Rocket Pharmaceuticals' (RCKT) "Market Perform" Rating Reaffirmed at Leerink Partners

Leerink Partners reiterated their market perform rating on shares of Rocket Pharmaceuticals (NASDAQ:RCKT - Free Report) in a research report released on Wednesday, Marketbeat Ratings reports. Leerink Partners currently has a $8.00 price target on the biotechnology company's stock, down from their previous price target of $37.00.

Several other research firms also recently weighed in on RCKT. Canaccord Genuity Group lowered their target price on Rocket Pharmaceuticals from $36.00 to $34.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. Needham & Company LLC cut Rocket Pharmaceuticals from a "buy" rating to a "hold" rating and set a $42.00 price target on the stock. in a report on Tuesday. TD Cowen reaffirmed a "hold" rating on shares of Rocket Pharmaceuticals in a report on Tuesday. Morgan Stanley reaffirmed an "equal weight" rating and issued a $7.00 target price on shares of Rocket Pharmaceuticals in a report on Wednesday. Finally, Scotiabank reduced their price objective on Rocket Pharmaceuticals from $52.00 to $51.00 and set a "sector outperform" rating on the stock in a research note on Monday, May 12th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $21.21.

Rocket Pharmaceuticals Stock Down 5.3%

RCKT stock traded down $0.14 on Wednesday, reaching $2.48. 7,402,317 shares of the company traded hands, compared to its average volume of 1,873,470. The company has a market cap of $264.83 million, a P/E ratio of -0.90 and a beta of 1.02. The firm has a fifty day simple moving average of $6.20 and a 200-day simple moving average of $9.49. Rocket Pharmaceuticals has a one year low of $2.19 and a one year high of $26.98. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05.

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

Insider Activity at Rocket Pharmaceuticals

In related news, CFO Aaron Ondrey sold 7,489 shares of the business'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 sale, the chief financial officer now owns 129,650 shares in the company, valued at approximately $685,848.50. The trade was a 5.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kinnari Patel purchased 21,099 shares of the stock in a transaction that occurred on Wednesday, April 9th. The stock was purchased at an average price of $4.70 per share, with a total value of $99,165.30. Following the acquisition, the insider now directly owns 26,774 shares of the company's stock, valued at $125,837.80. This trade 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 company insiders.

Institutional Trading of Rocket Pharmaceuticals

Hedge funds have recently bought and sold shares of the stock. Covestor Ltd lifted its holdings in Rocket Pharmaceuticals by 33,166.7% during the fourth quarter. Covestor Ltd now owns 1,996 shares of the biotechnology company's stock worth $25,000 after buying an additional 1,990 shares during the period. Signaturefd LLC lifted its holdings in Rocket Pharmaceuticals by 83.6% during the first quarter. Signaturefd LLC now owns 9,024 shares of the biotechnology company's stock worth $60,000 after buying an additional 4,108 shares during the period. Harbour Investments Inc. lifted its holdings in Rocket Pharmaceuticals by 51.9% during the fourth quarter. Harbour Investments Inc. now owns 5,385 shares of the biotechnology company's stock worth $68,000 after buying an additional 1,840 shares during the period. KBC Group NV lifted its holdings in Rocket Pharmaceuticals by 159.6% during the fourth quarter. KBC Group NV now owns 5,475 shares of the biotechnology company's stock worth $69,000 after buying an additional 3,366 shares during the period. Finally, Hsbc Holdings PLC purchased a new stake in Rocket Pharmaceuticals during the first quarter worth $69,000. Hedge funds and other institutional investors own 98.39% of the company's stock.

About Rocket Pharmaceuticals

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.