Rocket Pharmaceuticals (NASDAQ:RCKT) Earns "Neutral" Rating from Bank of America

Key Points

• Bank of America has reaffirmed a "neutral" rating for Rocket Pharmaceuticals with a revised price target of $4.00, down from $9.00.
• Several recent research reports have resulted in varying ratings for the stock, including a downgrade to "hold" by Leerink Partners and a price target reduction by Scotiabank from $51.00 to $19.00.
• The average price target for Rocket Pharmaceuticals is currently $17.93, with 98.39% of the stock owned by institutional investors and hedge funds.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report)'s stock had its "neutral" rating reaffirmed by equities researchers at Bank of America in a report released on Friday,Benzinga reports. They currently have a $4.00 price objective on the biotechnology company's stock, down from their previous price objective of $9.00. Bank of America's price target would indicate a potential upside of 24.61% from the company's previous close.

RCKT has been the subject of a number of other research reports. Leerink Partnrs downgraded shares of Rocket Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 27th. Jefferies Financial Group restated a "hold" rating on shares of Rocket Pharmaceuticals in a report on Wednesday, May 28th. Scotiabank decreased their target price on shares of Rocket Pharmaceuticals from $51.00 to $19.00 and set a "sector outperform" rating on the stock in a research report on Wednesday, May 28th. Cantor Fitzgerald raised their target price on shares of Rocket Pharmaceuticals from $20.00 to $30.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Finally, The Goldman Sachs Group cut shares of Rocket Pharmaceuticals from a "neutral" rating to a "sell" rating in a research report on Wednesday, May 28th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $17.93.

Rocket Pharmaceuticals Stock Performance

NASDAQ:RCKT opened at $3.21 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 9.19 and a quick ratio of 9.19. The firm has a market capitalization of $342.78 million, a price-to-earnings ratio of -1.22 and a beta of 0.67. The company's 50-day moving average is $3.38 and its two-hundred day moving average is $6.77. Rocket Pharmaceuticals has a 1-year low of $2.19 and a 1-year high of $26.98.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last announced its earnings results on Tuesday, May 13th. The biotechnology company reported ($0.56) earnings per share for the quarter, topping the consensus estimate of ($0.58) by $0.02. During the same quarter in the previous year, the company earned ($0.66) EPS. Analysts forecast that Rocket Pharmaceuticals will post -2.83 EPS for the current year.

Institutional Trading of Rocket Pharmaceuticals

A number of hedge funds have recently made changes to their positions in the company. 111 Capital acquired a new stake in shares of Rocket Pharmaceuticals in the 2nd quarter valued at about $55,000. PFG Investments LLC grew its holdings in Rocket Pharmaceuticals by 35.1% during the 2nd quarter. PFG Investments LLC now owns 18,100 shares of the biotechnology company's stock valued at $44,000 after buying an additional 4,700 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in Rocket Pharmaceuticals by 7,818.1% during the 2nd quarter. Farther Finance Advisors LLC now owns 13,540 shares of the biotechnology company's stock valued at $33,000 after buying an additional 13,369 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Rocket Pharmaceuticals by 24.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 995,690 shares of the biotechnology company's stock valued at $6,641,000 after acquiring an additional 192,905 shares in the last quarter. Finally, Rhumbline Advisers raised its holdings in shares of Rocket Pharmaceuticals by 8.4% in the 1st quarter. Rhumbline Advisers now owns 107,638 shares of the biotechnology company's stock valued at $718,000 after acquiring an additional 8,299 shares in the last quarter. 98.39% of the stock is owned by institutional investors and hedge funds.

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.

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