Bank of America Forecasts Strong Price Appreciation for Rocket Pharmaceuticals (NASDAQ:RCKT) Stock

Key Points

• Bank of America raised its price target on Rocket Pharmaceuticals from $8.00 to $9.00 and maintained a "buy" rating, implying a ~140.77% upside from the company's current price.
• Analysts are mixed: Rocket has a consensus rating of "Hold" with a consensus price target of $13.86, based on 1 Strong Buy, 8 Buy, 6 Hold and 3 Sell ratings—showing significant divergence in outlooks.
• The stock opened at $3.74, has a market cap of about $408 million and reported a Q that beat estimates (EPS of -$0.38 vs. -$0.42); insiders sold ~29,415 shares (~$97k) in the last 90 days but still own 24.76% of the company.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) had its price objective boosted by stock analysts at Bank of America from $8.00 to $9.00 in a research note issued on Monday,Benzinga reports. The firm currently has a "buy" rating on the biotechnology company's stock. Bank of America's price objective indicates a potential upside of 140.77% from the company's current price.

Other equities research analysts have also issued reports about the company. Cantor Fitzgerald upped their price target on Rocket Pharmaceuticals from $8.00 to $10.00 and gave the stock an "overweight" rating in a research note on Friday, February 27th. The Goldman Sachs Group raised their price target on shares of Rocket Pharmaceuticals to $3.00 and gave the company a "sell" rating in a report on Monday, March 2nd. Morgan Stanley set a $5.00 price objective on shares of Rocket Pharmaceuticals in a report on Thursday, January 8th. Wall Street Zen cut shares of Rocket Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Sunday, March 8th. Finally, Lifesci Capital raised Rocket Pharmaceuticals to a "strong-buy" rating in a research report on Thursday, February 26th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, Rocket Pharmaceuticals presently has a consensus rating of "Hold" and a consensus price target of $13.86.

Rocket Pharmaceuticals Stock Performance

Rocket Pharmaceuticals stock opened at $3.74 on Monday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 6.38 and a current ratio of 6.38. Rocket Pharmaceuticals has a fifty-two week low of $2.19 and a fifty-two week high of $8.26. The stock has a fifty day moving average of $4.03 and a two-hundred day moving average of $3.64. The company has a market capitalization of $407.89 million, a price-to-earnings ratio of -1.87 and a beta of 0.39.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last announced its earnings results on Thursday, February 26th. The biotechnology company reported ($0.38) earnings per share for the quarter, beating the consensus estimate of ($0.42) by $0.04. During the same quarter last year, the company posted ($0.62) earnings per share. On average, analysts anticipate that Rocket Pharmaceuticals will post -2.83 EPS for the current fiscal year.

Insider Activity

In related news, CEO Gaurav Shah sold 12,279 shares of the company's stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $3.31, for a total value of $40,643.49. Following the sale, the chief executive officer owned 1,052,045 shares of the company's stock, valued at approximately $3,482,268.95. This represents a 1.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Martin Wilson sold 12,253 shares of the business's stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $3.31, for a total transaction of $40,557.43. Following the completion of the transaction, the general counsel directly owned 683,376 shares of the company's stock, valued at $2,261,974.56. The trade was a 1.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 29,415 shares of company stock worth $97,398 in the last ninety days. Insiders own 24.76% of the company's stock.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of large investors have recently modified their holdings of the stock. Federated Hermes Inc. boosted its position in shares of Rocket Pharmaceuticals by 0.5% during the third quarter. Federated Hermes Inc. now owns 627,567 shares of the biotechnology company's stock worth $2,046,000 after buying an additional 3,264 shares during the period. Barclays PLC grew its stake in Rocket Pharmaceuticals by 2.4% in 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 in the last quarter. Hennion & Walsh Asset Management Inc. increased its holdings in shares of Rocket Pharmaceuticals by 1.2% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 309,247 shares of the biotechnology company's stock valued at $1,085,000 after acquiring an additional 3,809 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Rocket Pharmaceuticals by 94.4% during the 2nd 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 period. Finally, Sanctuary Advisors LLC lifted its position in Rocket Pharmaceuticals by 63.5% during the 4th 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 last quarter. Institutional investors and hedge funds own 98.39% of the company's stock.

About Rocket Pharmaceuticals

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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