Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target Cut to $11.00 by Analysts at Chardan Capital

Key Points

• Rocket Pharmaceuticals' target price has been reduced by Chardan Capital from $12.00 to $11.00, indicating a potential upside of 284.62% from its previous close.
• The company's stock currently holds a "Hold" rating consensus, with a target price averaging $16.33, amid downgrades by multiple research analysts.
• Rocket Pharmaceuticals reported a loss of ($0.59) earnings per share for the last quarter, missing the consensus estimate and reflecting ongoing financial challenges.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) had its target price lowered by research analysts at Chardan Capital from $12.00 to $11.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a "buy" rating on the biotechnology company's stock. Chardan Capital's price objective would suggest a potential upside of 284.62% from the stock's previous close.

Several other research analysts also recently weighed in on the stock. Leerink Partners reissued a "market perform" rating and issued a $8.00 target price (down from $37.00) on shares of Rocket Pharmaceuticals in a research report on Wednesday, May 28th. Jefferies Financial Group reissued a "hold" rating on shares of Rocket Pharmaceuticals in a research report on Wednesday, May 28th. Bank of America reissued a "neutral" rating and issued a $4.00 target price (down from $9.00) on shares of Rocket Pharmaceuticals in a research report on Friday, July 25th. Leerink Partnrs downgraded shares of Rocket Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 27th. Finally, JPMorgan Chase & Co. reissued a "neutral" rating on shares of Rocket Pharmaceuticals in a research report on Wednesday, May 28th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $16.33.

Rocket Pharmaceuticals Stock Performance

Shares of RCKT opened at $2.86 on Monday. The firm's 50 day moving average is $2.95 and its 200-day moving average is $6.11. The stock has a market capitalization of $308.59 million, a P/E ratio of -1.14 and a beta of 0.65. The company has a debt-to-equity ratio of 0.05, a current ratio of 9.19 and a quick ratio of 9.19. Rocket Pharmaceuticals has a 12-month low of $2.19 and a 12-month high of $22.01.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The biotechnology company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.57) by ($0.02). During the same period in the prior year, the business earned ($0.74) EPS. Equities research analysts anticipate that Rocket Pharmaceuticals will post -2.83 EPS for the current fiscal year.

Institutional Trading of Rocket Pharmaceuticals

Several institutional investors have recently made changes to their positions in RCKT. Envestnet Asset Management Inc. lifted its stake in Rocket Pharmaceuticals by 4.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 32,422 shares of the biotechnology company's stock valued at $408,000 after acquiring an additional 1,280 shares during the last quarter. Virtus ETF Advisers LLC lifted its stake in Rocket Pharmaceuticals by 40.4% in the fourth quarter. Virtus ETF Advisers LLC now owns 5,656 shares of the biotechnology company's stock valued at $71,000 after acquiring an additional 1,628 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Rocket Pharmaceuticals by 16.1% in the first quarter. Victory Capital Management Inc. now owns 11,929 shares of the biotechnology company's stock valued at $80,000 after acquiring an additional 1,658 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Rocket Pharmaceuticals by 8.4% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 21,885 shares of the biotechnology company's stock valued at $146,000 after acquiring an additional 1,689 shares during the last quarter. Finally, Covestor Ltd lifted its stake in Rocket Pharmaceuticals by 33,166.7% in the fourth quarter. Covestor Ltd now owns 1,996 shares of the biotechnology company's stock valued at $25,000 after acquiring an additional 1,990 shares during the last quarter. 98.39% of the stock is currently 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.

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.