Canaccord Genuity Group Lowers Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target to $11.00

Rocket Pharmaceuticals (NASDAQ:RCKT - Free Report) had its price objective trimmed by Canaccord Genuity Group from $34.00 to $11.00 in a research report sent to investors on Tuesday,Benzinga reports. The firm currently has a buy rating on the biotechnology company's stock.

Other analysts have also issued reports about the company. The Goldman Sachs Group lowered Rocket Pharmaceuticals from a "neutral" rating to a "sell" rating in a report on Wednesday, May 28th. BMO Capital Markets reduced their price target on shares of Rocket Pharmaceuticals from $30.00 to $8.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 28th. UBS Group reissued a "buy" rating on shares of Rocket Pharmaceuticals in a report on Wednesday, May 28th. Bank of America decreased their price target on shares of Rocket Pharmaceuticals from $32.00 to $9.00 and set a "buy" rating on the stock in a report on Wednesday, May 28th. Finally, Evercore ISI downgraded shares of Rocket Pharmaceuticals from an "outperform" rating to an "in-line" rating and set a $5.00 price target for the company. in a report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $19.57.

Rocket Pharmaceuticals Stock Performance

Rocket Pharmaceuticals stock traded down $0.04 during trading hours on Tuesday, hitting $2.92. The company had a trading volume of 4,601,107 shares, compared to its average volume of 1,950,845. Rocket Pharmaceuticals has a one year low of $2.19 and a one year high of $26.98. The firm has a market cap of $311.82 million, a PE ratio of -1.06 and a beta of 1.02. The firm has a 50-day moving average of $6.01 and a 200 day moving average of $9.29. 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 (NASDAQ:RCKT - Get Free Report) last released its quarterly 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 period last year, the firm earned ($0.66) EPS. On average, sell-side analysts expect that Rocket Pharmaceuticals will post -2.83 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Trading of Rocket Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP grew its position in Rocket Pharmaceuticals by 24.5% in the 4th quarter. Wellington Management Group LLP now owns 13,995,177 shares of the biotechnology company's stock worth $175,919,000 after purchasing an additional 2,753,033 shares in the last quarter. Suvretta Capital Management LLC bought a new position in shares of Rocket Pharmaceuticals in the fourth quarter valued at approximately $32,267,000. Janus Henderson Group PLC increased its position 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 acquiring an additional 2,106,699 shares during the last quarter. Point72 Asset Management L.P. increased 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 valued at $19,733,000 after acquiring an additional 1,521,727 shares during the last quarter. Finally, Boxer Capital Management LLC bought a new stake in Rocket Pharmaceuticals during the fourth quarter worth $18,428,000. Hedge funds and other institutional investors own 98.39% of the company's stock.

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.