Rocket Pharmaceuticals' (RCKT) "Buy" Rating Reiterated at Needham & Company LLC

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report)'s stock had its "buy" rating reaffirmed by investment analysts at Needham & Company LLC in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $52.00 price objective on the biotechnology company's stock. Needham & Company LLC's target price points to a potential upside of 198.17% from the stock's previous close.

RCKT has been the topic of several other research reports. JPMorgan Chase & Co. upped their target price 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. Canaccord Genuity Group reissued a "buy" rating and set a $38.00 price objective on shares of Rocket Pharmaceuticals in a research note on Monday, September 30th. Chardan Capital restated a "buy" rating and issued a $62.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday, August 6th. Cantor Fitzgerald reiterated an "overweight" rating and set a $65.00 target price on shares of Rocket Pharmaceuticals in a report on Tuesday, August 6th. Finally, Scotiabank began coverage on Rocket Pharmaceuticals in a report on Wednesday, October 16th. They issued a "sector outperform" rating and a $50.00 price target for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $51.75.

Rocket Pharmaceuticals Stock Performance

RCKT traded up $0.19 during midday trading on Friday, reaching $17.44. The company's stock had a trading volume of 900,131 shares, compared to its average volume of 778,245. Rocket Pharmaceuticals has a twelve month low of $15.98 and a twelve month high of $32.53. The company has a fifty day simple moving average of $18.06 and a 200 day simple moving average of $20.49. The stock has a market cap of $1.59 billion, a P/E 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 - 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 the consensus estimate of ($0.72) by ($0.02). During the same quarter last year, the company posted ($0.82) EPS. Research analysts expect that Rocket Pharmaceuticals will post -2.98 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of Rocket Pharmaceuticals in the third quarter valued at $636,000. First Turn Management LLC increased its stake in shares of Rocket Pharmaceuticals by 10.8% during the 3rd 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 raised its holdings in shares of Rocket Pharmaceuticals by 5.1% in the 3rd quarter. Pier 88 Investment Partners LLC now owns 32,490 shares of the biotechnology company's stock valued at $600,000 after purchasing an additional 1,590 shares during the period. Privium Fund Management B.V. lifted its stake in Rocket Pharmaceuticals by 17.5% in the 3rd quarter. Privium Fund Management B.V. now owns 294,800 shares of the biotechnology company's stock valued at $5,445,000 after purchasing an additional 43,820 shares during the last quarter. Finally, Harbor Capital Advisors Inc. lifted its stake in Rocket Pharmaceuticals by 73.5% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 168,506 shares of the biotechnology company's stock valued at $3,112,000 after purchasing an additional 71,372 shares during the last quarter. 98.39% of the stock is currently owned by 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.