Rocket Pharmaceuticals (NASDAQ:RCKT) Earns “Buy” Rating from Needham & Company LLC

Rocket Pharmaceuticals (NASDAQ:RCKT)‘s stock had its “buy” rating restated by investment analysts at Needham & Company LLC in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $52.00 target price on the biotechnology company’s stock. Needham & Company LLC’s price objective points to a potential upside of 197.99% from the company’s previous close.

RCKT has been the topic of several other research reports. Chardan Capital reaffirmed a “buy” rating and set a $62.00 price objective on shares of Rocket Pharmaceuticals in a report on Tuesday, August 6th. JPMorgan Chase & Co. lifted their price target on Rocket Pharmaceuticals from $50.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 6th. Cantor Fitzgerald reissued an “overweight” rating and issued a $65.00 price objective on shares of Rocket Pharmaceuticals in a report on Tuesday, August 6th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $38.00 target price on shares of Rocket Pharmaceuticals in a report on Monday, September 30th. Finally, Scotiabank started coverage on shares of Rocket Pharmaceuticals in a research note on Wednesday, October 16th. They set a “sector outperform” rating and a $50.00 price target for the company. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.75.

Rocket Pharmaceuticals Trading Up 1.2 %

Shares of Rocket Pharmaceuticals stock opened at $17.45 on Friday. The company has a current ratio of 7.79, a quick ratio of 7.79 and a debt-to-equity ratio of 0.05. The company has a fifty day simple moving average of $18.04 and a 200-day simple moving average of $20.42. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of -6.35 and a beta of 1.09. Rocket Pharmaceuticals has a 12-month low of $15.98 and a 12-month high of $32.53.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. boosted 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 purchasing an additional 582 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Rocket Pharmaceuticals by 31.9% in the second quarter. Nisa Investment Advisors LLC now owns 3,160 shares of the biotechnology company’s stock valued at $68,000 after buying an additional 764 shares in the last quarter. Values First Advisors Inc. acquired a new position in Rocket Pharmaceuticals during the third quarter worth $108,000. SG Americas Securities LLC purchased a new position in Rocket Pharmaceuticals in the third quarter worth $113,000. Finally, Dana Investment Advisors Inc. lifted its holdings in Rocket Pharmaceuticals by 4.4% in the second quarter. Dana Investment Advisors Inc. now owns 13,847 shares of the biotechnology company’s stock valued at $298,000 after acquiring an additional 586 shares during the period. 98.39% of the stock is currently owned by institutional investors and hedge funds.

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.