Brokerages Set Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) PT at $16.73

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.

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report) has been given an average rating of "Hold" by the seventeen brokerages that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $16.7333.

Several research analysts have weighed in on the stock. 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 report on Tuesday, June 17th. Needham & Company LLC restated a "hold" rating on shares of Rocket Pharmaceuticals in a report on Thursday, July 24th. Morgan Stanley restated an "equal weight" rating and issued a $7.00 price objective on shares of Rocket Pharmaceuticals in a research report on Wednesday, May 28th. Chardan Capital reaffirmed a "buy" rating and issued a $11.00 target price on shares of Rocket Pharmaceuticals in a research note on Wednesday, August 20th. Finally, Wedbush reissued an "outperform" rating and issued a $32.00 target price on shares of Rocket Pharmaceuticals in a research report on Friday, May 16th.

Rocket Pharmaceuticals Stock Performance

Shares of RCKT traded down $0.03 during mid-day trading on Friday, hitting $3.18. 1,418,299 shares of the company's stock were exchanged, compared to its average volume of 5,663,124. The company has a current ratio of 6.39, a quick ratio of 6.39 and a debt-to-equity ratio of 0.05. Rocket Pharmaceuticals has a fifty-two week low of $2.19 and a fifty-two week high of $22.01. The business's 50 day moving average is $3.15 and its two-hundred day moving average is $5.01. The firm has a market capitalization of $343.12 million, a P/E ratio of -1.27 and a beta of 0.62.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last announced its earnings results on Thursday, August 7th. The biotechnology company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.57) by ($0.02). During the same quarter in the prior year, the firm posted ($0.74) earnings per share. On average, equities analysts expect that Rocket Pharmaceuticals will post -2.83 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Elisabeth Bjork acquired 10,000 shares of Rocket Pharmaceuticals stock in a transaction that occurred on Wednesday, August 27th. The shares were purchased at an average cost of $3.41 per share, for a total transaction of $34,100.00. Following the completion of the purchase, the director directly owned 40,000 shares of the company's stock, valued at $136,400. This trade represents a 33.33% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, General Counsel Martin Wilson sold 12,109 shares of the business'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 sale, the general counsel directly owned 137,054 shares of the company's stock, valued at approximately $413,903.08. This represents a 8.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 36,927 shares of company stock worth $111,413 in the last 90 days. 24.76% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RCKT. Maverick Capital Ltd. lifted its position in Rocket Pharmaceuticals by 60.9% in the 2nd quarter. Maverick Capital Ltd. now owns 8,363,813 shares of the biotechnology company's stock valued at $20,491,000 after purchasing an additional 3,164,595 shares during the last quarter. Suvretta Capital Management LLC bought a new position in Rocket Pharmaceuticals in the 4th quarter worth about $32,267,000. MPM Bioimpact LLC increased its stake in shares of Rocket Pharmaceuticals by 141.2% in the second quarter. MPM Bioimpact LLC now owns 3,903,081 shares of the biotechnology company's stock valued at $9,563,000 after purchasing an additional 2,284,816 shares during the period. Janus Henderson Group PLC raised its holdings in shares of Rocket Pharmaceuticals by 111.0% during the fourth quarter. Janus Henderson Group PLC now owns 4,004,039 shares of the biotechnology company's stock valued at $50,343,000 after buying an additional 2,106,699 shares during the last quarter. Finally, Point72 Asset Management L.P. boosted its position in shares of Rocket Pharmaceuticals by 3,163.9% during the fourth quarter. Point72 Asset Management L.P. now owns 1,569,823 shares of the biotechnology company's stock worth $19,733,000 after buying an additional 1,521,727 shares during the period. Institutional investors and hedge funds 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.