Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Gap Up – Here’s Why

Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) gapped up before the market opened on Wednesday . The stock had previously closed at $16.68, but opened at $17.23. Rocket Pharmaceuticals shares last traded at $17.99, with a volume of 79,136 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Scotiabank started coverage on shares of Rocket Pharmaceuticals in a report on Wednesday. They set a “sector outperform” rating and a $50.00 price target on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and set a $38.00 target price on shares of Rocket Pharmaceuticals in a report on Monday, September 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $65.00 price target on shares of Rocket Pharmaceuticals in a research note on Tuesday, August 6th. Chardan Capital restated a “buy” rating and set a $62.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday, August 6th. Finally, JPMorgan Chase & Co. upped their target price on Rocket Pharmaceuticals from $50.00 to $54.00 and gave the company an “overweight” rating in a report on Tuesday, August 6th. 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 company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $51.75.

Rocket Pharmaceuticals Stock Performance

The company has a debt-to-equity ratio of 0.05, a current ratio of 7.79 and a quick ratio of 7.79. The stock has a fifty day simple moving average of $18.55 and a two-hundred day simple moving average of $21.25. The firm has a market capitalization of $1.67 billion, a P/E ratio of -6.42 and a beta of 1.09.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its quarterly earnings data on Monday, August 5th. The biotechnology company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.72) by ($0.02). During the same quarter in the prior year, the company posted ($0.82) EPS. On average, research analysts predict that Rocket Pharmaceuticals, Inc. will post -2.97 EPS for the current year.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Institutional investors have recently made changes to their positions in the stock. Dana Investment Advisors Inc. increased its position in Rocket Pharmaceuticals by 4.4% in the 2nd quarter. Dana Investment Advisors Inc. now owns 13,847 shares of the biotechnology company’s stock valued at $298,000 after buying an additional 586 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings 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 acquiring an additional 764 shares in the last quarter. Jennison Associates LLC raised its position in shares of Rocket Pharmaceuticals by 3.5% during the first quarter. Jennison Associates LLC now owns 26,783 shares of the biotechnology company’s stock worth $722,000 after purchasing an additional 903 shares during the period. Nordea Investment Management AB lifted its holdings in shares of Rocket Pharmaceuticals by 0.8% in the 1st quarter. Nordea Investment Management AB now owns 154,070 shares of the biotechnology company’s stock worth $4,140,000 after purchasing an additional 1,209 shares in the last quarter. Finally, ProShare Advisors LLC lifted its holdings in shares of Rocket Pharmaceuticals by 9.1% in the 1st quarter. ProShare Advisors LLC now owns 17,614 shares of the biotechnology company’s stock worth $475,000 after purchasing an additional 1,468 shares in the last quarter. Institutional investors and hedge funds 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.