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

Key Points

• Analyst sentiment is mixed: Rocket Pharmaceuticals has a consensus “Hold” rating from 10 analysts, with three sells, two holds, four buys and one strong buy. The average 12-month price target is $8.57, well above the reported $3.48 share price.
• The stock remains under pressure: Shares were down 4.7%, with a market capitalization of approximately $382 million and a 52-week range of $2.53 to $5.45. The company reported quarterly EPS of $1.08, beating the $0.86 consensus estimate.
• Institutional ownership is substantial: Hedge funds and other institutions own 98.39% of the shares, with BlackRock initiating a sizable position and several major investors increasing their holdings. Separately, the COO sold 36,658 shares to cover tax obligations related to vested equity awards.

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report) has received a consensus rating of "Hold" from the ten analysts that are covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a sell rating, two have given a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $8.5714.

RCKT has been the topic of a number of research analyst reports. Chardan Capital reaffirmed a "buy" rating and set a $11.00 price objective on shares of Rocket Pharmaceuticals in a research report on Monday, May 11th. Weiss Ratings downgraded shares of Rocket Pharmaceuticals from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, August 11th. Wedbush decreased their target price on shares of Rocket Pharmaceuticals from $16.00 to $15.00 and set an "outperform" rating for the company in a research note on Tuesday, August 11th. Finally, Wall Street Zen upgraded shares of Rocket Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Monday.

Rocket Pharmaceuticals Stock Down 4.7%

Shares of Rocket Pharmaceuticals stock opened at $3.48 on Friday. Rocket Pharmaceuticals has a 1 year low of $2.53 and a 1 year high of $5.45. The company has a market cap of $382.03 million, a P/E ratio of -20.47 and a beta of 0.47. 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 has a 50-day moving average price of $3.45 and a 200 day moving average price of $3.60.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last released its earnings results on Monday, August 10th. The biotechnology company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.22. During the same period in the previous year, the firm posted ($0.62) EPS. As a group, analysts expect that Rocket Pharmaceuticals will post -1.39 EPS for the current fiscal year.

Insider Activity

In related news, COO Christopher James Stevens sold 36,658 shares of Rocket Pharmaceuticals stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $3.50, for a total transaction of $128,303.00. Following the completion of the sale, the chief operating officer owned 505,784 shares of the company's stock, valued at approximately $1,770,244. This trade represents a 6.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 50,613 shares of company stock worth $176,035 in the last ninety days. 21.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Rocket Pharmaceuticals during the 2nd quarter valued at about $33,940,000. Vanguard Group Inc. increased its holdings in Rocket Pharmaceuticals by 12.6% in the third quarter. Vanguard Group Inc. now owns 6,892,204 shares of the biotechnology company's stock worth $22,469,000 after buying an additional 769,743 shares during the last quarter. MPM Bioimpact LLC raised its position in Rocket Pharmaceuticals by 141.2% during the second quarter. MPM Bioimpact LLC now owns 3,903,081 shares of the biotechnology company's stock valued at $9,563,000 after acquiring an additional 2,284,816 shares in the last quarter. Millennium Management LLC raised its position in Rocket Pharmaceuticals by 52.0% during the third quarter. Millennium Management LLC now owns 3,570,391 shares of the biotechnology company's stock valued at $11,639,000 after acquiring an additional 1,221,554 shares in the last quarter. Finally, Maverick Capital Ltd. lifted its stake in Rocket Pharmaceuticals by 42.0% in the first 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 last quarter. 98.39% of the stock is owned by hedge funds and other institutional investors.

Rocket Pharmaceuticals Company Profile

Rocket Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing gene therapies for rare, inherited pediatric diseases. The company employs a proprietary adeno-associated virus (AAV) and lentiviral vector platform to deliver functional copies of genes in patients with genetic deficiencies. Its programs target a spectrum of disorders, including Fanconi anemia, leukocyte adhesion deficiency type I and Danon disease, with the goal of delivering one-time treatments that address the underlying causes of disease rather than merely managing symptoms.

The company's pipeline comprises multiple product candidates in various stages of development.

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