Rocket Pharmaceuticals (NASDAQ:RCKT) Given “Buy” Rating at Chardan Capital

Chardan Capital reissued their buy rating on shares of Rocket Pharmaceuticals (NASDAQ:RCKT) in a research note released on Monday morning,Benzinga reports. The brokerage currently has a $62.00 target price on the biotechnology company’s stock.

Other equities research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. upped their price target on shares of Rocket Pharmaceuticals from $50.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, August 6th. Scotiabank began coverage on shares of Rocket Pharmaceuticals in a report on Wednesday, October 16th. They set a “sector outperform” rating and a $50.00 target price on the stock. Canaccord Genuity Group reiterated a “buy” rating and issued a $38.00 price target on shares of Rocket Pharmaceuticals in a research report on Monday, September 30th. Cantor Fitzgerald reissued an “overweight” rating and set a $65.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday, August 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $52.00 price objective on shares of Rocket Pharmaceuticals in a report on Friday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $51.75.

Rocket Pharmaceuticals Price Performance

Rocket Pharmaceuticals stock opened at $16.86 on Monday. The company has a market capitalization of $1.53 billion, a price-to-earnings ratio of -6.13 and a beta of 1.09. The company has a current ratio of 7.79, a quick ratio of 7.79 and a debt-to-equity ratio of 0.05. Rocket Pharmaceuticals has a 12 month low of $15.98 and a 12 month high of $32.53. The stock’s 50 day moving average is $18.00 and its 200-day moving average is $20.36.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Russell Investments Group Ltd. boosted its stake in shares of Rocket Pharmaceuticals by 4.1% in the 1st quarter. Russell Investments Group Ltd. now owns 675,769 shares of the biotechnology company’s stock valued at $18,205,000 after purchasing an additional 26,823 shares in the last quarter. Novo Holdings A S boosted its position in Rocket Pharmaceuticals by 4.8% in the second quarter. Novo Holdings A S now owns 1,100,000 shares of the biotechnology company’s stock valued at $23,683,000 after buying an additional 50,000 shares in the last quarter. Renaissance Technologies LLC bought a new stake in shares of Rocket Pharmaceuticals during the second quarter worth $2,144,000. Maverick Capital Ltd. increased its holdings in shares of Rocket Pharmaceuticals by 1.0% during the second quarter. Maverick Capital Ltd. now owns 3,928,312 shares of the biotechnology company’s stock worth $84,577,000 after buying an additional 40,000 shares in the last quarter. Finally, Harbor Capital Advisors Inc. increased its holdings in shares of Rocket Pharmaceuticals by 73.5% during the third quarter. Harbor Capital Advisors Inc. now owns 168,506 shares of the biotechnology company’s stock worth $3,112,000 after buying an additional 71,372 shares in the last quarter. Institutional investors own 98.39% of the company’s stock.

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.