Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Gap Up - What's Next?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT - Get Free Report) shares gapped up prior to trading on Wednesday . The stock had previously closed at $16.68, but opened at $17.23. Rocket Pharmaceuticals shares last traded at $17.99, with a volume of 79,136 shares.

Wall Street Analyst Weigh In

RCKT has been the topic of a number of analyst reports. Needham & Company LLC reissued a "buy" rating and issued a $52.00 price target on shares of Rocket Pharmaceuticals in a research note on Tuesday, September 17th. Scotiabank assumed coverage on Rocket Pharmaceuticals in a research note on Wednesday. They set a "sector outperform" rating and a $50.00 target price on the stock. Canaccord Genuity Group reaffirmed a "buy" rating and set a $38.00 target price on shares of Rocket Pharmaceuticals in a research note on Monday, September 30th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $65.00 target price on shares of Rocket Pharmaceuticals in a research note on Tuesday, August 6th. Finally, JPMorgan Chase & Co. lifted their target price on Rocket Pharmaceuticals from $50.00 to $54.00 and gave the company an "overweight" rating in a research note on Tuesday, August 6th. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $51.75.

Rocket Pharmaceuticals Trading Up 8.3 %

The firm has a market capitalization of $1.64 billion, a price-to-earnings ratio of -6.27 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. The company has a fifty day moving average price of $18.58 and a 200-day moving average price of $21.29.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last announced its quarterly earnings results on Monday, August 5th. The biotechnology company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.72) by ($0.02). During the same quarter last year, the business posted ($0.82) earnings per share. On average, equities research analysts predict that Rocket Pharmaceuticals, Inc. will post -2.97 EPS for the current year.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in RCKT. Virtu Financial LLC acquired a new stake in Rocket Pharmaceuticals in the 4th quarter worth approximately $332,000. Goldman Sachs Group Inc. lifted its holdings in Rocket Pharmaceuticals by 12.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 594,665 shares of the biotechnology company's stock worth $17,822,000 after purchasing an additional 64,946 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Rocket Pharmaceuticals by 2.2% in the 4th quarter. Wellington Management Group LLP now owns 8,197,546 shares of the biotechnology company's stock worth $245,680,000 after purchasing an additional 174,716 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Rocket Pharmaceuticals by 18.3% in the 4th quarter. Vanguard Group Inc. now owns 5,447,565 shares of the biotechnology company's stock worth $163,264,000 after purchasing an additional 843,552 shares during the last quarter. Finally, Harbour Capital Advisors LLC lifted its holdings in Rocket Pharmaceuticals by 115.3% in the 1st quarter. Harbour Capital Advisors LLC now owns 21,155 shares of the biotechnology company's stock worth $544,000 after purchasing an additional 11,330 shares during the last quarter. 98.39% of the stock is currently owned by institutional investors and hedge funds.

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.