Rocket Pharmaceuticals (NASDAQ:RCKT) Given New $17.00 Price Target at Chardan Capital

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) had its target price reduced by investment analysts at Chardan Capital from $46.00 to $17.00 in a research report issued on Wednesday, MarketBeat.com reports. The firm presently has a "buy" rating on the biotechnology company's stock.

A number of other brokerages have also weighed in on RCKT. Cantor Fitzgerald lifted their price objective on shares of Rocket Pharmaceuticals from $20.00 to $30.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Needham & Company LLC lowered Rocket Pharmaceuticals from a "buy" rating to a "hold" rating and set a $42.00 price target for the company. in a report on Tuesday. JPMorgan Chase & Co. lowered their target price on Rocket Pharmaceuticals from $45.00 to $44.00 and set an "overweight" rating for the company in a report on Friday, May 9th. Scotiabank lowered their price objective on shares of Rocket Pharmaceuticals from $52.00 to $51.00 and set a "sector outperform" rating for the company in a research note on Monday, May 12th. Finally, BMO Capital Markets started coverage on shares of Rocket Pharmaceuticals in a research report on Wednesday, March 12th. They set an "outperform" rating and a $50.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $22.46.

Rocket Pharmaceuticals Price Performance

Shares of NASDAQ:RCKT traded up $0.14 on Wednesday, reaching $2.62. The company's stock had a trading volume of 10,045,193 shares, compared to its average volume of 1,846,466. The company has a market cap of $279.78 million, a P/E ratio of -0.95 and a beta of 1.02. Rocket Pharmaceuticals has a 52-week low of $2.19 and a 52-week high of $26.98. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.05 and a current ratio of 6.05. The company has a 50-day simple moving average of $6.32 and a 200 day simple moving average of $9.58.

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

Insider Buying and Selling at Rocket Pharmaceuticals

In related news, CFO Aaron Ondrey sold 7,489 shares of the company's stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $5.29, for a total value of $39,616.81. Following the completion of the transaction, the chief financial officer now directly owns 129,650 shares of the company's stock, valued at $685,848.50. This represents a 5.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Kinnari Patel bought 21,099 shares of the stock in a transaction dated Wednesday, April 9th. The stock was bought at an average price of $4.70 per share, with a total value of $99,165.30. Following the acquisition, the insider now owns 26,774 shares in the company, valued at approximately $125,837.80. This represents a 371.79% increase in their position. The disclosure for this purchase can be found here. 24.76% of the stock is owned by insiders.

Institutional Trading of Rocket Pharmaceuticals

Large investors have recently made changes to their positions in the company. Wellington Management Group LLP boosted its holdings in shares of Rocket Pharmaceuticals by 24.5% in the fourth quarter. Wellington Management Group LLP now owns 13,995,177 shares of the biotechnology company's stock valued at $175,919,000 after acquiring an additional 2,753,033 shares during the period. Suvretta Capital Management LLC acquired a new stake in shares of Rocket Pharmaceuticals in the 4th quarter worth $32,267,000. Janus Henderson Group PLC boosted its holdings in shares of Rocket Pharmaceuticals by 111.0% in the fourth quarter. Janus Henderson Group PLC now owns 4,004,039 shares of the biotechnology company's stock valued at $50,343,000 after acquiring an additional 2,106,699 shares in the last quarter. Point72 Asset Management L.P. increased its stake in shares of Rocket Pharmaceuticals by 3,163.9% during the fourth quarter. Point72 Asset Management L.P. now owns 1,569,823 shares of the biotechnology company's stock worth $19,733,000 after acquiring an additional 1,521,727 shares during the period. Finally, Boxer Capital Management LLC purchased a new position in Rocket Pharmaceuticals during the fourth quarter worth about $18,428,000. 98.39% of the stock is owned by institutional investors and hedge funds.

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.