Needham & Company LLC Reiterates "Buy" Rating for Rocket Pharmaceuticals (NASDAQ:RCKT)

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report)'s stock had its "buy" rating restated by research analysts at Needham & Company LLC in a research note issued on Wednesday,Benzinga reports. They currently have a $42.00 price target on the biotechnology company's stock.

Other research analysts also recently issued research reports about the company. BMO Capital Markets began coverage on Rocket Pharmaceuticals in a report on Wednesday, March 12th. They set an "outperform" rating and a $50.00 target price on the stock. Canaccord Genuity Group decreased their price objective on shares of Rocket Pharmaceuticals from $39.00 to $36.00 and set a "buy" rating for the company in a report on Monday, March 3rd. Chardan Capital dropped their target price on shares of Rocket Pharmaceuticals from $62.00 to $54.00 and set a "buy" rating on the stock in a report on Friday, February 28th. The Goldman Sachs Group decreased their price target on shares of Rocket Pharmaceuticals from $29.00 to $15.00 and set a "neutral" rating for the company in a report on Monday, March 3rd. Finally, Jefferies Financial Group began coverage on shares of Rocket Pharmaceuticals in a research note on Wednesday, December 18th. They set a "buy" rating and a $29.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, Rocket Pharmaceuticals presently has an average rating of "Moderate Buy" and a consensus price target of $43.00.

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Rocket Pharmaceuticals Stock Up 6.3 %

Shares of NASDAQ RCKT traded up $0.33 during midday trading on Wednesday, reaching $5.60. 1,532,802 shares of the company's stock were exchanged, compared to its average volume of 1,234,341. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.05 and a current ratio of 6.05. Rocket Pharmaceuticals has a 52-week low of $4.55 and a 52-week high of $26.98. The business's fifty day moving average price is $8.38 and its two-hundred day moving average price is $12.05. The stock has a market capitalization of $597.13 million, a PE ratio of -2.04 and a beta of 1.00.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last posted its quarterly earnings data on Monday, March 3rd. The biotechnology company reported ($0.62) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.68) by $0.06. Analysts forecast that Rocket Pharmaceuticals will post -2.83 EPS for the current year.

Insider Activity at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, insider Kinnari Patel purchased 21,099 shares of the stock in a transaction dated Wednesday, April 9th. The shares were bought at an average cost of $4.70 per share, with a total value of $99,165.30. Following the completion of the acquisition, the insider now owns 26,774 shares of the company's stock, valued at approximately $125,837.80. This trade represents a 371.79 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Aaron Ondrey sold 7,489 shares of the company's stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $5.29, for a total transaction of $39,616.81. Following the completion of the sale, the chief financial officer now directly owns 129,650 shares of the company's stock, valued at $685,848.50. The trade was a 5.46 % decrease in their position. The disclosure for this sale can be found here. 28.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Rocket Pharmaceuticals by 1.3% during 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 purchasing an additional 1,561 shares in the last quarter. Verition Fund Management LLC acquired a new stake in shares of Rocket Pharmaceuticals in the third quarter valued at $290,000. Point72 Asset Management L.P. bought a new position in Rocket Pharmaceuticals during the third quarter valued at about $888,000. State Street Corp boosted its stake in Rocket Pharmaceuticals by 11.6% during the third quarter. State Street Corp now owns 3,102,022 shares of the biotechnology company's stock valued at $57,294,000 after buying an additional 322,156 shares in the last quarter. Finally, XTX Topco Ltd acquired a new position in Rocket Pharmaceuticals during the third quarter worth about $286,000. 98.39% of the stock is currently owned by institutional investors.

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.