Jefferies Financial Group Initiates Coverage on Rocket Pharmaceuticals (NASDAQ:RCKT)

Equities researchers at Jefferies Financial Group initiated coverage on shares of Rocket Pharmaceuticals (NASDAQ:RCKT) in a report released on Wednesday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $29.00 price target on the biotechnology company’s stock. Jefferies Financial Group’s price objective points to a potential upside of 143.29% from the stock’s current price.

Several other research analysts have also weighed in on RCKT. Scotiabank began coverage on Rocket Pharmaceuticals in a research report on Wednesday, October 16th. They issued a “sector outperform” rating and a $50.00 price objective for the company. Leerink Partners lowered their price objective on shares of Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating for the company in a research report on Tuesday, November 19th. Needham & Company LLC reiterated a “buy” rating and issued a $52.00 target price on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. Cantor Fitzgerald restated an “overweight” rating and set a $65.00 price target on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. Finally, Chardan Capital restated a “buy” rating and set a $62.00 price target on shares of Rocket Pharmaceuticals in a research report on Monday, November 18th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $48.80.

Rocket Pharmaceuticals Stock Up 1.4 %

NASDAQ RCKT opened at $11.92 on Wednesday. The company has a quick ratio of 6.05, a current ratio of 6.05 and a debt-to-equity ratio of 0.06. The business’s fifty day simple moving average is $15.53 and its 200-day simple moving average is $18.83. Rocket Pharmaceuticals has a 52 week low of $11.58 and a 52 week high of $32.53. The firm has a market cap of $1.09 billion, a PE ratio of -4.33 and a beta of 1.01.

Insider Activity

In other Rocket Pharmaceuticals news, CEO Gaurav Shah sold 11,091 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $13.05, for a total value of $144,737.55. Following the completion of the sale, the chief executive officer now owns 707,328 shares in the company, valued at approximately $9,230,630.40. The trade was a 1.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders sold 13,490 shares of company stock worth $176,045. Corporate insiders own 28.50% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Institutional investors have recently modified their holdings of the business. Wellington Management Group LLP increased its position in Rocket Pharmaceuticals by 22.8% in the 3rd quarter. Wellington Management Group LLP now owns 11,242,144 shares of the biotechnology company’s stock valued at $207,642,000 after acquiring an additional 2,086,424 shares during the period. Westfield Capital Management Co. LP grew its stake in shares of Rocket Pharmaceuticals by 3.8% in the 3rd quarter. Westfield Capital Management Co. LP now owns 4,493,833 shares of the biotechnology company’s stock valued at $83,001,000 after purchasing an additional 165,911 shares during the last quarter. Maverick Capital Ltd. increased its holdings in shares of Rocket Pharmaceuticals by 4.8% in the third quarter. Maverick Capital Ltd. now owns 4,118,672 shares of the biotechnology company’s stock valued at $76,072,000 after purchasing an additional 190,360 shares during the period. State Street Corp raised its stake in shares of Rocket Pharmaceuticals by 11.6% during the third quarter. State Street Corp now owns 3,102,022 shares of the biotechnology company’s stock worth $57,294,000 after purchasing an additional 322,156 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Rocket Pharmaceuticals by 0.9% during the third quarter. Geode Capital Management LLC now owns 1,617,866 shares of the biotechnology company’s stock worth $29,888,000 after purchasing an additional 14,256 shares during the period. 98.39% of the stock is 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.