Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target Cut to $5.00 by Analysts at UBS Group

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) had its target price dropped by investment analysts at UBS Group from $12.00 to $5.00 in a report released on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the biotechnology company's stock. UBS Group's price target would suggest a potential upside of 71.53% from the company's current price.

A number of other brokerages also recently commented on RCKT. Cantor Fitzgerald increased their price target on shares of Rocket Pharmaceuticals from $20.00 to $30.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Chardan Capital dropped their target price on Rocket Pharmaceuticals from $46.00 to $17.00 and set a "buy" rating for the company in a research report on Wednesday, May 28th. Wedbush reiterated an "outperform" rating and issued a $32.00 price target on shares of Rocket Pharmaceuticals in a report on Friday, May 16th. TD Cowen restated a "hold" rating on shares of Rocket Pharmaceuticals in a research note on Tuesday, May 27th. Finally, BMO Capital Markets decreased their price target on shares of Rocket Pharmaceuticals from $30.00 to $8.00 and set an "outperform" rating for the company in a research note on Wednesday, May 28th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Rocket Pharmaceuticals currently has an average rating of "Hold" and an average target price of $18.60.

Rocket Pharmaceuticals Price Performance

Shares of RCKT stock traded up $0.04 during mid-day trading on Tuesday, hitting $2.92. The company had a trading volume of 331,853 shares, compared to its average volume of 3,319,743. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05. The stock's 50 day moving average price is $5.51 and its 200-day moving average price is $8.58. Rocket Pharmaceuticals has a 52-week low of $2.19 and a 52-week high of $26.98. The company has a market capitalization of $311.28 million, a P/E ratio of -1.06 and a beta of 0.68.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last posted its 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 in the previous year, the business earned ($0.66) earnings per share. Equities research analysts forecast that Rocket Pharmaceuticals will post -2.83 earnings per share for the current year.

Insider Transactions at Rocket Pharmaceuticals

In other news, CEO Gaurav Shah acquired 20,000 shares of the company's stock in a transaction that occurred on Thursday, April 10th. The stock was purchased at an average price of $5.08 per share, with a total value of $101,600.00. Following the completion of the acquisition, the chief executive officer now owns 792,680 shares of the company's stock, valued at $4,026,814.40. This trade represents a 2.59% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Kinnari Patel bought 21,099 shares of the business's stock in a transaction on Wednesday, April 9th. The shares were acquired at an average cost 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 disclosure for this purchase can be found here. Insiders own 24.76% of the company's stock.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Several large investors have recently added to or reduced their stakes in the business. Rhumbline Advisers increased its holdings in shares of Rocket Pharmaceuticals by 1.3% in the 4th 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. Strategic Financial Concepts LLC purchased a new position in shares of Rocket Pharmaceuticals during the fourth quarter worth about $141,000. Private Advisor Group LLC acquired a new stake in shares of Rocket Pharmaceuticals during the fourth quarter worth about $166,000. Handelsbanken Fonder AB boosted its position in shares of Rocket Pharmaceuticals by 26.9% in the 4th quarter. Handelsbanken Fonder AB now owns 23,100 shares of the biotechnology company's stock valued at $290,000 after purchasing an additional 4,900 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in Rocket Pharmaceuticals by 5.4% during the 4th quarter. Bank of New York Mellon Corp now owns 194,182 shares of the biotechnology company's stock worth $2,441,000 after buying an additional 9,949 shares during the last quarter. 98.39% of the stock is owned by hedge funds and other 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.

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