Canaccord Genuity Group Cuts Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target to $40.00

Rocket Pharmaceuticals (NASDAQ:RCKT) had its price objective reduced by Canaccord Genuity Group from $49.00 to $40.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. Canaccord Genuity Group’s target price suggests a potential upside of 102.63% from the stock’s current price.

Several other research firms have also commented on RCKT. William Blair restated an “outperform” rating on shares of Rocket Pharmaceuticals in a research note on Monday, June 3rd. Needham & Company LLC reduced their price objective on Rocket Pharmaceuticals from $53.00 to $52.00 and set a “buy” rating for the company in a research note on Friday, June 28th. Chardan Capital restated a “buy” rating and issued a $62.00 price objective on shares of Rocket Pharmaceuticals in a research note on Friday, June 28th. Finally, The Goldman Sachs Group started coverage on Rocket Pharmaceuticals in a research note on Tuesday, April 2nd. They issued a “neutral” rating and a $39.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $51.25.

Rocket Pharmaceuticals Stock Performance

Shares of NASDAQ RCKT traded down $0.04 during midday trading on Wednesday, hitting $19.74. 67,576 shares of the company’s stock traded hands, compared to its average volume of 753,338. The firm has a fifty day moving average of $22.25 and a 200 day moving average of $25.88. Rocket Pharmaceuticals has a 1 year low of $14.89 and a 1 year high of $32.53. The company has a debt-to-equity ratio of 0.04, a quick ratio of 10.47 and a current ratio of 10.47. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of -6.95 and a beta of 1.13.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its quarterly earnings data on Monday, May 6th. The biotechnology company reported ($0.66) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.67) by $0.01. During the same quarter in the prior year, the company posted ($0.73) EPS. On average, analysts forecast that Rocket Pharmaceuticals will post -2.88 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director David P. Southwell sold 10,000 shares of the firm’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $24.05, for a total transaction of $240,500.00. Following the completion of the transaction, the director now owns 114,784 shares in the company, valued at $2,760,555.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider John Militello sold 1,079 shares of the firm’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $23.35, for a total transaction of $25,194.65. Following the completion of the transaction, the insider now owns 53,327 shares in the company, valued at $1,245,185.45. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director David P. Southwell sold 10,000 shares of the stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $24.05, for a total transaction of $240,500.00. Following the completion of the transaction, the director now directly owns 114,784 shares of the company’s stock, valued at approximately $2,760,555.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 105,282 shares of company stock worth $2,551,801. Corporate insiders own 31.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Goldman Sachs Group Inc. lifted its holdings in shares of Rocket Pharmaceuticals by 12.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 594,665 shares of the biotechnology company’s stock valued at $17,822,000 after acquiring an additional 64,946 shares during the last quarter. Comerica Bank purchased a new position in Rocket Pharmaceuticals during the third quarter valued at approximately $9,017,000. Franklin Resources Inc. grew its holdings in Rocket Pharmaceuticals by 60.8% in the fourth quarter. Franklin Resources Inc. now owns 1,072,910 shares of the biotechnology company’s stock worth $32,155,000 after purchasing an additional 405,855 shares during the last quarter. Avidity Partners Management LP grew its holdings in Rocket Pharmaceuticals by 8.3% in the fourth quarter. Avidity Partners Management LP now owns 1,719,103 shares of the biotechnology company’s stock worth $51,522,000 after purchasing an additional 131,674 shares during the last quarter. Finally, Virtu Financial LLC purchased a new position in Rocket Pharmaceuticals in the fourth quarter worth $332,000. 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.