Cantor Fitzgerald Reaffirms Overweight Rating for Rocket Pharmaceuticals (NASDAQ:RCKT)

Cantor Fitzgerald reiterated their overweight rating on shares of Rocket Pharmaceuticals (NASDAQ:RCKT) in a research report sent to investors on Tuesday morning, Benzinga reports. They currently have a $65.00 target price on the biotechnology company’s stock. Cantor Fitzgerald also issued estimates for Rocket Pharmaceuticals’ FY2024 earnings at ($3.00) EPS.

Several other research firms have also recently weighed in on RCKT. William Blair reissued an outperform rating on shares of Rocket Pharmaceuticals in a report on Monday, June 3rd. Chardan Capital reissued a buy rating and set a $62.00 price objective on shares of Rocket Pharmaceuticals in a report on Tuesday. Needham & Company LLC restated a buy rating and issued a $52.00 target price on shares of Rocket Pharmaceuticals in a report on Tuesday. Finally, Canaccord Genuity Group cut their price target on shares of Rocket Pharmaceuticals from $49.00 to $40.00 and set a buy rating on the stock in a report on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $51.75.

Rocket Pharmaceuticals Stock Down 0.8 %

Rocket Pharmaceuticals stock traded down $0.15 on Tuesday, hitting $18.98. 233,759 shares of the stock traded hands, compared to its average volume of 754,646. The company has a current ratio of 10.47, a quick ratio of 10.47 and a debt-to-equity ratio of 0.04. The business’s fifty day simple moving average is $22.17 and its 200 day simple moving average is $24.68. The firm has a market cap of $1.72 billion, a P/E ratio of -6.67 and a beta of 1.13. Rocket Pharmaceuticals has a 1 year low of $14.89 and a 1 year high of $32.53.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its earnings results on Monday, August 5th. The biotechnology company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.72) by ($0.02). During the same period last year, the company earned ($0.82) earnings per share. As a group, sell-side analysts forecast that Rocket Pharmaceuticals will post -2.96 earnings per share for the current year.

Insider Activity

In related news, insider John Militello sold 1,079 shares of the company’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $23.35, for a total transaction of $25,194.65. Following the transaction, the insider now directly owns 53,327 shares of the company’s stock, valued at approximately $1,245,185.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider John Militello sold 1,079 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $23.35, for a total transaction of $25,194.65. Following the completion of the transaction, the insider now directly owns 53,327 shares in the company, valued at $1,245,185.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark Andrew White sold 3,026 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $20.39, for a total transaction of $61,700.14. Following the sale, the insider now directly owns 72,220 shares in the company, valued at $1,472,565.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 15,755 shares of company stock worth $358,654. Corporate insiders own 31.10% of the company’s stock.

Institutional Trading of Rocket Pharmaceuticals

Several large investors have recently bought and sold shares of RCKT. Nisa Investment Advisors LLC increased its stake in Rocket Pharmaceuticals by 31.9% during the second quarter. Nisa Investment Advisors LLC now owns 3,160 shares of the biotechnology company’s stock worth $68,000 after acquiring an additional 764 shares during the last quarter. Old Well Partners LLC purchased a new stake in Rocket Pharmaceuticals during the fourth quarter worth approximately $200,000. Capstone Investment Advisors LLC acquired a new stake in shares of Rocket Pharmaceuticals during the fourth quarter worth about $217,000. Amalgamated Bank grew its position in Rocket Pharmaceuticals by 5.4% during the 4th quarter. Amalgamated Bank now owns 8,653 shares of the biotechnology company’s stock worth $259,000 after purchasing an additional 440 shares during the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of Rocket Pharmaceuticals during the fourth quarter worth approximately $332,000. Hedge funds and other 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.