Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target Cut to $9.00 by Analysts at Bank of America

Rocket Pharmaceuticals (NASDAQ:RCKT - Free Report) had its target price lowered by Bank of America from $32.00 to $9.00 in a research report report published on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the biotechnology company's stock.

Several other analysts also recently weighed in on RCKT. Jefferies Financial Group restated a "hold" rating on shares of Rocket Pharmaceuticals in a research note on Wednesday. Chardan Capital cut their price target on Rocket Pharmaceuticals from $46.00 to $17.00 and set a "buy" rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. cut their price target on Rocket Pharmaceuticals from $45.00 to $44.00 and set an "overweight" rating on the stock in a research note on Friday, May 9th. Needham & Company LLC downgraded Rocket Pharmaceuticals from a "buy" rating to a "hold" rating and set a $42.00 target price on the stock. in a research note on Tuesday, May 27th. Finally, Canaccord Genuity Group decreased their price target on Rocket Pharmaceuticals from $36.00 to $34.00 and set a "buy" rating for the company in a research note on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $21.21.

Rocket Pharmaceuticals Stock Down 5.3%

Shares of NASDAQ:RCKT traded down $0.14 during trading on Wednesday, hitting $2.48. The stock had a trading volume of 7,402,317 shares, compared to its average volume of 1,878,766. Rocket Pharmaceuticals has a 12 month low of $2.19 and a 12 month high of $26.98. The company has a market capitalization of $264.83 million, a PE ratio of -0.90 and a beta of 1.02. The firm's fifty day moving average is $6.20 and its 200 day moving average is $9.45. The company has a quick ratio of 6.05, a current ratio of 6.05 and a debt-to-equity ratio of 0.06.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last announced its earnings results on Tuesday, May 13th. The biotechnology company reported ($0.56) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.58) by $0.02. During the same period in the prior year, the business posted ($0.66) earnings per share. Analysts anticipate that Rocket Pharmaceuticals will post -2.83 EPS for the current fiscal year.

Insider Activity

In other news, CEO Gaurav Shah bought 20,000 shares of the stock in a transaction on Thursday, April 10th. The stock was acquired at an average cost of $5.08 per share, for a total transaction of $101,600.00. Following the acquisition, the chief executive officer now owns 792,680 shares of the company's stock, valued at $4,026,814.40. This represents a 2.59% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kinnari Patel bought 21,099 shares of the stock in a transaction on Wednesday, April 9th. The stock was purchased at an average price of $4.70 per share, with a total value of $99,165.30. Following the completion of the acquisition, the insider now directly owns 26,774 shares in the company, valued at approximately $125,837.80. This trade represents a 371.79% increase in their position. The disclosure for this purchase can be found here. Insiders own 24.76% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Covestor Ltd increased its position in Rocket Pharmaceuticals by 33,166.7% during the 4th quarter. Covestor Ltd now owns 1,996 shares of the biotechnology company's stock valued at $25,000 after buying an additional 1,990 shares in the last quarter. Signaturefd LLC increased its position in Rocket Pharmaceuticals by 319.8% during the 4th quarter. Signaturefd LLC now owns 4,916 shares of the biotechnology company's stock valued at $62,000 after buying an additional 3,745 shares in the last quarter. Harbour Investments Inc. increased its position in Rocket Pharmaceuticals by 51.9% during the 4th quarter. Harbour Investments Inc. now owns 5,385 shares of the biotechnology company's stock valued at $68,000 after buying an additional 1,840 shares in the last quarter. KBC Group NV increased its position in Rocket Pharmaceuticals by 159.6% during the 4th quarter. KBC Group NV now owns 5,475 shares of the biotechnology company's stock valued at $69,000 after buying an additional 3,366 shares in the last quarter. Finally, Virtus ETF Advisers LLC increased its position in Rocket Pharmaceuticals by 40.4% during the 4th quarter. Virtus ETF Advisers LLC now owns 5,656 shares of the biotechnology company's stock valued at $71,000 after buying an additional 1,628 shares in the last quarter. 98.39% of the stock is owned by institutional investors.

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.