Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) Stock Has Average Target Price of $7.77 According to Analysts

Key Points

• Analysts have a “Hold” consensus on Rocket Pharmaceuticals: 12 firms include five buys, one strong buy, four holds, and two sells. Their average one-year price target is $7.77.
• RCKT opened at $2.51, near its 12-month low of $2.16 and below its 50-day and 200-day moving averages.
• Company insiders sold 125,977 shares in the last quarter, with the reported sales made to cover tax obligations on vested equity awards. Institutional investors own 98.39% of the stock.

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report) has earned a consensus recommendation of "Hold" from the twelve ratings firms that are covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $7.77.

A number of research analysts recently weighed in on RCKT shares. Jefferies Financial Group reaffirmed a "hold" rating and issued a $2.95 price target on shares of Rocket Pharmaceuticals in a research note on Wednesday, October 7th. Wedbush reiterated an "outperform" rating on shares of Rocket Pharmaceuticals in a research note on Wednesday, October 7th. The Goldman Sachs Group raised Rocket Pharmaceuticals from a "sell" rating to a "neutral" rating and increased their target price for the company from $3.00 to $4.00 in a report on Thursday, October 8th. Wall Street Zen raised Rocket Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Monday, August 17th. Finally, Weiss Ratings downgraded Rocket Pharmaceuticals from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, August 11th.

Insider Transactions at Rocket Pharmaceuticals

In other news, General Counsel Martin Wilson sold 75,364 shares of the business's stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $3.40, for a total transaction of $256,237.60. Following the transaction, the general counsel directly owned 598,489 shares in the company, valued at $2,034,862.60. The trade was a 11.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Christopher Stevens sold 36,658 shares of the business'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 transaction, the chief operating officer owned 505,784 shares in the company, valued at approximately $1,770,244. This represents a 6.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 125,977 shares of company stock valued at $432,273. 21.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Institutional investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Rocket Pharmaceuticals in the second quarter valued at about $33,940,000. Monaco Asset Management SAM acquired a new stake in shares of Rocket Pharmaceuticals during the second quarter valued at about $8,483,000. Maverick Capital Ltd. raised its stake in shares of Rocket Pharmaceuticals by 42.0% in the 1st quarter. Maverick Capital Ltd. now owns 3,567,372 shares of the biotechnology company's stock valued at $12,771,000 after acquiring an additional 1,054,262 shares during the period. Bank of America Corp DE purchased a new stake in shares of Rocket Pharmaceuticals in the 2nd quarter valued at approximately $2,512,000. Finally, Ieq Capital LLC purchased a new stake in shares of Rocket Pharmaceuticals in the 2nd quarter valued at approximately $1,506,000. 98.39% of the stock is owned by hedge funds and other institutional investors.

Rocket Pharmaceuticals Stock Up 1.6%

Shares of RCKT opened at $2.51 on Wednesday. The firm has a market cap of $275.55 million, a P/E ratio of -14.76 and a beta of 0.51. Rocket Pharmaceuticals has a 12 month low of $2.16 and a 12 month high of $5.45. The stock's 50 day moving average is $2.92 and its two-hundred day moving average is $3.44. The company has a current ratio of 9.24, a quick ratio of 9.24 and a debt-to-equity ratio of 0.05.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last released its quarterly earnings results on Monday, August 10th. The biotechnology company reported $1.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.86 by $0.22. During the same quarter last year, the firm posted ($0.62) earnings per share. Analysts predict that Rocket Pharmaceuticals will post -1.36 earnings per share for the current fiscal year.

Rocket Pharmaceuticals Company Profile

Rocket Pharmaceuticals, Inc is a clinical-stage biotechnology company focused on developing gene therapies for rare and devastating diseases. The company uses lentiviral and adeno-associated virus (AAV) technologies to address genetic disorders with significant unmet medical needs, including hematologic, metabolic, and cardiovascular 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 disorder; and gene therapy programs targeting Danon disease and arrhythmogenic cardiomyopathy.

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