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

Rocket Pharmaceuticals (NASDAQ:RCKT - Free Report) had its price objective lowered by Needham & Company LLC from $52.00 to $42.00 in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has a buy rating on the biotechnology company's stock.

A number of other research firms also recently issued reports on RCKT. Jefferies Financial Group started coverage on Rocket Pharmaceuticals in a report on Wednesday, December 18th. They set a "buy" rating and a $29.00 price objective for the company. Leerink Partners lowered their target price on Rocket Pharmaceuticals from $46.00 to $44.00 and set an "outperform" rating on the stock in a research report on Tuesday, November 19th. Chardan Capital reissued a "buy" rating and set a $62.00 price target on shares of Rocket Pharmaceuticals in a research report on Monday, November 18th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $39.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $65.00 price objective on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $42.30.

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Rocket Pharmaceuticals Stock Down 1.5 %

Shares of Rocket Pharmaceuticals stock traded down $0.13 on Friday, hitting $8.66. The company had a trading volume of 1,741,869 shares, compared to its average volume of 1,448,038. The stock has a 50-day moving average of $10.84 and a 200-day moving average of $14.59. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05. Rocket Pharmaceuticals has a twelve month low of $8.25 and a twelve month high of $28.73. The firm has a market capitalization of $789.42 million, a P/E ratio of -3.15 and a beta of 0.98.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last announced its earnings results on Monday, March 3rd. The biotechnology company reported ($0.62) earnings per share for the quarter, topping analysts' consensus estimates of ($0.68) by $0.06. Research analysts predict that Rocket Pharmaceuticals will post -2.83 earnings per share 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. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Rocket Pharmaceuticals by 21.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,292 shares of the biotechnology company's stock worth $61,000 after purchasing an additional 582 shares during the period. Rhumbline Advisers grew its stake in Rocket Pharmaceuticals by 1.3% during the fourth quarter. Rhumbline Advisers now owns 99,339 shares of the biotechnology company's stock worth $1,249,000 after buying an additional 1,242 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in Rocket Pharmaceuticals by 4.1% during the fourth quarter. Envestnet Asset Management Inc. now owns 32,422 shares of the biotechnology company's stock worth $408,000 after buying an additional 1,280 shares in the last quarter. Arizona State Retirement System increased its holdings in Rocket Pharmaceuticals by 8.4% in the 4th quarter. Arizona State Retirement System now owns 19,826 shares of the biotechnology company's stock valued at $249,000 after buying an additional 1,528 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Rocket Pharmaceuticals by 1.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 119,633 shares of the biotechnology company's stock valued at $2,210,000 after buying an additional 1,561 shares in the last quarter. 98.39% of the stock is 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.