Rocket Pharmaceuticals (NASDAQ:RCKT) Given New $34.00 Price Target at Canaccord Genuity Group

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) had its price target dropped by equities research analysts at Canaccord Genuity Group from $36.00 to $34.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the biotechnology company's stock. Canaccord Genuity Group's target price would indicate a potential upside of 382.61% from the stock's previous close.

Several other research analysts have also issued reports on the stock. Scotiabank increased their price target on shares of Rocket Pharmaceuticals from $51.00 to $52.00 and gave the stock a "sector outperform" rating in a research report on Monday, March 3rd. The Goldman Sachs Group dropped their price target on shares of Rocket Pharmaceuticals from $15.00 to $13.00 and set a "neutral" rating for the company in a research report on Friday. JPMorgan Chase & Co. dropped their price objective on shares of Rocket Pharmaceuticals from $45.00 to $44.00 and set an "overweight" rating for the company in a report on Friday. Chardan Capital dropped their price objective on shares of Rocket Pharmaceuticals from $54.00 to $45.00 and set a "buy" rating for the company in a report on Friday. Finally, BMO Capital Markets assumed coverage on shares of Rocket Pharmaceuticals in a report on Wednesday, March 12th. They issued an "outperform" rating and a $50.00 price target for the company. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Rocket Pharmaceuticals has an average rating of "Moderate Buy" and a consensus price target of $40.91.

Rocket Pharmaceuticals Stock Up 0.8%

Shares of Rocket Pharmaceuticals stock traded up $0.06 on Monday, hitting $7.05. 348,927 shares of the company traded hands, compared to its average volume of 1,412,480. The company has a 50-day moving average price of $7.15 and a 200 day moving average price of $10.60. The company has a quick ratio of 6.05, a current ratio of 6.05 and a debt-to-equity ratio of 0.06. Rocket Pharmaceuticals has a 12-month low of $4.55 and a 12-month high of $26.98. The company has a market cap of $752.31 million, a PE ratio of -2.58 and a beta of 1.02.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last released its earnings results on Monday, May 5th. The biotechnology company reported ($0.56) earnings per share for the quarter, topping analysts' consensus estimates of ($0.59) by $0.03. During the same quarter last year, the business posted ($0.66) EPS. Sell-side analysts predict that Rocket Pharmaceuticals will post -2.83 earnings per share for the current year.

Insider Transactions at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, insider Kinnari Patel purchased 21,099 shares of the stock in a transaction on Wednesday, April 9th. The shares were purchased at an average cost of $4.70 per share, for a total transaction of $99,165.30. Following the purchase, the insider now owns 26,774 shares of the company's stock, valued at approximately $125,837.80. This represents a 371.79% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Aaron Ondrey sold 7,489 shares of the firm's stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $5.29, for a total value of $39,616.81. Following the completion of the transaction, the chief financial officer now owns 129,650 shares of the company's stock, valued at $685,848.50. The trade was a 5.46% decrease in their position. The disclosure for this sale can be found here. Insiders own 28.50% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Hennion & Walsh Asset Management Inc. grew its position in shares of Rocket Pharmaceuticals by 7.4% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 237,499 shares of the biotechnology company's stock valued at $2,985,000 after acquiring an additional 16,453 shares during the period. Mirador Capital Partners LP increased its stake in Rocket Pharmaceuticals by 403.9% during the 4th quarter. Mirador Capital Partners LP now owns 84,529 shares of the biotechnology company's stock worth $1,063,000 after acquiring an additional 67,755 shares during the period. SG Americas Securities LLC increased its stake in Rocket Pharmaceuticals by 796.2% during the 4th quarter. SG Americas Securities LLC now owns 54,921 shares of the biotechnology company's stock worth $690,000 after acquiring an additional 48,793 shares during the period. KBC Group NV increased its stake in Rocket Pharmaceuticals by 159.6% during the 4th quarter. KBC Group NV now owns 5,475 shares of the biotechnology company's stock worth $69,000 after acquiring an additional 3,366 shares during the period. Finally, China Universal Asset Management Co. Ltd. increased its stake in Rocket Pharmaceuticals by 10.4% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 19,329 shares of the biotechnology company's stock worth $243,000 after acquiring an additional 1,824 shares during the period. 98.39% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.