Rocket Pharmaceuticals (NASDAQ:RCKT) Earns Buy Rating from Analysts at Jefferies Financial Group

Investment analysts at Jefferies Financial Group started coverage on shares of Rocket Pharmaceuticals (NASDAQ:RCKT) in a note issued to investors on Wednesday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $29.00 price target on the biotechnology company’s stock. Jefferies Financial Group’s price objective suggests a potential upside of 143.29% from the stock’s previous close.

Several other research analysts have also weighed in on the stock. Scotiabank assumed coverage on shares of Rocket Pharmaceuticals in a research report on Wednesday, October 16th. They set a “sector outperform” rating and a $50.00 target price on the stock. Leerink Partners lowered their price target on Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating on the stock in a report on Tuesday, November 19th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $65.00 price objective on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. Canaccord Genuity Group reiterated a “buy” rating and set a $39.00 target price on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $52.00 target price on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $48.80.

Rocket Pharmaceuticals Stock Performance

NASDAQ:RCKT opened at $11.92 on Wednesday. The firm’s fifty day simple moving average is $15.53 and its 200-day simple moving average is $18.83. 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 stock has a market cap of $1.09 billion, a PE ratio of -4.33 and a beta of 1.01. Rocket Pharmaceuticals has a fifty-two week low of $11.58 and a fifty-two week high of $32.53.

Insiders Place Their Bets

In other news, CEO Gaurav Shah sold 11,091 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $13.05, for a total value of $144,737.55. Following the transaction, the chief executive officer now owns 707,328 shares of the company’s stock, valued at approximately $9,230,630.40. This trade represents a 1.54 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold 13,490 shares of company stock worth $176,045 over the last three months. 28.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC increased its stake in Rocket Pharmaceuticals by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,617,866 shares of the biotechnology company’s stock worth $29,888,000 after buying an additional 14,256 shares during the period. Main Management ETF Advisors LLC acquired a new stake in shares of Rocket Pharmaceuticals during the third quarter valued at about $602,000. XTX Topco Ltd purchased a new stake in shares of Rocket Pharmaceuticals during the third quarter worth about $286,000. Wellington Management Group LLP lifted its stake in shares of Rocket Pharmaceuticals by 22.8% in the third quarter. Wellington Management Group LLP now owns 11,242,144 shares of the biotechnology company’s stock worth $207,642,000 after acquiring an additional 2,086,424 shares in the last quarter. Finally, Sphera Funds Management LTD. lifted its stake in shares of Rocket Pharmaceuticals by 12.0% in the third quarter. Sphera Funds Management LTD. now owns 231,792 shares of the biotechnology company’s stock worth $4,281,000 after acquiring an additional 24,859 shares in the last quarter. 98.39% of the stock is 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.