Cantor Fitzgerald Comments on Rocket Pharmaceuticals, Inc.’s FY2024 Earnings (NASDAQ:RCKT)

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) – Investment analysts at Cantor Fitzgerald upped their FY2024 earnings per share estimates for Rocket Pharmaceuticals in a research report issued on Tuesday, August 6th. Cantor Fitzgerald analyst J. Schimmer now expects that the biotechnology company will post earnings of ($3.00) per share for the year, up from their previous estimate of ($3.31). Cantor Fitzgerald has a “Overweight” rating and a $65.00 price objective on the stock. The consensus estimate for Rocket Pharmaceuticals’ current full-year earnings is ($2.96) per share.

A number of other research firms have also commented on RCKT. Chardan Capital reaffirmed a “buy” rating and issued a $62.00 price objective on shares of Rocket Pharmaceuticals in a research note on Tuesday. Canaccord Genuity Group cut their target price on Rocket Pharmaceuticals from $49.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, July 3rd. William Blair reiterated an “outperform” rating on shares of Rocket Pharmaceuticals in a report on Monday, June 3rd. JPMorgan Chase & Co. lifted their price objective on shares of Rocket Pharmaceuticals from $50.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Needham & Company LLC reissued a “buy” rating and set a $52.00 target price on shares of Rocket Pharmaceuticals in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Rocket Pharmaceuticals has an average rating of “Moderate Buy” and a consensus price target of $51.75.

Rocket Pharmaceuticals Trading Down 0.5 %

NASDAQ:RCKT traded down $0.09 during trading hours on Thursday, hitting $19.04. 645,759 shares of the company were exchanged, compared to its average volume of 757,338. The stock has a market capitalization of $1.73 billion, a price-to-earnings ratio of -6.63 and a beta of 1.13. The company has a fifty day simple moving average of $22.12 and a 200 day simple moving average of $24.61. The company has a current ratio of 10.47, a quick ratio of 10.47 and a debt-to-equity ratio of 0.04. Rocket Pharmaceuticals has a one year low of $14.89 and a one year high of $32.53.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted 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 business posted ($0.82) EPS.

Institutional Trading of Rocket Pharmaceuticals

Large investors have recently bought and sold shares of the company. Wellington Management Group LLP raised its holdings in Rocket Pharmaceuticals by 2.2% during the 4th quarter. Wellington Management Group LLP now owns 8,197,546 shares of the biotechnology company’s stock valued at $245,680,000 after acquiring an additional 174,716 shares during the period. Vanguard Group Inc. increased its position in shares of Rocket Pharmaceuticals by 18.3% in the fourth quarter. Vanguard Group Inc. now owns 5,447,565 shares of the biotechnology company’s stock worth $163,264,000 after purchasing an additional 843,552 shares during the last quarter. Westfield Capital Management Co. LP raised its position in shares of Rocket Pharmaceuticals by 1.1% during the 1st quarter. Westfield Capital Management Co. LP now owns 3,984,030 shares of the biotechnology company’s stock valued at $107,330,000 after buying an additional 42,171 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in 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 valued at $79,290,000 after acquiring an additional 314,086 shares during the last quarter. Finally, Janus Henderson Group PLC increased its stake in Rocket Pharmaceuticals by 174.3% in the first quarter. Janus Henderson Group PLC now owns 2,606,016 shares of the biotechnology company’s stock valued at $70,170,000 after acquiring an additional 1,656,111 shares during the last quarter. 98.39% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Rocket Pharmaceuticals news, CEO Gaurav Shah sold 9,790 shares of the firm’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $23.35, for a total transaction of $228,596.50. Following the transaction, the chief executive officer now directly owns 728,069 shares in the company, valued at approximately $17,000,411.15. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Mark Andrew White sold 3,026 shares of the stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $20.39, for a total transaction of $61,700.14. Following the completion of the transaction, the insider now owns 72,220 shares in the company, valued at $1,472,565.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Gaurav Shah sold 9,790 shares of the firm’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 $228,596.50. Following the sale, the chief executive officer now owns 728,069 shares of the company’s stock, valued at approximately $17,000,411.15. The disclosure for this sale can be found here. Insiders have sold 15,755 shares of company stock worth $358,654 over the last 90 days. 31.10% of the stock is currently owned by corporate insiders.

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.