Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) Receives Average Rating of "Hold" from Brokerages

Key Points

• Rocket Pharmaceuticals has received a consensus recommendation of "Hold" from 17 ratings firms, with one sell, eight holds, and eight buy ratings calculated among analysts.
• Insider transactions indicate a decrease in ownership as executives sold shares, with a total of 36,927 shares valued at approximately $111,413 sold in the last three months.
• The company's stock price opened at $3.23, significantly below its 52-week high of $22.01, reflecting ongoing market challenges and investor caution.

Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report) have been assigned a consensus rating of "Hold" from the seventeen research firms that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, eight have given a hold recommendation and eight have given a buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $16.7333.

Several equities analysts have commented on RCKT shares. UBS Group lowered their target price on shares of Rocket Pharmaceuticals from $12.00 to $5.00 and set a "buy" rating on the stock in a research note on Tuesday, June 17th. Evercore ISI cut shares of Rocket Pharmaceuticals from an "outperform" rating to an "in-line" rating and set a $5.00 target price on the stock. in a research note on Friday, May 30th. Needham & Company LLC reissued a "hold" rating on shares of Rocket Pharmaceuticals in a research note on Thursday, July 24th. Wedbush reissued an "outperform" rating and set a $32.00 target price on shares of Rocket Pharmaceuticals in a research note on Friday, May 16th. Finally, TD Cowen restated a "hold" rating on shares of Rocket Pharmaceuticals in a research report on Tuesday, May 27th.

Insider Activity

In other news, General Counsel Martin Wilson sold 12,109 shares of the firm's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $3.02, for a total transaction of $36,569.18. Following the completion of the transaction, the general counsel owned 137,054 shares in the company, valued at approximately $413,903.08. This trade represents a 8.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jonathan David Schwartz sold 11,161 shares of the firm's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $3.02, for a total transaction of $33,706.22. Following the transaction, the insider owned 224,094 shares of the company's stock, valued at approximately $676,763.88. This trade represents a 4.74% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 36,927 shares of company stock worth $111,413. Corporate insiders own 24.76% of the company's stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several large investors have recently made changes to their positions in the business. Victory Capital Management Inc. boosted its position in shares of Rocket Pharmaceuticals by 16.1% during the 1st quarter. Victory Capital Management Inc. now owns 11,929 shares of the biotechnology company's stock valued at $80,000 after purchasing an additional 1,658 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Rocket Pharmaceuticals by 8.4% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 21,885 shares of the biotechnology company's stock valued at $146,000 after purchasing an additional 1,689 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Rocket Pharmaceuticals by 10.7% in the first quarter. China Universal Asset Management Co. Ltd. now owns 21,388 shares of the biotechnology company's stock worth $143,000 after buying an additional 2,059 shares during the period. HighTower Advisors LLC boosted its holdings in shares of Rocket Pharmaceuticals by 16.6% in the first quarter. HighTower Advisors LLC now owns 20,700 shares of the biotechnology company's stock worth $138,000 after buying an additional 2,952 shares during the period. Finally, Arizona State Retirement System boosted its holdings in shares of Rocket Pharmaceuticals by 15.3% in the first quarter. Arizona State Retirement System now owns 22,852 shares of the biotechnology company's stock worth $152,000 after buying an additional 3,026 shares during the period. Institutional investors own 98.39% of the company's stock.

Rocket Pharmaceuticals Price Performance

Rocket Pharmaceuticals stock traded up $0.05 during trading hours on Friday, hitting $3.28. 1,450,394 shares of the company traded hands, compared to its average volume of 5,814,850. The firm has a market cap of $353.91 million, a P/E ratio of -1.31 and a beta of 0.62. The company has a quick ratio of 6.39, a current ratio of 6.39 and a debt-to-equity ratio of 0.05. The firm's 50-day simple moving average is $3.12 and its two-hundred day simple moving average is $5.13. Rocket Pharmaceuticals has a 1-year low of $2.19 and a 1-year high of $22.01.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last released its earnings results on Thursday, August 7th. The biotechnology company reported ($0.59) EPS for the quarter, missing the consensus estimate of ($0.57) by ($0.02). During the same quarter in the previous year, the business earned ($0.74) EPS. As a group, analysts forecast that Rocket Pharmaceuticals will post -2.83 earnings per share for the current fiscal year.

Rocket Pharmaceuticals Company Profile

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.