Rocket Pharmaceuticals (NASDAQ:RCKT) Receives "Sell (E+)" Rating from Weiss Ratings

Key Points

• Rocket Pharmaceuticals (NASDAQ:RCKT) has received a "sell (E+)" rating from Weiss Ratings, highlighting ongoing concerns from equity analysts regarding the company's performance.
• Several research firms have adjusted their price targets for RCKT, with Cantor Fitzgerald lowering it from $10.00 to $8.00, while Chardan Capital set a price target of $11.00, indicating mixed outlooks on the stock.
• The stock has shown volatility, with a 52-week low of $2.19 and a high of $18.89, and currently trades around $3.39, reflective of broader market sentiments and recent earnings misses.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report)'s stock had its "sell (e+)" rating reaffirmed by equities research analysts at Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

RCKT has been the subject of a number of other research reports. Cantor Fitzgerald decreased their price target on Rocket Pharmaceuticals from $10.00 to $8.00 and set an "overweight" rating for the company in a report on Friday, August 8th. Leerink Partners decreased their price target on Rocket Pharmaceuticals from $9.00 to $7.00 and set a "market perform" rating for the company in a report on Friday, October 3rd. Chardan Capital restated a "buy" rating and issued a $11.00 price target on shares of Rocket Pharmaceuticals in a report on Wednesday, August 20th. Needham & Company LLC reiterated a "hold" rating on shares of Rocket Pharmaceuticals in a research note on Thursday, July 24th. Finally, Canaccord Genuity Group reduced their target price on Rocket Pharmaceuticals from $11.00 to $10.00 and set a "buy" rating for the company in a research note on Friday, July 25th. Eight analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, Rocket Pharmaceuticals presently has a consensus rating of "Hold" and a consensus price target of $16.67.

Rocket Pharmaceuticals Stock Up 8.0%

NASDAQ RCKT opened at $3.39 on Wednesday. The stock has a market cap of $365.78 million, a PE ratio of -1.35 and a beta of 0.60. Rocket Pharmaceuticals has a fifty-two week low of $2.19 and a fifty-two week high of $18.89. The business has a 50 day moving average price of $3.20 and a two-hundred day moving average price of $4.23. The company has a quick ratio of 6.39, a current ratio of 6.39 and a debt-to-equity ratio of 0.05.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The biotechnology company reported ($0.59) earnings per share for the quarter, missing analysts' consensus estimates of ($0.57) by ($0.02). During the same period in the previous year, the firm posted ($0.74) earnings per share. As a group, sell-side analysts predict that Rocket Pharmaceuticals will post -2.83 EPS for the current fiscal year.

Insider Activity

In related news, insider Jonathan David Schwartz sold 11,161 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $3.02, for a total transaction of $33,706.22. Following the transaction, the insider directly owned 224,094 shares in the company, valued at $676,763.88. This trade represents a 4.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Elisabeth Bjork acquired 10,000 shares of Rocket Pharmaceuticals stock in a transaction that occurred on Wednesday, August 27th. The shares were purchased at an average price of $3.41 per share, for a total transaction of $34,100.00. Following the completion of the purchase, the director directly owned 40,000 shares of the company's stock, valued at $136,400. The trade was a 33.33% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders sold 35,450 shares of company stock worth $107,159. 24.76% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Large investors have recently added to or reduced their stakes in the company. Prudential Financial Inc. bought a new position in Rocket Pharmaceuticals during the second quarter worth $25,000. CANADA LIFE ASSURANCE Co lifted its stake in Rocket Pharmaceuticals by 94.4% during the second quarter. CANADA LIFE ASSURANCE Co now owns 12,202 shares of the biotechnology company's stock worth $29,000 after purchasing an additional 5,926 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in Rocket Pharmaceuticals by 7,818.1% during the second quarter. Farther Finance Advisors LLC now owns 13,540 shares of the biotechnology company's stock worth $33,000 after purchasing an additional 13,369 shares during the last quarter. Corton Capital Inc. bought a new position in Rocket Pharmaceuticals during the second quarter worth $38,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Rocket Pharmaceuticals in the second quarter valued at $43,000. 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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