Canaccord Genuity Group Reiterates “Buy” Rating for Rocket Pharmaceuticals (NASDAQ:RCKT)

Rocket Pharmaceuticals (NASDAQ:RCKT)‘s stock had its “buy” rating reaffirmed by stock analysts at Canaccord Genuity Group in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $39.00 price target on the biotechnology company’s stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 196.35% from the stock’s previous close.

A number of other analysts also recently weighed in on the stock. JPMorgan Chase & Co. upped their price target on shares of Rocket Pharmaceuticals from $50.00 to $54.00 and gave the stock an “overweight” rating in a report on Tuesday, August 6th. Leerink Partners cut their price target on shares of Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating for the company in a report on Tuesday. Chardan Capital reaffirmed a “buy” rating and set a $62.00 price target on shares of Rocket Pharmaceuticals in a report on Monday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $65.00 price target on shares of Rocket Pharmaceuticals in a report on Tuesday. Finally, Scotiabank assumed coverage on shares of Rocket Pharmaceuticals in a report on Wednesday, October 16th. They set a “sector outperform” rating and a $50.00 price target for the company. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $51.00.

Rocket Pharmaceuticals Stock Performance

RCKT traded down $0.50 on Tuesday, reaching $13.16. The company had a trading volume of 1,816,397 shares, compared to its average volume of 790,355. 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 cap of $1.20 billion, a P/E ratio of -4.79 and a beta of 1.09. Rocket Pharmaceuticals has a fifty-two week low of $13.07 and a fifty-two week high of $32.53. The company’s fifty day moving average is $17.63 and its 200 day moving average is $20.10.

Institutional Trading of Rocket Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the company. ProShare Advisors LLC boosted its position in Rocket Pharmaceuticals by 9.1% during the 1st quarter. ProShare Advisors LLC now owns 17,614 shares of the biotechnology company’s stock valued at $475,000 after buying an additional 1,468 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Rocket Pharmaceuticals by 11.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,943,160 shares of the biotechnology company’s stock worth $79,290,000 after buying an additional 314,086 shares during the last quarter. Janus Henderson Group PLC raised its stake in Rocket Pharmaceuticals by 174.3% during the 1st quarter. Janus Henderson Group PLC now owns 2,606,016 shares of the biotechnology company’s stock worth $70,170,000 after acquiring an additional 1,656,111 shares during the period. Harbor Capital Advisors Inc. raised its stake in Rocket Pharmaceuticals by 19.3% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 97,134 shares of the biotechnology company’s stock worth $2,091,000 after acquiring an additional 15,708 shares during the period. Finally, Nisa Investment Advisors LLC raised its position in shares of Rocket Pharmaceuticals by 31.9% during the second quarter. Nisa Investment Advisors LLC now owns 3,160 shares of the biotechnology company’s stock valued at $68,000 after buying an additional 764 shares during the last quarter. 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.