Rocket Pharmaceuticals (NASDAQ:RCKT) Receives Equal Weight Rating from Morgan Stanley

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report)'s stock had its "equal weight" rating reiterated by research analysts at Morgan Stanley in a research note issued to investors on Wednesday, Marketbeat Ratings reports. They currently have a $7.00 price objective on the biotechnology company's stock. Morgan Stanley's price objective would suggest a potential upside of 167.18% from the company's current price.

Other equities analysts also recently issued research reports about the company. JPMorgan Chase & Co. cut their price target on Rocket Pharmaceuticals from $45.00 to $44.00 and set an "overweight" rating for the company in a research note on Friday, May 9th. TD Cowen restated a "hold" rating on shares of Rocket Pharmaceuticals in a report on Tuesday. Jefferies Financial Group reaffirmed a "hold" rating on shares of Rocket Pharmaceuticals in a research report on Wednesday. Chardan Capital lowered their price target on Rocket Pharmaceuticals from $46.00 to $17.00 and set a "buy" rating for the company in a research report on Wednesday. Finally, The Goldman Sachs Group dropped their price objective on Rocket Pharmaceuticals from $15.00 to $13.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $22.46.

Rocket Pharmaceuticals Stock Up 5.6%

RCKT stock traded up $0.14 during midday trading on Wednesday, reaching $2.62. 10,045,193 shares of the company's stock traded hands, compared to its average volume of 1,846,466. The company has a market cap of $279.78 million, a price-to-earnings ratio of -0.95 and a beta of 1.02. The firm's fifty day moving average price is $6.32 and its 200-day moving average price is $9.58. The company has a quick ratio of 6.05, a current ratio of 6.05 and a debt-to-equity ratio of 0.06. Rocket Pharmaceuticals has a 52 week low of $2.19 and a 52 week high of $26.98.

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

Insider Transactions at Rocket Pharmaceuticals

In related news, CEO Gaurav Shah acquired 20,000 shares of the stock in a transaction on Thursday, April 10th. The shares were acquired at an average price of $5.08 per share, with a total value of $101,600.00. Following the completion of the transaction, the chief executive officer now owns 792,680 shares in the company, valued at approximately $4,026,814.40. The trade was a 2.59% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Kinnari Patel bought 21,099 shares of the company's stock in a transaction on Wednesday, April 9th. The stock was bought at an average price of $4.70 per share, for a total transaction of $99,165.30. Following the completion of the purchase, the insider now owns 26,774 shares of the company's stock, valued at approximately $125,837.80. The trade was a 371.79% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 24.76% of the company's stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

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

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.