Rocket Pharmaceuticals (NASDAQ:RCKT) Receives “Buy” Rating from Needham & Company LLC

Rocket Pharmaceuticals (NASDAQ:RCKT)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a research note issued on Friday,Benzinga reports. They currently have a $52.00 price target on the biotechnology company’s stock. Needham & Company LLC’s price target points to a potential upside of 201.45% from the company’s current price.

A number of other equities analysts have also recently commented on RCKT. Cantor Fitzgerald restated an “overweight” rating and set a $65.00 target price on shares of Rocket Pharmaceuticals in a report on Tuesday, August 6th. Chardan Capital restated a “buy” rating and set a $62.00 target price on shares of Rocket Pharmaceuticals in a report on Tuesday, August 6th. JPMorgan Chase & Co. lifted their price objective on Rocket Pharmaceuticals from $50.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, August 6th. Canaccord Genuity Group reiterated a “buy” rating and issued a $38.00 price objective on shares of Rocket Pharmaceuticals in a research note on Monday, September 30th. Finally, Scotiabank started coverage on Rocket Pharmaceuticals in a research note on Wednesday, October 16th. They issued a “sector outperform” rating and a $50.00 price objective for the company. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $51.75.

Rocket Pharmaceuticals Stock Down 1.9 %

Shares of NASDAQ:RCKT opened at $17.25 on Friday. The business has a 50-day moving average price of $18.06 and a 200 day moving average price of $20.49. Rocket Pharmaceuticals has a 12-month low of $15.98 and a 12-month high of $32.53. The company has a market capitalization of $1.57 billion, a price-to-earnings ratio of -6.18 and a beta of 1.09. The company has a current ratio of 7.79, a quick ratio of 7.79 and a debt-to-equity ratio of 0.05.

Rocket Pharmaceuticals (NASDAQ:RCKT) last announced its earnings results on Monday, August 5th. The biotechnology company reported ($0.74) EPS for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.02). During the same quarter in the prior year, the firm posted ($0.82) earnings per share. Sell-side analysts expect that Rocket Pharmaceuticals will post -2.98 EPS for the current year.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in the business. First Turn Management LLC lifted its stake in Rocket Pharmaceuticals by 10.8% during the third quarter. First Turn Management LLC now owns 621,306 shares of the biotechnology company’s stock worth $11,476,000 after purchasing an additional 60,317 shares during the last quarter. Pier 88 Investment Partners LLC lifted its stake in Rocket Pharmaceuticals by 5.1% during the third quarter. Pier 88 Investment Partners LLC now owns 32,490 shares of the biotechnology company’s stock worth $600,000 after purchasing an additional 1,590 shares during the last quarter. Privium Fund Management B.V. lifted its stake in Rocket Pharmaceuticals by 17.5% during the third quarter. Privium Fund Management B.V. now owns 294,800 shares of the biotechnology company’s stock worth $5,445,000 after purchasing an additional 43,820 shares during the last quarter. Harbor Capital Advisors Inc. lifted its stake in Rocket Pharmaceuticals by 73.5% during the third quarter. Harbor Capital Advisors Inc. now owns 168,506 shares of the biotechnology company’s stock worth $3,112,000 after purchasing an additional 71,372 shares during the last quarter. Finally, VELA Investment Management LLC lifted its stake in Rocket Pharmaceuticals by 49.0% during the third quarter. VELA Investment Management LLC now owns 30,959 shares of the biotechnology company’s stock worth $572,000 after purchasing an additional 10,186 shares during the last quarter. Hedge funds and other institutional investors own 98.39% of the company’s stock.

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.