Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target Raised to $52.00 at Scotiabank

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) had its target price hoisted by analysts at Scotiabank from $51.00 to $52.00 in a report released on Monday,Benzinga reports. The brokerage presently has a "sector outperform" rating on the biotechnology company's stock. Scotiabank's price target indicates a potential upside of 478.42% from the company's current price.

Several other analysts have also commented on the stock. Leerink Partners cut their target price on shares of Rocket Pharmaceuticals from $46.00 to $44.00 and set an "outperform" rating for the company in a research note on Tuesday, November 19th. Chardan Capital dropped their price target on Rocket Pharmaceuticals from $62.00 to $54.00 and set a "buy" rating on the stock in a report on Friday, February 28th. Cantor Fitzgerald reissued an "overweight" rating and set a $65.00 price objective on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. Wedbush initiated coverage on Rocket Pharmaceuticals in a report on Monday, December 30th. They issued an "outperform" rating and a $32.00 target price on the stock. Finally, Canaccord Genuity Group reduced their target price on Rocket Pharmaceuticals from $39.00 to $36.00 and set a "buy" rating for the company in a report on Monday. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Rocket Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average price target of $42.30.

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Rocket Pharmaceuticals Price Performance

NASDAQ RCKT traded down $0.22 on Monday, reaching $8.99. 1,557,491 shares of the stock traded hands, compared to its average volume of 1,451,782. Rocket Pharmaceuticals has a 12 month low of $8.25 and a 12 month high of $28.73. The company has a quick ratio of 6.05, a current ratio of 6.05 and a debt-to-equity ratio of 0.06. The firm's fifty day simple moving average is $10.73 and its 200 day simple moving average is $14.48. The company has a market cap of $819.50 million, a price-to-earnings ratio of -3.27 and a beta of 0.98.

Rocket Pharmaceuticals (NASDAQ:RCKT - Get Free Report) last released its earnings results on Monday, March 3rd. The biotechnology company reported ($0.62) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.68) by $0.06. As a group, research analysts predict that Rocket Pharmaceuticals will post -2.83 EPS for the current fiscal year.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of RCKT. Wellington Management Group LLP boosted its holdings in shares of Rocket Pharmaceuticals by 24.5% during the fourth quarter. Wellington Management Group LLP now owns 13,995,177 shares of the biotechnology company's stock worth $175,919,000 after purchasing an additional 2,753,033 shares during the period. Suvretta Capital Management LLC purchased a new stake in Rocket Pharmaceuticals in the 4th quarter worth approximately $32,267,000. Janus Henderson Group PLC boosted its stake in shares of Rocket Pharmaceuticals by 111.0% during the 4th quarter. Janus Henderson Group PLC now owns 4,004,039 shares of the biotechnology company's stock valued at $50,343,000 after buying an additional 2,106,699 shares during the period. Point72 Asset Management L.P. grew its holdings in shares of Rocket Pharmaceuticals by 3,163.9% during the 4th quarter. Point72 Asset Management L.P. now owns 1,569,823 shares of the biotechnology company's stock valued at $19,733,000 after acquiring an additional 1,521,727 shares in the last quarter. Finally, Boxer Capital Management LLC purchased a new position in shares of Rocket Pharmaceuticals during the 4th quarter valued at $18,428,000. Hedge funds and other institutional investors own 98.39% of the company's stock.

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.