Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target Lowered to $10.00 at Canaccord Genuity Group

Key Points

• Canaccord Genuity Group has lowered its price target for Rocket Pharmaceuticals from $11.00 to $10.00 while maintaining a "buy" rating, indicating a potential upside of 215.96% based on the company's prior close.
• Other analysts have varying ratings and price targets, with estimates ranging from $5.00 to $30.00, reflecting a lack of consensus on the stock’s performance.
• Rocket Pharmaceuticals' stock has been trading down at around $3.17, with a market capitalization of approximately $337.98 million and significant institutional ownership at 98.39%.
• The biotechnology firm reported a Q1 earnings per share of ($0.56), slightly beating expectations, and is projected to post an average earnings per share of -2.83 for the current fiscal year.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) had its target price dropped by Canaccord Genuity Group from $11.00 to $10.00 in a research note issued on Friday,Benzinga reports. The firm currently has a "buy" rating on the biotechnology company's stock. Canaccord Genuity Group's price objective points to a potential upside of 215.96% from the company's previous close.

A number of other research analysts also recently commented on the stock. Leerink Partners reissued a "market perform" rating and set a $8.00 target price (down previously from $37.00) on shares of Rocket Pharmaceuticals in a research report on Wednesday, May 28th. Cantor Fitzgerald raised 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. Morgan Stanley restated an "equal weight" rating and issued a $7.00 price target on shares of Rocket Pharmaceuticals in a report on Wednesday, May 28th. Evercore ISI cut shares of Rocket Pharmaceuticals from an "outperform" rating to an "in-line" rating and set a $5.00 price target on the stock. in a report on Friday, May 30th. Finally, Chardan Capital lowered their price target on shares of Rocket Pharmaceuticals from $17.00 to $12.00 and set a "buy" rating on the stock in a report on Thursday. One research analyst has rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Rocket Pharmaceuticals presently has an average rating of "Hold" and a consensus target price of $17.87.

Rocket Pharmaceuticals Trading Down 1.4%

RCKT stock traded down $0.05 during trading on Friday, hitting $3.17. The company had a trading volume of 1,976,874 shares, compared to its average volume of 3,439,037. The firm has a market capitalization of $337.98 million, a P/E ratio of -1.20 and a beta of 0.67. Rocket Pharmaceuticals has a 52-week low of $2.19 and a 52-week high of $26.98. The company has a 50 day simple moving average of $3.38 and a 200-day simple moving average of $6.77. The company has a quick ratio of 9.19, a current ratio of 9.19 and a debt-to-equity ratio of 0.05.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last posted its earnings results on Tuesday, May 13th. The biotechnology company reported ($0.56) EPS for the quarter, beating analysts' consensus estimates of ($0.58) by $0.02. During the same quarter in the previous year, the company posted ($0.66) EPS. As a group, research analysts forecast that Rocket Pharmaceuticals will post -2.83 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Envestnet Asset Management Inc. boosted its position in shares of Rocket Pharmaceuticals by 4.1% during the 4th 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 boosted its position in shares of Rocket Pharmaceuticals by 40.4% during the 4th 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. boosted its position in shares of Rocket Pharmaceuticals by 16.1% during the 1st 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 position 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 buying an additional 1,689 shares during the last quarter. Finally, Covestor Ltd lifted its position 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 buying an additional 1,990 shares during the last quarter. Institutional investors and hedge funds own 98.39% of the company's stock.

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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