Rocket Pharmaceuticals’ (RCKT) Buy Rating Reiterated at Chardan Capital

Rocket Pharmaceuticals (NASDAQ:RCKT)‘s stock had its “buy” rating reaffirmed by stock analysts at Chardan Capital in a report released on Monday,Benzinga reports. They presently have a $62.00 price objective on the biotechnology company’s stock. Chardan Capital’s price target indicates a potential upside of 353.88% from the stock’s previous close.

Several other analysts have also recently issued reports on RCKT. Canaccord Genuity Group reaffirmed a “buy” rating and set a $38.00 price objective on shares of Rocket Pharmaceuticals in a research note on Monday, September 30th. Scotiabank started coverage on shares of Rocket Pharmaceuticals in a research note on Wednesday, October 16th. They issued a “sector outperform” rating and a $50.00 price target for the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $65.00 price target on shares of Rocket Pharmaceuticals in a research note on Tuesday, August 6th. JPMorgan Chase & Co. increased their price target on shares of Rocket Pharmaceuticals from $50.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, August 6th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $52.00 price target on shares of Rocket Pharmaceuticals in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.75.

Rocket Pharmaceuticals Price Performance

NASDAQ RCKT traded down $0.32 during trading hours on Monday, hitting $13.66. 1,485,571 shares of the company’s stock traded hands, compared to its average volume of 785,753. Rocket Pharmaceuticals has a 52-week low of $13.39 and a 52-week high of $32.53. The company has a market capitalization of $1.25 billion, a PE ratio of -4.97 and a beta of 1.09. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 7.79. The firm’s 50-day moving average is $17.75 and its 200-day moving average is $20.17.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of RCKT. ProShare Advisors LLC raised its holdings in shares of Rocket Pharmaceuticals by 9.1% in the 1st quarter. ProShare Advisors LLC now owns 17,614 shares of the biotechnology company’s stock valued at $475,000 after purchasing an additional 1,468 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Rocket Pharmaceuticals by 11.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,943,160 shares of the biotechnology company’s stock valued at $79,290,000 after purchasing an additional 314,086 shares in the last quarter. Janus Henderson Group PLC raised its holdings in shares of Rocket Pharmaceuticals by 174.3% in the 1st quarter. Janus Henderson Group PLC now owns 2,606,016 shares of the biotechnology company’s stock valued at $70,170,000 after purchasing an additional 1,656,111 shares in the last quarter. Harbor Capital Advisors Inc. raised its holdings in shares of Rocket Pharmaceuticals by 19.3% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 97,134 shares of the biotechnology company’s stock valued at $2,091,000 after purchasing an additional 15,708 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings in shares of Rocket Pharmaceuticals by 31.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,160 shares of the biotechnology company’s stock valued at $68,000 after purchasing an additional 764 shares in the last quarter. 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.