Rocket Pharmaceuticals’ (RCKT) Buy Rating Reiterated at Needham & Company LLC

Rocket Pharmaceuticals (NASDAQ:RCKT)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a note issued to investors on Tuesday,Benzinga reports. They presently have a $52.00 price target on the biotechnology company’s stock. Needham & Company LLC’s target price would indicate a potential upside of 280.67% from the company’s previous close.

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

Rocket Pharmaceuticals Stock Performance

Shares of NASDAQ:RCKT opened at $13.66 on Tuesday. The firm has a market cap of $1.25 billion, a PE ratio of -4.97 and a beta of 1.09. The firm’s 50 day simple moving average is $17.63 and its 200-day simple moving average is $20.10. Rocket Pharmaceuticals has a one year low of $13.39 and a one year high of $32.53. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.05 and a current ratio of 6.05.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of 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 buying an additional 582 shares during the period. Nisa Investment Advisors LLC grew 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 acquiring an additional 764 shares in the last quarter. Values First Advisors Inc. bought a new position in shares of Rocket Pharmaceuticals in the 3rd quarter valued at about $108,000. SG Americas Securities LLC bought a new position in shares of Rocket Pharmaceuticals in the 3rd quarter valued at about $113,000. Finally, XTX Topco Ltd bought a new position in shares of Rocket Pharmaceuticals in the 3rd quarter valued at about $286,000. 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.