Rocket Pharmaceuticals (NASDAQ:RCKT) Trading 4.5% Higher – Here’s What Happened

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) was up 4.5% during mid-day trading on Wednesday . The stock traded as high as $5.92 and last traded at $6.07. Approximately 327,100 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 1,091,784 shares. The stock had previously closed at $5.81.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Jefferies Financial Group initiated coverage on Rocket Pharmaceuticals in a research report on Wednesday, December 18th. They set a “buy” rating and a $29.00 target price for the company. Scotiabank boosted their price objective on Rocket Pharmaceuticals from $51.00 to $52.00 and gave the stock a “sector outperform” rating in a report on Monday, March 3rd. Needham & Company LLC lowered their target price on shares of Rocket Pharmaceuticals from $52.00 to $42.00 and set a “buy” rating on the stock in a research note on Friday, February 28th. The Goldman Sachs Group cut their price target on shares of Rocket Pharmaceuticals from $29.00 to $15.00 and set a “neutral” rating for the company in a research note on Monday, March 3rd. Finally, BMO Capital Markets began coverage on shares of Rocket Pharmaceuticals in a research report on Wednesday, March 12th. They set an “outperform” rating and a $50.00 price objective on the stock. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $43.00.

Rocket Pharmaceuticals Stock Up 5.9 %

The company’s 50 day moving average is $9.46 and its 200 day moving average is $13.01. The company has a market cap of $656.31 million, a PE ratio of -2.25 and a beta of 1.03. The company has a current ratio of 6.05, a quick ratio of 6.05 and a debt-to-equity ratio of 0.06.

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

Institutional Investors Weigh In On Rocket Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in RCKT. Covestor Ltd boosted its position in Rocket Pharmaceuticals by 33,166.7% in the 4th quarter. Covestor Ltd now owns 1,996 shares of the biotechnology company’s stock worth $25,000 after purchasing an additional 1,990 shares in the last quarter. Signaturefd LLC lifted its position 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 acquiring an additional 3,745 shares in the last quarter. Harbour Investments Inc. boosted 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 worth $68,000 after acquiring an additional 1,840 shares during the last quarter. KBC Group NV increased its position in shares of Rocket Pharmaceuticals by 159.6% during the fourth quarter. KBC Group NV now owns 5,475 shares of the biotechnology company’s stock worth $69,000 after purchasing an additional 3,366 shares in the last quarter. Finally, Virtus ETF Advisers LLC raised its stake in Rocket Pharmaceuticals by 40.4% in the 4th quarter. Virtus ETF Advisers LLC now owns 5,656 shares of the biotechnology company’s stock valued at $71,000 after purchasing an additional 1,628 shares during the last quarter. 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.