Rocket Pharmaceuticals' (RCKT) "Buy" Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Rocket Pharmaceuticals (NASDAQ:RCKT - Free Report) in a report issued on Tuesday, Benzinga reports. The firm currently has a $53.00 price target on the biotechnology company's stock.

RCKT has been the topic of a number of other research reports. UBS Group cut their target price on shares of Rocket Pharmaceuticals from $56.00 to $54.00 and set a buy rating on the stock in a research report on Friday, March 1st. StockNews.com upgraded Rocket Pharmaceuticals to a sell rating in a research note on Friday, February 9th. JPMorgan Chase & Co. reduced their target price on shares of Rocket Pharmaceuticals from $55.00 to $50.00 and set an overweight rating for the company in a report on Tuesday, February 27th. The Goldman Sachs Group assumed coverage on Rocket Pharmaceuticals in a research report on Tuesday, April 2nd. They issued a neutral rating and a $39.00 target price on the stock. Finally, Cantor Fitzgerald reiterated an overweight rating and set a $65.00 price target on shares of Rocket Pharmaceuticals in a research note on Tuesday, February 27th. One analyst has rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $52.13.

Rocket Pharmaceuticals Trading Up 0.7 %

Shares of NASDAQ:RCKT traded up $0.16 during trading hours on Tuesday, hitting $23.36. 678,445 shares of the company's stock traded hands, compared to its average volume of 716,407. The firm has a market capitalization of $2.12 billion, a P/E ratio of -7.77 and a beta of 1.12. The business has a fifty day moving average price of $25.74 and a 200-day moving average price of $25.75. Rocket Pharmaceuticals has a 1 year low of $14.89 and a 1 year high of $32.53. The company has a debt-to-equity ratio of 0.04, a current ratio of 7.80 and a quick ratio of 7.80.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last posted its quarterly earnings data on Monday, May 6th. The biotechnology company reported ($0.66) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.67) by $0.01. During the same period in the previous year, the firm posted ($0.73) EPS. Equities analysts expect that Rocket Pharmaceuticals will post -2.94 earnings per share for the current year.

Insider Activity

In related news, insider Kinnari Patel sold 7,132 shares of the firm's stock in a transaction on Friday, February 16th. The shares were sold at an average price of $29.84, for a total transaction of $212,818.88. Following the sale, the insider now owns 238,346 shares in the company, valued at $7,112,244.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Kinnari Patel sold 7,132 shares of the company's stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $29.84, for a total value of $212,818.88. Following the completion of the transaction, the insider now owns 238,346 shares of the company's stock, valued at approximately $7,112,244.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Militello sold 2,490 shares of the firm's stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $28.10, for a total value of $69,969.00. Following the completion of the sale, the insider now directly owns 55,239 shares in the company, valued at $1,552,215.90. The disclosure for this sale can be found here. Insiders sold a total of 414,935 shares of company stock valued at $11,476,424 in the last three months. 31.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Several institutional investors have recently bought and sold shares of the company. China Universal Asset Management Co. Ltd. boosted its stake in shares of Rocket Pharmaceuticals by 96.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 2,068 shares of the biotechnology company's stock worth $42,000 after acquiring an additional 1,014 shares during the last quarter. Annandale Capital LLC acquired a new stake in shares of Rocket Pharmaceuticals in the third quarter valued at about $66,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Rocket Pharmaceuticals by 14.0% in the third quarter. Allspring Global Investments Holdings LLC now owns 5,145 shares of the biotechnology company's stock worth $105,000 after buying an additional 633 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in Rocket Pharmaceuticals by 105.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,557 shares of the biotechnology company's stock worth $107,000 after acquiring an additional 1,829 shares during the last quarter. Finally, Old Well Partners LLC purchased a new stake in Rocket Pharmaceuticals during the 4th quarter valued at about $200,000. 98.39% of the stock is currently owned by institutional investors and hedge funds.

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.