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

Rocket Pharmaceuticals (NASDAQ:RCKT) had its price objective dropped by stock analysts at Needham & Company LLC from $52.00 to $42.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. Needham & Company LLC’s price target suggests a potential upside of 344.44% from the company’s current price.

Several other research analysts have also weighed in on the company. Wedbush began coverage on Rocket Pharmaceuticals in a research report on Monday, December 30th. They issued an “outperform” rating and a $32.00 target price on the stock. Chardan Capital restated a “buy” rating and issued a $62.00 price objective on shares of Rocket Pharmaceuticals in a report on Monday, November 18th. Canaccord Genuity Group reiterated a “buy” rating and set a $39.00 target price on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. Cantor Fitzgerald restated an “overweight” rating and issued a $65.00 price target on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. Finally, Jefferies Financial Group assumed coverage on shares of Rocket Pharmaceuticals in a research note on Wednesday, December 18th. They set a “buy” rating and a $29.00 price objective for the company. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Rocket Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $44.80.

Rocket Pharmaceuticals Stock Up 0.5 %

RCKT opened at $9.45 on Friday. Rocket Pharmaceuticals has a 12 month low of $8.94 and a 12 month high of $31.24. The business has a 50-day moving average of $10.89 and a two-hundred day moving average of $14.69. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05. The stock has a market capitalization of $861.43 million, a price-to-earnings ratio of -3.44 and a beta of 0.98.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its earnings results on Monday, March 3rd. The biotechnology company reported ($0.62) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.06. On average, research analysts expect that Rocket Pharmaceuticals will post -2.83 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Toronto Dominion Bank purchased a new stake in Rocket Pharmaceuticals during the 4th quarter worth $13,827,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Rocket Pharmaceuticals by 16.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 139,572 shares of the biotechnology company’s stock valued at $1,754,000 after acquiring an additional 19,939 shares in the last quarter. Woodline Partners LP increased its position in shares of Rocket Pharmaceuticals by 8.5% during the fourth quarter. Woodline Partners LP now owns 652,421 shares of the biotechnology company’s stock worth $8,201,000 after acquiring an additional 51,358 shares during the last quarter. Soleus Capital Management L.P. acquired a new position in shares of Rocket Pharmaceuticals in the fourth quarter worth about $3,415,000. Finally, Two Sigma Investments LP boosted its holdings in Rocket Pharmaceuticals by 88.6% in the fourth quarter. Two Sigma Investments LP now owns 41,142 shares of the biotechnology company’s stock valued at $517,000 after purchasing an additional 19,326 shares during the last quarter. 98.39% of the stock is currently owned by hedge funds and other institutional investors.

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.