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

Rocket Pharmaceuticals (NASDAQ:RCKT) had its price objective lowered by analysts at Needham & Company LLC from $52.00 to $42.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. Needham & Company LLC’s price objective suggests a potential upside of 346.81% from the company’s previous close.

A number of other analysts have also issued reports on RCKT. 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 research note on Tuesday, November 19th. Jefferies Financial Group started coverage on shares of Rocket Pharmaceuticals in a research report on Wednesday, December 18th. They issued a “buy” rating and a $29.00 target price for the company. Wedbush started coverage on shares of Rocket Pharmaceuticals in a research note on Monday, December 30th. They issued an “outperform” rating and a $32.00 price target on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $65.00 price objective on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $39.00 target price on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $46.36.

Rocket Pharmaceuticals Stock Performance

NASDAQ:RCKT opened at $9.40 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.05 and a current ratio of 6.05. The stock has a market capitalization of $856.88 million, a PE ratio of -3.42 and a beta of 0.98. Rocket Pharmaceuticals has a fifty-two week low of $9.22 and a fifty-two week high of $31.24. The company has a fifty day moving average of $10.94 and a two-hundred day moving average of $14.78.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its quarterly earnings results on Monday, March 3rd. The biotechnology company reported ($0.62) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.06. As a group, research analysts forecast that Rocket Pharmaceuticals will post -2.83 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several large investors have recently made changes to their positions in the stock. Covestor Ltd increased its holdings in Rocket Pharmaceuticals by 33,166.7% in the 4th quarter. Covestor Ltd now owns 1,996 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 1,990 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Rocket Pharmaceuticals by 21.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,292 shares of the biotechnology company’s stock worth $61,000 after buying an additional 582 shares during the period. Signaturefd LLC grew its stake in shares of Rocket Pharmaceuticals by 319.8% in the fourth quarter. Signaturefd LLC now owns 4,916 shares of the biotechnology company’s stock valued at $62,000 after buying an additional 3,745 shares in the last quarter. Harbour Investments Inc. grew its stake in shares of Rocket Pharmaceuticals by 51.9% in the fourth quarter. Harbour Investments Inc. now owns 5,385 shares of the biotechnology company’s stock valued at $68,000 after buying an additional 1,840 shares in the last quarter. Finally, KBC Group NV raised its holdings in shares of Rocket Pharmaceuticals by 159.6% in the 4th quarter. KBC Group NV now owns 5,475 shares of the biotechnology company’s stock valued at $69,000 after buying an additional 3,366 shares during the period. 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.