Brokerages Set Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) Price Target at $48.80

Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) have been given an average rating of “Moderate Buy” by the twelve research firms that are covering the company, Marketbeat reports. One analyst has rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $47.27.

A number of equities research analysts have recently weighed in on the company. Scotiabank initiated coverage on Rocket Pharmaceuticals in a report on Wednesday, October 16th. They set a “sector outperform” rating and a $50.00 price target on the stock. Canaccord Genuity Group restated a “buy” rating and set a $39.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Cantor Fitzgerald restated an “overweight” rating and issued a $65.00 target price on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. Wedbush assumed coverage on shares of Rocket Pharmaceuticals in a research report on Monday. They issued an “outperform” rating and a $32.00 target price on the stock. Finally, Needham & Company LLC reissued a “buy” rating and set a $52.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th.

Rocket Pharmaceuticals Stock Performance

RCKT stock opened at $12.72 on Friday. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of -4.63 and a beta of 1.01. The stock’s fifty day moving average is $14.10 and its two-hundred day moving average is $17.93. Rocket Pharmaceuticals has a 1 year low of $11.15 and a 1 year high of $31.47. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.05 and a current ratio of 6.05.

Insider Buying and Selling

In other news, CEO Gaurav Shah sold 11,091 shares of Rocket Pharmaceuticals stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $13.05, for a total value of $144,737.55. Following the transaction, the chief executive officer now directly owns 707,328 shares in the company, valued at approximately $9,230,630.40. The trade was a 1.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last three months, insiders sold 13,490 shares of company stock worth $176,045. Corporate insiders own 28.50% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. increased its holdings in Rocket Pharmaceuticals by 21.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,292 shares of the biotechnology company’s stock valued at $61,000 after buying an additional 582 shares during the period. Values First Advisors Inc. acquired a new position in Rocket Pharmaceuticals in the third quarter worth $108,000. SG Americas Securities LLC acquired a new position in Rocket Pharmaceuticals during the 3rd quarter worth about $113,000. Dana Investment Advisors Inc. lifted its position in shares of Rocket Pharmaceuticals by 4.4% during the second quarter. Dana Investment Advisors Inc. now owns 13,847 shares of the biotechnology company’s stock worth $298,000 after purchasing an additional 586 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in Rocket Pharmaceuticals in the 3rd quarter valued at $286,000. 98.39% of the stock is currently owned by institutional investors and hedge funds.

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.