Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Up 6.3% – Time to Buy?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s share price shot up 6.3% on Friday . The stock traded as high as $13.60 and last traded at $13.60. 264,678 shares were traded during mid-day trading, a decline of 67% from the average session volume of 792,594 shares. The stock had previously closed at $12.79.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. JPMorgan Chase & Co. increased their price objective on Rocket Pharmaceuticals from $50.00 to $54.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 6th. Cantor Fitzgerald restated an “overweight” rating and set a $65.00 price target on shares of Rocket Pharmaceuticals in a report on Tuesday. Leerink Partners cut their target price on shares of Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating for the company in a research report on Tuesday. Canaccord Genuity Group reaffirmed a “buy” rating and set a $39.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday. Finally, Needham & Company LLC restated a “buy” rating and set a $52.00 price target on shares of Rocket Pharmaceuticals in a report on Tuesday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Rocket Pharmaceuticals has a consensus rating of “Moderate Buy” and an average price target of $51.00.

Rocket Pharmaceuticals Trading Up 9.9 %

The business has a fifty day simple moving average of $17.38 and a 200-day simple moving average of $19.98. 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 firm has a market cap of $1.28 billion, a price-to-earnings ratio of -4.90 and a beta of 1.09.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in RCKT. Mirae Asset Global Investments Co. Ltd. boosted its stake 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 worth $61,000 after buying an additional 582 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in 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 purchasing an additional 764 shares during the period. Values First Advisors Inc. purchased a new stake 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 third quarter worth approximately $113,000. Finally, XTX Topco Ltd bought a new stake in Rocket Pharmaceuticals during the third quarter valued at approximately $286,000. Institutional investors own 98.39% of the company’s stock.

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.