Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target Lowered to $42.00 at Needham & Company LLC

Rocket Pharmaceuticals (NASDAQ:RCKT) had its price target cut by research analysts at Needham & Company LLC from $52.00 to $42.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. Needham & Company LLC’s target price would indicate a potential upside of 344.44% from the stock’s previous close.

RCKT has been the topic of a number of other reports. Leerink Partners dropped their target price on shares of Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating on the stock in a report on Tuesday, November 19th. Cantor Fitzgerald reiterated an “overweight” rating and set a $65.00 price objective on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. Canaccord Genuity Group restated a “buy” rating and issued a $39.00 target price on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. Chardan Capital reissued a “buy” rating and issued a $62.00 price target on shares of Rocket Pharmaceuticals in a report on Monday, November 18th. Finally, Jefferies Financial Group started coverage on Rocket Pharmaceuticals in a research report on Wednesday, December 18th. They set a “buy” rating and a $29.00 price objective for the company. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $44.80.

Rocket Pharmaceuticals Stock Up 0.5 %

NASDAQ:RCKT opened at $9.45 on Friday. 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 company has a market capitalization of $861.43 million, a price-to-earnings ratio of -3.44 and a beta of 0.98. Rocket Pharmaceuticals has a one year low of $8.94 and a one year high of $31.24. The stock has a 50-day simple moving average of $10.89 and a 200 day simple moving average of $14.69.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its earnings results on Monday, March 3rd. The biotechnology company reported ($0.62) EPS for the quarter, topping the consensus estimate of ($0.68) by $0.06. Sell-side analysts predict that Rocket Pharmaceuticals will post -2.83 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in RCKT. 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 purchasing an additional 1,990 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Rocket Pharmaceuticals by 21.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,292 shares of the biotechnology company’s stock valued at $61,000 after buying an additional 582 shares in the last quarter. Signaturefd LLC grew its holdings in Rocket Pharmaceuticals by 319.8% during the fourth 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. raised its position in Rocket Pharmaceuticals by 51.9% in the fourth 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 in the last quarter. Finally, KBC Group NV raised its position in Rocket Pharmaceuticals by 159.6% in the fourth 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. Institutional investors and hedge funds own 98.39% of the company’s stock.

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.