BMO Capital Markets Cuts Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target to $8.00

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) had its target price cut by investment analysts at BMO Capital Markets from $30.00 to $8.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an "outperform" rating on the biotechnology company's stock. BMO Capital Markets' price target would suggest a potential upside of 224.54% from the company's previous close.

A number of other research firms also recently commented on RCKT. Leerink Partners reissued a "market perform" rating and set a $8.00 price objective (down previously from $37.00) on shares of Rocket Pharmaceuticals in a report on Wednesday. The Goldman Sachs Group restated a "sell" rating on shares of Rocket Pharmaceuticals in a research report on Wednesday. TD Cowen restated a "hold" rating on shares of Rocket Pharmaceuticals in a research report on Tuesday. Needham & Company LLC restated a "hold" rating and set a $42.00 target price on shares of Rocket Pharmaceuticals in a research report on Tuesday. Finally, JPMorgan Chase & Co. cut their price objective on shares of Rocket Pharmaceuticals from $45.00 to $44.00 and set an "overweight" rating for the company in a research report on Friday, May 9th. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $23.58.

Rocket Pharmaceuticals Trading Up 5.8%

NASDAQ RCKT traded up $0.14 during trading hours on Wednesday, reaching $2.47. The company had a trading volume of 14,212,773 shares, compared to its average volume of 1,781,201. The stock has a market capitalization of $263.23 million, a P/E ratio of -0.90 and a beta of 1.02. Rocket Pharmaceuticals has a 1-year low of $2.19 and a 1-year high of $26.98. The company has a current ratio of 6.05, a quick ratio of 6.05 and a debt-to-equity ratio of 0.06. The stock has a 50-day moving average of $6.56 and a 200 day moving average of $9.73.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last announced its quarterly earnings data on Tuesday, May 13th. The biotechnology company reported ($0.56) EPS for the quarter, beating analysts' consensus estimates of ($0.58) by $0.02. During the same quarter in the previous year, the company earned ($0.66) earnings per share. As a group, research analysts anticipate that Rocket Pharmaceuticals will post -2.83 earnings per share for the current fiscal year.

Insider Activity at Rocket Pharmaceuticals

In related news, insider Kinnari Patel purchased 21,099 shares of the business's stock in a transaction that occurred on Wednesday, April 9th. The shares were purchased at an average cost 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 of the company's stock, valued at approximately $125,837.80. The trade was a 371.79% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Aaron Ondrey sold 7,489 shares of the company's stock in a transaction on Friday, April 4th. The shares were sold at an average price of $5.29, for a total transaction of $39,616.81. Following the completion of the sale, the chief financial officer now directly owns 129,650 shares in the company, valued at $685,848.50. This represents a 5.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.76% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several large investors have recently bought and sold shares of the stock. Covestor Ltd boosted its position in shares of 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 purchasing an additional 1,990 shares in the last quarter. Signaturefd LLC boosted its holdings in shares of Rocket Pharmaceuticals by 83.6% during the first quarter. Signaturefd LLC now owns 9,024 shares of the biotechnology company's stock worth $60,000 after purchasing an additional 4,108 shares during the period. Harbour Investments Inc. raised its position in Rocket Pharmaceuticals by 51.9% during the fourth quarter. Harbour Investments Inc. now owns 5,385 shares of the biotechnology company's stock valued at $68,000 after acquiring an additional 1,840 shares in the last quarter. KBC Group NV raised its position in Rocket Pharmaceuticals by 159.6% during the fourth quarter. KBC Group NV now owns 5,475 shares of the biotechnology company's stock valued at $69,000 after acquiring an additional 3,366 shares in the last quarter. Finally, Hsbc Holdings PLC bought a new position in Rocket Pharmaceuticals during the first quarter valued at approximately $69,000. Institutional investors and hedge funds own 98.39% of the company's stock.

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.

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