Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target Lowered to $8.00 at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald has lowered the price target for Rocket Pharmaceuticals from $10.00 to $8.00, indicating a potential upside of 178.26% from the company's previous close while maintaining an "overweight" rating.
• Other analysts have also cut their price targets significantly, with BMO Capital Markets reducing theirs to $8.00 and Goldman Sachs changing their rating to "sell."
• Rocket Pharmaceuticals' stock has recently fallen by 7%, reaching a trading price of $2.88, and the company reported a quarterly EPS of ($0.62), missing expectations.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) had its price objective dropped by investment analysts at Cantor Fitzgerald from $10.00 to $8.00 in a report issued on Friday,Benzinga reports. The firm currently has an "overweight" rating on the biotechnology company's stock. Cantor Fitzgerald's price objective indicates a potential upside of 173.97% from the stock's current price.

Other analysts also recently issued research reports about the stock. Evercore ISI downgraded shares of Rocket Pharmaceuticals from an "outperform" rating to an "in-line" rating and set a $5.00 price target for the company. in a report on Friday, May 30th. Chardan Capital dropped their target price on shares of Rocket Pharmaceuticals from $17.00 to $12.00 and set a "buy" rating for the company in a report on Thursday, July 24th. Canaccord Genuity Group dropped their target price on shares of Rocket Pharmaceuticals from $11.00 to $10.00 and set a "buy" rating for the company in a report on Friday, July 25th. Jefferies Financial Group reiterated a "hold" rating on shares of Rocket Pharmaceuticals in a report on Wednesday, May 28th. Finally, BMO Capital Markets dropped their target price on shares of Rocket Pharmaceuticals from $30.00 to $8.00 and set an "outperform" rating for the company in a report on Wednesday, May 28th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $16.33.

Rocket Pharmaceuticals Trading Up 2.1%

Shares of NASDAQ RCKT traded up $0.06 during midday trading on Friday, reaching $2.92. 2,361,746 shares of the stock were exchanged, compared to its average volume of 3,141,518. The company has a 50 day simple moving average of $2.95 and a 200 day simple moving average of $6.05. The stock has a market capitalization of $315.07 million, a P/E ratio of -1.16 and a beta of 0.65. The company has a debt-to-equity ratio of 0.05, a quick ratio of 9.19 and a current ratio of 9.19. Rocket Pharmaceuticals has a twelve month low of $2.19 and a twelve month high of $22.01.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The biotechnology company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.57) by ($0.02). During the same period last year, the business posted ($0.74) EPS. As a group, equities analysts expect that Rocket Pharmaceuticals will post -2.83 earnings per share for the current year.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of RCKT. Raymond James Financial Inc. purchased a new stake in Rocket Pharmaceuticals in the fourth quarter valued at $285,000. Geode Capital Management LLC lifted its position in Rocket Pharmaceuticals by 8.4% in the fourth quarter. Geode Capital Management LLC now owns 1,752,975 shares of the biotechnology company's stock valued at $22,041,000 after acquiring an additional 135,109 shares during the last quarter. Wells Fargo & Company MN lifted its position in Rocket Pharmaceuticals by 40.9% in the fourth quarter. Wells Fargo & Company MN now owns 34,970 shares of the biotechnology company's stock valued at $440,000 after acquiring an additional 10,147 shares during the last quarter. Envestnet Asset Management Inc. lifted its position in Rocket Pharmaceuticals by 4.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 32,422 shares of the biotechnology company's stock valued at $408,000 after acquiring an additional 1,280 shares during the last quarter. Finally, Invesco Ltd. lifted its position in Rocket Pharmaceuticals by 1.5% in the fourth quarter. Invesco Ltd. now owns 357,840 shares of the biotechnology company's stock valued at $4,498,000 after acquiring an additional 5,218 shares during the last quarter. 98.39% of the stock is owned by hedge funds and other institutional investors.

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.