Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) Given Average Recommendation of "Hold" by Analysts

Key Points

• Analysts give Rocket Pharmaceuticals a “Hold” consensus: Three rate the stock “sell,” two “hold,” four “buy,” and one “strong buy.” The average 12-month price target is $8.57, versus a recent price of $3.43.
• Recent ratings were mixed: Chardan Capital initiated coverage with a “buy” rating and an $11 target, while Wedbush lowered its target from $16 to $15 but maintained an “outperform” rating.
• Rocket reported quarterly EPS of $1.08, exceeding the $0.86 consensus estimate. Its COO sold shares worth about $128,000 to cover tax withholding, while institutional investors own 98.39% of the stock.

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report) has earned an average rating of "Hold" from the ten brokerages that are covering the company, MarketBeat reports. Three investment analysts have rated the stock with a sell rating, two have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $8.5714.

Several analysts have recently commented on RCKT shares. Chardan Capital began coverage on shares of Rocket Pharmaceuticals in a research note on Tuesday, September 1st. They issued a "buy" rating and a $11.00 target price for the company. Weiss Ratings cut shares of Rocket Pharmaceuticals from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday, August 11th. Wedbush cut their price target on shares of Rocket Pharmaceuticals from $16.00 to $15.00 and set an "outperform" rating for the company in a report on Tuesday, August 11th. Finally, Wall Street Zen upgraded shares of Rocket Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Monday, August 17th.

Insider Activity

In other news, COO Christopher Stevens sold 36,658 shares of the firm's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $3.50, for a total value of $128,303.00. Following the completion of the sale, the chief operating officer directly owned 505,784 shares of the company's stock, valued at $1,770,244. This trade represents a 6.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 50,613 shares of company stock worth $176,035. Corporate insiders own 21.30% of the company's stock.

Institutional Trading of Rocket Pharmaceuticals

Institutional investors have recently modified their holdings of the business. Allworth Financial LP acquired a new position in shares of Rocket Pharmaceuticals during the 2nd quarter worth $28,000. Legal & General Group Plc acquired a new stake in shares of Rocket Pharmaceuticals in the second quarter valued at about $31,000. HB Wealth Management LLC acquired a new stake in shares of Rocket Pharmaceuticals in the second quarter valued at about $36,000. Focus Partners Advisor Solutions LLC purchased a new stake in Rocket Pharmaceuticals during the second quarter worth about $41,000. Finally, Sequoia Financial Advisors LLC purchased a new stake in Rocket Pharmaceuticals during the fourth quarter worth about $42,000. 98.39% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Pharmaceuticals Trading Up 2.4%

NASDAQ:RCKT opened at $3.43 on Tuesday. The firm has a market cap of $376.55 million, a P/E ratio of -20.18 and a beta of 0.50. The company has a current ratio of 9.24, a quick ratio of 9.24 and a debt-to-equity ratio of 0.05. The stock's 50 day simple moving average is $3.56 and its 200-day simple moving average is $3.63. Rocket Pharmaceuticals has a 12-month low of $2.53 and a 12-month high of $5.45.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The biotechnology company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.22. During the same period last year, the company earned ($0.62) EPS. Equities analysts anticipate that Rocket Pharmaceuticals will post -1.39 EPS for the current year.

About Rocket Pharmaceuticals

Rocket Pharmaceuticals, Inc is a biotechnology company focused on developing gene therapies for rare and devastating diseases. The company uses lentiviral and adeno-associated virus (AAV) vector platforms to deliver genetic material intended to address the underlying causes of inherited disorders, with research programs spanning hematology, immunology, metabolic disease and cardiac conditions.

Rocket's pipeline has included RP-L102 for Fanconi anemia, a rare inherited bone marrow failure disorder; RP-L201 for leukocyte adhesion deficiency-I, an immune-system disorder; and RP-L301 for pyruvate kinase deficiency, a rare red blood cell disorder.

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