Rocket Pharmaceuticals (NASDAQ:RCKT) Now Covered by Scotiabank

Scotiabank assumed coverage on shares of Rocket Pharmaceuticals (NASDAQ:RCKT - Free Report) in a research note issued to investors on Wednesday morning, Marketbeat.com reports. The firm issued a sector outperform rating and a $50.00 target price on the biotechnology company's stock.

A number of other research analysts have also recently commented on RCKT. Needham & Company LLC reaffirmed a "buy" rating and set a $52.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday, September 17th. Chardan Capital reiterated a "buy" rating and set a $62.00 target price on shares of Rocket Pharmaceuticals in a research report on Tuesday, August 6th. Cantor Fitzgerald reissued an "overweight" rating and issued a $65.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday, August 6th. JPMorgan Chase & Co. raised their price objective on shares of Rocket Pharmaceuticals from $50.00 to $54.00 and gave the stock an "overweight" rating in a report on Tuesday, August 6th. Finally, Canaccord Genuity Group reissued a "buy" rating and set a $38.00 target price on shares of Rocket Pharmaceuticals in a report on Monday, September 30th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $51.75.

Rocket Pharmaceuticals Stock Performance

Shares of NASDAQ RCKT traded up $1.38 during mid-day trading on Wednesday, reaching $18.06. 970,069 shares of the company's stock were exchanged, compared to its average volume of 788,203. The firm has a 50-day moving average price of $18.56 and a two-hundred day moving average price of $21.27. The company has a debt-to-equity ratio of 0.05, a current ratio of 7.79 and a quick ratio of 7.79. The firm has a market capitalization of $1.64 billion, a price-to-earnings ratio of -6.29 and a beta of 1.09. Rocket Pharmaceuticals has a 52 week low of $15.98 and a 52 week high of $32.53.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last released its earnings results 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 company earned ($0.82) EPS. Analysts predict that Rocket Pharmaceuticals will post -2.97 EPS for the current year.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RCKT. Mirador Capital Partners LP purchased a new stake in shares of Rocket Pharmaceuticals in the 3rd quarter valued at about $310,000. SG Americas Securities LLC bought a new stake in Rocket Pharmaceuticals during the third quarter worth about $113,000. Dana Investment Advisors Inc. lifted its position in Rocket Pharmaceuticals by 4.4% in the 2nd quarter. Dana Investment Advisors Inc. now owns 13,847 shares of the biotechnology company's stock worth $298,000 after buying an additional 586 shares during the last quarter. Novo Holdings A S raised its position in Rocket Pharmaceuticals by 4.8% in the 2nd quarter. Novo Holdings A S now owns 1,100,000 shares of the biotechnology company's stock worth $23,683,000 after purchasing an additional 50,000 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position in Rocket Pharmaceuticals by 23.5% during the second quarter. The Manufacturers Life Insurance Company now owns 139,613 shares of the biotechnology company's stock valued at $3,006,000 after buying an additional 26,556 shares during the period. 98.39% of the stock is currently owned by hedge funds and other institutional investors.

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.