals and set an $11 price target, implying 216.27% upside from the prior close.
• Analyst sentiment remains 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, beating the $0.86 consensus estimate. Shares opened at $3.48, while institutional investors and hedge funds own 98.39% of the company.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report)'s stock had its "buy" rating reaffirmed by investment analysts at Chardan Capital in a research report issued to clients and investors on Tuesday, Benzinga reports. They currently have a $11.00 target price on the biotechnology company's stock. Chardan Capital's price objective suggests a potential upside of 216.27% from the stock's previous close.

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

Rocket Pharmaceuticals Trading Up 1.4%

Shares of Rocket Pharmaceuticals stock opened at $3.48 on Tuesday. The stock has a 50 day moving average of $3.56 and a 200 day moving average of $3.63. The company has a debt-to-equity ratio of 0.05, a quick ratio of 9.24 and a current ratio of 9.24. The firm has a market capitalization of $381.81 million, a price-to-earnings ratio of -20.95 and a beta of 0.50. Rocket Pharmaceuticals has a fifty-two week low of $2.53 and a fifty-two week high of $5.45.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last released its quarterly earnings results on Monday, August 10th. The biotechnology company reported $1.08 EPS for the quarter, topping analysts' consensus estimates of $0.86 by $0.22. During the same period last year, the firm earned ($0.62) EPS. As a group, research analysts predict that Rocket Pharmaceuticals will post -1.39 earnings per share for the current year.

Insider Activity

In other news, COO Christopher 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 transaction of $128,303.00. Following the transaction, the chief operating officer directly owned 505,784 shares in the company, valued at approximately $1,770,244. This represents a 6.76% decrease in their ownership of the stock. 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. Insiders sold 50,613 shares of company stock valued at $176,035 over the last three months. Insiders own 21.30% of the company's stock.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Hedge funds have recently bought and sold shares of the company. Allworth Financial LP bought a new stake in shares of Rocket Pharmaceuticals in the 2nd quarter valued at $28,000. Legal & General Group Plc bought a new stake in shares of Rocket Pharmaceuticals in the second quarter valued at approximately $31,000. HB Wealth Management LLC bought a new stake in Rocket Pharmaceuticals during the 2nd quarter valued at $36,000. Focus Partners Advisor Solutions LLC bought a new position in Rocket Pharmaceuticals in the 2nd quarter worth about $41,000. Finally, Sequoia Financial Advisors LLC purchased a new stake in Rocket Pharmaceuticals in the 4th quarter worth approximately $42,000. 98.39% of the stock is currently owned by institutional investors and hedge funds.

About Rocket Pharmaceuticals

Rocket Pharmaceuticals, Inc is a biotechnology company focused on developing gene therapies for rare and devastating diseases. The company uses lentiviral and adeno-associated virus (AAV) vector platforms to deliver genetic material intended to address the underlying causes of inherited disorders, with research programs spanning hematology, immunology, metabolic disease and cardiac conditions.

Rocket's pipeline has included RP-L102 for Fanconi anemia, a rare inherited bone marrow failure disorder; RP-L201 for leukocyte adhesion deficiency-I, an immune-system disorder; and RP-L301 for pyruvate kinase deficiency, a rare red blood cell disorder.

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