Needham & Company LLC Lowers Rocket Pharmaceuticals (NASDAQ:RCKT) Price Target to $42.00

Rocket Pharmaceuticals (NASDAQ:RCKT) had its price objective trimmed by Needham & Company LLC from $52.00 to $42.00 in a research note published on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the biotechnology company’s stock.

Several other research analysts have also recently issued reports on RCKT. Wedbush began coverage on Rocket Pharmaceuticals in a research report on Monday, December 30th. They set an “outperform” rating and a $32.00 price objective for the company. Leerink Partners decreased their target price on Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating for the company in a research report on Tuesday, November 19th. Canaccord Genuity Group reissued a “buy” rating and issued a $39.00 target price on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Cantor Fitzgerald reissued an “overweight” rating and issued a $65.00 target price on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Finally, Jefferies Financial Group initiated coverage on Rocket Pharmaceuticals in a research report on Wednesday, December 18th. They issued a “buy” rating and a $29.00 target price for the company. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $45.64.

Rocket Pharmaceuticals Trading Up 0.5 %

NASDAQ:RCKT opened at $9.45 on Friday. The stock has a 50-day simple moving average of $10.94 and a 200-day simple moving average of $14.78. The stock has a market cap of $861.43 million, a P/E ratio of -3.44 and a beta of 0.98. Rocket Pharmaceuticals has a 1 year low of $8.94 and a 1 year high of $31.24. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.05 and a current ratio of 6.05.

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

Institutional Trading of Rocket Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Covestor Ltd raised its stake in Rocket Pharmaceuticals by 33,166.7% during the 4th quarter. Covestor Ltd now owns 1,996 shares of the biotechnology company’s stock valued at $25,000 after acquiring an additional 1,990 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Rocket Pharmaceuticals by 21.5% during 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 acquiring an additional 582 shares during the last quarter. Signaturefd LLC raised its stake in Rocket Pharmaceuticals by 319.8% during the 4th quarter. Signaturefd LLC now owns 4,916 shares of the biotechnology company’s stock valued at $62,000 after acquiring an additional 3,745 shares during the last quarter. Harbour Investments Inc. raised its stake in Rocket Pharmaceuticals by 51.9% during the 4th quarter. Harbour Investments Inc. now owns 5,385 shares of the biotechnology company’s stock valued at $68,000 after acquiring an additional 1,840 shares during the last quarter. Finally, KBC Group NV raised its stake in Rocket Pharmaceuticals by 159.6% during the 4th quarter. KBC Group NV now owns 5,475 shares of the biotechnology company’s stock valued at $69,000 after acquiring an additional 3,366 shares during the last quarter. 98.39% of the stock is owned by hedge funds and other institutional investors.

About Rocket Pharmaceuticals

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.