Rocket Pharmaceuticals (NASDAQ:RCKT) Receives "Buy" Rating from Chardan Capital

Key Points

• Chardan Capital reaffirmed its Buy rating on Rocket Pharmaceuticals and kept an $11 price target, implying more than 200% upside from the stock’s current level.
• Analyst opinions remain mixed overall: the consensus rating is currently Hold with an average price target of $11.54, even as several firms have recently boosted ratings or targets.
• Rocket Pharmaceuticals reported a slight Q1 earnings miss at ($0.42) EPS versus expectations of ($0.41), while shares were trading around $3.63 and the company continued to show a strong cash position with low debt.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report)'s stock had its "buy" rating reaffirmed by research analysts at Chardan Capital in a research note issued to investors on Monday,Benzinga reports. They presently have a $11.00 price target on the biotechnology company's stock. Chardan Capital's target price indicates a potential upside of 203.03% from the company's current price.

Several other equities research analysts have also recently commented on the company. Bank of America raised their target price on Rocket Pharmaceuticals from $8.00 to $9.00 and gave the stock a "buy" rating in a research note on Monday, March 30th. Weiss Ratings raised Rocket Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday, April 24th. Lifesci Capital raised Rocket Pharmaceuticals to a "strong-buy" rating in a research note on Thursday, February 26th. Cantor Fitzgerald raised their target price on Rocket Pharmaceuticals from $8.00 to $10.00 and gave the stock an "overweight" rating in a research note on Friday, February 27th. Finally, Wall Street Zen cut Rocket Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Sunday, March 8th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $11.54.

Rocket Pharmaceuticals Stock Performance

Shares of RCKT stock opened at $3.63 on Monday. The stock has a market cap of $396.12 million, a price-to-earnings ratio of -1.94 and a beta of 0.52. The stock has a 50-day moving average of $4.09 and a 200-day moving average of $3.69. The company has a current ratio of 6.12, a quick ratio of 6.12 and a debt-to-equity ratio of 0.08. Rocket Pharmaceuticals has a 1-year low of $2.19 and a 1-year high of $7.39.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The biotechnology company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of ($0.41) by ($0.01). During the same quarter in the prior year, the business earned ($0.56) earnings per share. On average, equities research analysts forecast that Rocket Pharmaceuticals will post -1.68 earnings per share for the current year.

Insider Buying and Selling

In other Rocket Pharmaceuticals news, General Counsel Martin Wilson sold 12,253 shares of the firm's stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $3.31, for a total value of $40,557.43. Following the completion of the sale, the general counsel owned 683,376 shares of the company's stock, valued at approximately $2,261,974.56. This trade represents a 1.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Gaurav Shah sold 12,279 shares of the firm's stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $3.31, for a total value of $40,643.49. Following the completion of the sale, the chief executive officer directly owned 1,052,045 shares of the company's stock, valued at $3,482,268.95. This trade represents a 1.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 29,415 shares of company stock valued at $97,398 in the last three months. Insiders own 21.30% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Prudential Financial Inc. bought a new position in shares of Rocket Pharmaceuticals in the second quarter valued at approximately $25,000. CANADA LIFE ASSURANCE Co lifted its holdings in shares of Rocket Pharmaceuticals by 94.4% in the second quarter. CANADA LIFE ASSURANCE Co now owns 12,202 shares of the biotechnology company's stock valued at $29,000 after purchasing an additional 5,926 shares in the last quarter. Franklin Resources Inc. bought a new position in shares of Rocket Pharmaceuticals in the fourth quarter valued at approximately $38,000. Virtu Financial LLC bought a new position in shares of Rocket Pharmaceuticals in the third quarter valued at approximately $40,000. Finally, Sequoia Financial Advisors LLC bought a new position in shares of Rocket Pharmaceuticals in the fourth quarter valued at approximately $42,000. Institutional investors own 98.39% of the company's stock.

Rocket Pharmaceuticals Company Profile

Rocket Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing gene therapies for rare, inherited pediatric diseases. The company employs a proprietary adeno-associated virus (AAV) and lentiviral vector platform to deliver functional copies of genes in patients with genetic deficiencies. Its programs target a spectrum of disorders, including Fanconi anemia, leukocyte adhesion deficiency type I and Danon disease, with the goal of delivering one-time treatments that address the underlying causes of disease rather than merely managing symptoms.

The company's pipeline comprises multiple product candidates in various stages of development.

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