Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target Cut to $7.00 by Analysts at Leerink Partners

Key Points

• Rocket Pharmaceuticals' price target has been cut from $9.00 to $7.00 by analysts at Leerink Partners, maintaining a "market perform" rating for the stock.
• Other analysts have also adjusted their ratings, with UBS Group reducing theirs to $5.00 and Canaccord Genuity lowering theirs to $10.00, while the average target price remains at $16.67.
• The company's stock is currently trading at around $3.21, reflecting a significant decline from its one-year high of $18.89.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) had its target price cut by investment analysts at Leerink Partners from $9.00 to $7.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a "market perform" rating on the biotechnology company's stock. Leerink Partners' target price points to a potential upside of 118.41% from the stock's previous close.

A number of other equities analysts have also commented on RCKT. UBS Group reduced their price target on shares of Rocket Pharmaceuticals from $12.00 to $5.00 and set a "buy" rating on the stock in a research report on Tuesday, June 17th. Canaccord Genuity Group decreased their price objective on shares of Rocket Pharmaceuticals from $11.00 to $10.00 and set a "buy" rating on the stock in a report on Friday, July 25th. Chardan Capital reissued a "buy" rating and set a $11.00 price objective on shares of Rocket Pharmaceuticals in a report on Wednesday, August 20th. Bank of America raised shares of Rocket Pharmaceuticals from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $4.00 to $10.00 in a report on Wednesday, August 20th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Rocket Pharmaceuticals in a report on Thursday, July 24th. Eight equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $16.67.

Rocket Pharmaceuticals Stock Performance

Rocket Pharmaceuticals stock traded down $0.01 on Friday, hitting $3.21. The company's stock had a trading volume of 623,434 shares, compared to its average volume of 3,511,637. The firm has a market cap of $345.82 million, a P/E ratio of -1.28 and a beta of 0.60. The company has a quick ratio of 6.39, a current ratio of 6.39 and a debt-to-equity ratio of 0.05. The company has a fifty day moving average price of $3.19 and a 200-day moving average price of $4.37. Rocket Pharmaceuticals has a one year low of $2.19 and a one year high of $18.89.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last posted its earnings results on Thursday, August 7th. The biotechnology company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.57) by ($0.02). During the same period last year, the company earned ($0.74) EPS. On average, equities analysts anticipate that Rocket Pharmaceuticals will post -2.83 earnings per share for the current year.

Insider Activity at Rocket Pharmaceuticals

In related news, insider Jonathan David Schwartz sold 11,161 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $3.02, for a total value of $33,706.22. Following the sale, the insider directly owned 224,094 shares in the company, valued at $676,763.88. This trade represents a 4.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Martin Wilson sold 12,109 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $3.02, for a total transaction of $36,569.18. Following the completion of the sale, the general counsel owned 137,054 shares in the company, valued at $413,903.08. This represents a 8.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,450 shares of company stock worth $107,159 in the last ninety days. Company insiders own 24.76% of the company's stock.

Institutional Trading of Rocket Pharmaceuticals

Several hedge funds have recently bought and sold shares of the stock. Victory Capital Management Inc. lifted its holdings in shares of Rocket Pharmaceuticals by 16.1% during the first quarter. Victory Capital Management Inc. now owns 11,929 shares of the biotechnology company's stock worth $80,000 after buying an additional 1,658 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised 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 purchasing an additional 1,689 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its stake in Rocket Pharmaceuticals by 10.7% in the first quarter. China Universal Asset Management Co. Ltd. now owns 21,388 shares of the biotechnology company's stock valued at $143,000 after purchasing an additional 2,059 shares in the last quarter. HighTower Advisors LLC raised its stake in Rocket Pharmaceuticals by 16.6% in the first quarter. HighTower Advisors LLC now owns 20,700 shares of the biotechnology company's stock valued at $138,000 after purchasing an additional 2,952 shares in the last quarter. Finally, Arizona State Retirement System raised its stake in Rocket Pharmaceuticals by 15.3% in the first quarter. Arizona State Retirement System now owns 22,852 shares of the biotechnology company's stock valued at $152,000 after purchasing an additional 3,026 shares in 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.

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