Canaccord Genuity Group Reiterates Buy Rating for Rocket Pharmaceuticals (NASDAQ:RCKT)

Rocket Pharmaceuticals (NASDAQ:RCKT)‘s stock had its “buy” rating reaffirmed by equities research analysts at Canaccord Genuity Group in a note issued to investors on Monday, Benzinga reports. They currently have a $38.00 price target on the biotechnology company’s stock. Canaccord Genuity Group’s price target would indicate a potential upside of 121.96% from the stock’s current price.

RCKT has been the subject of a number of other research reports. Needham & Company LLC reiterated a “buy” rating and issued a $52.00 price target on shares of Rocket Pharmaceuticals in a report on Tuesday, September 17th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $65.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday, August 6th. William Blair reissued an “outperform” rating on shares of Rocket Pharmaceuticals in a research report on Monday, June 3rd. Chardan Capital reissued a “buy” rating and issued a $62.00 target price on shares of Rocket Pharmaceuticals in a research report on Tuesday, August 6th. Finally, JPMorgan Chase & Co. upped their price target on shares of Rocket Pharmaceuticals from $50.00 to $54.00 and gave the company an “overweight” rating in a report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $52.00.

Rocket Pharmaceuticals Trading Down 7.3 %

Shares of RCKT stock opened at $17.12 on Monday. Rocket Pharmaceuticals has a 52-week low of $16.21 and a 52-week high of $32.53. The company has a debt-to-equity ratio of 0.05, a quick ratio of 7.79 and a current ratio of 7.79. The firm has a market capitalization of $1.55 billion, a PE ratio of -5.97 and a beta of 1.09. The stock has a fifty day simple moving average of $20.05 and a two-hundred day simple moving average of $22.09.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its quarterly earnings data on Monday, August 5th. The biotechnology company reported ($0.74) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.02). During the same quarter in the previous year, the firm posted ($0.82) earnings per share. On average, analysts predict that Rocket Pharmaceuticals will post -2.97 EPS for the current fiscal year.

Insider Buying and Selling at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, insider Mark Andrew White sold 3,026 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $20.39, for a total value of $61,700.14. Following the completion of the transaction, the insider now owns 72,220 shares of the company’s stock, valued at approximately $1,472,565.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 31.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Principal Financial Group Inc. lifted its holdings in shares of Rocket Pharmaceuticals by 3.8% in the fourth quarter. Principal Financial Group Inc. now owns 17,963 shares of the biotechnology company’s stock valued at $538,000 after purchasing an additional 661 shares in the last quarter. Norges Bank purchased a new position in shares of Rocket Pharmaceuticals in the fourth quarter valued at $7,293,000. TD Asset Management Inc boosted its stake in shares of Rocket Pharmaceuticals by 38.2% in the fourth quarter. TD Asset Management Inc now owns 154,864 shares of the biotechnology company’s stock valued at $4,641,000 after purchasing an additional 42,834 shares during the period. Capstone Investment Advisors LLC purchased a new position in shares of Rocket Pharmaceuticals in the fourth quarter valued at $217,000. Finally, NEOS Investment Management LLC bought a new position in Rocket Pharmaceuticals during the 4th quarter valued at $585,000. 98.39% of the stock is currently owned by institutional investors and hedge funds.

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.