TD Cowen Reaffirms "Hold" Rating for Rocket Pharmaceuticals (NASDAQ:RCKT)

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report)'s stock had its "hold" rating restated by investment analysts at TD Cowen in a report issued on Tuesday, Marketbeat.com reports.

Several other equities analysts have also recently weighed in on RCKT. Canaccord Genuity Group decreased their price target on shares of Rocket Pharmaceuticals from $36.00 to $34.00 and set a "buy" rating for the company in a research note 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 research report on Tuesday. BMO Capital Markets began coverage on shares of Rocket Pharmaceuticals in a report on Wednesday, March 12th. They set an "outperform" rating and a $50.00 price target on the stock. Chardan Capital boosted their price target on shares of Rocket Pharmaceuticals from $45.00 to $46.00 and gave the stock a "buy" rating in a research report on Friday, May 16th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Rocket Pharmaceuticals from $45.00 to $44.00 and set an "overweight" rating on the stock in a report on Friday, May 9th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $22.46.

Rocket Pharmaceuticals Price Performance

Shares of RCKT traded up $0.14 during trading hours on Tuesday, hitting $2.62. The stock had a trading volume of 1,076,979 shares, compared to its average volume of 1,812,184. The company's fifty day moving average is $6.44 and its two-hundred day moving average is $9.68. 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 has a 52 week low of $2.19 and a 52 week high of $26.98. The stock has a market capitalization of $279.25 million, a price-to-earnings ratio of -0.96 and a beta of 1.02.

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

Insider Transactions at Rocket Pharmaceuticals

In related news, insider Kinnari Patel purchased 21,099 shares of the company's stock in a transaction that occurred on Wednesday, April 9th. The shares were purchased at an average price of $4.70 per share, with a total value of $99,165.30. Following the purchase, the insider now owns 26,774 shares of the company's stock, valued at $125,837.80. The trade was a 371.79% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Gaurav Shah bought 20,000 shares of the stock in a transaction on Thursday, April 10th. The shares were acquired at an average cost of $5.08 per share, for a total transaction of $101,600.00. Following the purchase, the chief executive officer now owns 792,680 shares in the company, valued at $4,026,814.40. The trade was a 2.59% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 24.76% of the company's stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several institutional investors have recently modified their holdings of the business. Rhumbline Advisers lifted its position in Rocket Pharmaceuticals by 1.3% in the fourth quarter. Rhumbline Advisers now owns 99,339 shares of the biotechnology company's stock valued at $1,249,000 after acquiring an additional 1,242 shares during the last quarter. Envestnet Asset Management Inc. grew its position in shares of Rocket Pharmaceuticals by 4.1% during the fourth quarter. Envestnet Asset Management Inc. now owns 32,422 shares of the biotechnology company's stock worth $408,000 after acquiring an additional 1,280 shares during the last quarter. Arizona State Retirement System grew its position in shares of Rocket Pharmaceuticals by 8.4% during the fourth quarter. Arizona State Retirement System now owns 19,826 shares of the biotechnology company's stock worth $249,000 after acquiring an additional 1,528 shares during the last quarter. Virtus ETF Advisers LLC grew its position in shares of Rocket Pharmaceuticals by 40.4% during the fourth quarter. Virtus ETF Advisers LLC now owns 5,656 shares of the biotechnology company's stock worth $71,000 after acquiring an additional 1,628 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in shares of Rocket Pharmaceuticals by 16.1% during the first quarter. Victory Capital Management Inc. now owns 11,929 shares of the biotechnology company's stock worth $80,000 after acquiring an additional 1,658 shares during the last quarter. 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.