Rocket Pharmaceuticals, Inc. $RCKT Shares Newly Acquired by Bank of America Corp DE

Key Points

• Bank of America initiated a position in Rocket Pharmaceuticals, purchasing 734,584 shares worth approximately $2.5 million, or about 0.67% of the company. Other institutional investors also added stakes, with institutions collectively owning 98.39% of RCKT.
• Analyst sentiment is mixed: Rocket has a consensus “Hold” rating and an average price target of $8.62, while individual targets range from $9 to $15. Recent changes included upgraded “Buy” and “Outperform” ratings alongside some continued sell ratings.
• RCKT opened at $2.63, near its one-year low of $2.51, and remains unprofitable despite beating quarterly EPS estimates. Insiders sold 125,977 shares in the latest quarter, primarily to cover tax withholding obligations tied to equity awards.

Bank of America Corp DE bought a new stake in shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 734,584 shares of the biotechnology company's stock, valued at approximately $2,512,000. Bank of America Corp DE owned approximately 0.67% of Rocket Pharmaceuticals at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. ADAR1 Capital Management LLC bought a new stake in shares of Rocket Pharmaceuticals in the 2nd quarter valued at about $1,489,000. PDT Partners LLC purchased a new position in Rocket Pharmaceuticals in the second quarter worth $638,000. Canada Pension Plan Investment Board acquired a new position in shares of Rocket Pharmaceuticals during the second quarter worth $200,000. Legal & General Group Plc purchased a new position in Rocket Pharmaceuticals during the 2nd quarter worth $31,000. Finally, The Manufacturers Life Insurance Company purchased a new position in Rocket Pharmaceuticals during the 2nd quarter worth $91,000. 98.39% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RCKT has been the subject of a number of research analyst reports. Weiss Ratings cut Rocket Pharmaceuticals from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, August 11th. Needham & Company LLC raised shares of Rocket Pharmaceuticals from a "hold" rating to a "buy" rating and set a $9.00 price target for the company in a report on Wednesday, September 16th. Chardan Capital reissued a "buy" rating and issued a $11.00 target price on shares of Rocket Pharmaceuticals in a research report on Tuesday, September 15th. Wedbush restated an "outperform" rating and issued a $15.00 target price on shares of Rocket Pharmaceuticals in a research note on Wednesday, September 16th. Finally, Wall Street Zen raised Rocket Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Monday, August 17th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Rocket Pharmaceuticals presently has a consensus rating of "Hold" and a consensus price target of $8.62.

Insider Transactions at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, COO Christopher Stevens sold 36,658 shares of the firm's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $3.50, for a total value of $128,303.00. Following the transaction, 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 document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Martin Wilson sold 75,364 shares of the company's stock in a transaction on Friday, September 11th. The shares were sold at an average price of $3.40, for a total value of $256,237.60. Following the completion of the sale, the general counsel owned 598,489 shares of the company's stock, valued at approximately $2,034,862.60. The trade was a 11.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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.

Rocket Pharmaceuticals Trading Up 1.5%

Shares of NASDAQ:RCKT opened at $2.63 on Thursday. The firm has a market capitalization of $288.72 million, a price-to-earnings ratio of -15.47 and a beta of 0.50. The business's 50 day moving average price is $3.40 and its 200-day moving average price is $3.48. The company has a debt-to-equity ratio of 0.05, a current ratio of 9.24 and a quick ratio of 9.24. Rocket Pharmaceuticals, Inc. has a 1 year low of $2.51 and a 1 year 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, beating analysts' consensus estimates of $0.86 by $0.22. During the same quarter in the previous year, the business earned ($0.62) earnings per share. On average, equities research analysts forecast that Rocket Pharmaceuticals, Inc. will post -1.36 earnings per share for the current fiscal 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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