Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target Lowered to $19.00 at Scotiabank

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) had its price objective decreased by analysts at Scotiabank from $51.00 to $19.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a "sector outperform" rating on the biotechnology company's stock.

RCKT has been the subject of a number of other reports. Leerink Partners reaffirmed 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. BMO Capital Markets started coverage on shares of Rocket Pharmaceuticals in a research report on Wednesday, March 12th. They issued an "outperform" rating and a $50.00 price target on the stock. The Goldman Sachs Group reissued a "sell" rating on shares of Rocket Pharmaceuticals in a report on Wednesday. Needham & Company LLC restated a "hold" rating and issued a $42.00 target price on shares of Rocket Pharmaceuticals in a report on Tuesday. Finally, Morgan Stanley reaffirmed an "equal weight" rating and set a $7.00 target price on shares of Rocket Pharmaceuticals in a research report on Wednesday. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $24.88.

Rocket Pharmaceuticals Price Performance

Shares of RCKT traded up $0.10 during trading hours on Wednesday, reaching $2.43. The stock had a trading volume of 13,844,887 shares, compared to its average volume of 1,780,105. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.05 and a current ratio of 6.05. The stock has a market capitalization of $258.96 million, a PE ratio of -0.87 and a beta of 1.02. Rocket Pharmaceuticals has a 12 month low of $2.19 and a 12 month high of $26.98. The company's 50-day moving average is $6.56 and its two-hundred day moving average is $9.73.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last announced its quarterly earnings data on Tuesday, May 13th. The biotechnology company reported ($0.56) EPS for the quarter, topping the consensus estimate of ($0.58) by $0.02. During the same quarter last year, the company posted ($0.66) EPS. Research analysts expect that Rocket Pharmaceuticals will post -2.83 EPS for the current year.

Insider Buying and Selling at Rocket Pharmaceuticals

In other news, insider Kinnari Patel purchased 21,099 shares of the firm's stock in a transaction dated Wednesday, April 9th. The shares were purchased at an average price of $4.70 per share, with a total value of $99,165.30. Following the completion of the acquisition, the insider now owns 26,774 shares in the company, valued at $125,837.80. This trade represents a 371.79% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Aaron Ondrey sold 7,489 shares of the stock in a transaction on Friday, April 4th. The stock was sold at an average price of $5.29, for a total transaction of $39,616.81. Following the completion of the transaction, the chief financial officer now directly owns 129,650 shares in the company, valued at $685,848.50. The trade was a 5.46% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 24.76% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Covestor Ltd raised its stake in shares of Rocket Pharmaceuticals by 33,166.7% during 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. Signaturefd LLC boosted its holdings in shares of Rocket Pharmaceuticals by 319.8% during the 4th quarter. Signaturefd LLC now owns 4,916 shares of the biotechnology company's stock valued at $62,000 after buying an additional 3,745 shares in the last quarter. Harbour Investments Inc. grew its position in shares of Rocket Pharmaceuticals by 51.9% in the 4th quarter. Harbour Investments Inc. now owns 5,385 shares of the biotechnology company's stock worth $68,000 after buying an additional 1,840 shares during the period. KBC Group NV increased its stake in shares of Rocket Pharmaceuticals by 159.6% in the 4th quarter. KBC Group NV now owns 5,475 shares of the biotechnology company's stock worth $69,000 after acquiring an additional 3,366 shares in the last quarter. Finally, Virtus ETF Advisers LLC increased its stake in shares of Rocket Pharmaceuticals by 40.4% in the 4th quarter. Virtus ETF Advisers LLC now owns 5,656 shares of the biotechnology company's stock worth $71,000 after acquiring an additional 1,628 shares in the last quarter. 98.39% of the stock is currently owned by institutional investors.

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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