Research analysts at CIBC initiated coverage on shares of Rocket Pharmaceuticals (NASDAQ:RCKT) in a research report issued on Tuesday, February 5th. The firm set an “outperform” rating and a $39.00 price target on the biotechnology company’s stock. CIBC’s target price would indicate a potential upside of 123.37% from the company’s current price.
A number of other brokerages have also issued reports on RCKT. Zacks Investment Research lowered Rocket Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Friday, November 16th. William Blair reaffirmed a “buy” rating on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 27th. Leerink Swann initiated coverage on Rocket Pharmaceuticals in a research report on Tuesday, November 27th. They set an “outperform” rating and a $22.00 price target on the stock. Finally, Oppenheimer initiated coverage on Rocket Pharmaceuticals in a research report on Tuesday, February 5th. They set an “outperform” rating and a $39.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $29.20.
Shares of NASDAQ RCKT traded up $0.05 during trading on Tuesday, reaching $17.46. The stock had a trading volume of 203,827 shares, compared to its average volume of 146,861. The company has a current ratio of 12.52, a quick ratio of 12.52 and a debt-to-equity ratio of 0.28. Rocket Pharmaceuticals has a one year low of $10.75 and a one year high of $25.96.
In other news, COO Kinnari Patel purchased 5,675 shares of the company’s stock in a transaction on Thursday, December 6th. The shares were purchased at an average price of $14.98 per share, with a total value of $85,011.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director David P. Southwell sold 38,768 shares of Rocket Pharmaceuticals stock in a transaction dated Thursday, December 13th. The shares were sold at an average price of $15.19, for a total value of $588,885.92. The disclosure for this sale can be found here. 47.67% of the stock is currently owned by company insiders.
Large investors have recently made changes to their positions in the company. Legal & General Group Plc increased its holdings in Rocket Pharmaceuticals by 23.3% in the fourth quarter. Legal & General Group Plc now owns 3,904 shares of the biotechnology company’s stock valued at $58,000 after purchasing an additional 739 shares during the period. Teachers Advisors LLC boosted its position in Rocket Pharmaceuticals by 8.9% during the third quarter. Teachers Advisors LLC now owns 43,490 shares of the biotechnology company’s stock valued at $1,071,000 after acquiring an additional 3,541 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in Rocket Pharmaceuticals by 54.5% during the fourth quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 10,199 shares of the biotechnology company’s stock valued at $153,000 after acquiring an additional 3,598 shares during the last quarter. TD Asset Management Inc. boosted its position in Rocket Pharmaceuticals by 23.3% during the fourth quarter. TD Asset Management Inc. now owns 25,263 shares of the biotechnology company’s stock valued at $374,000 after acquiring an additional 4,768 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in shares of Rocket Pharmaceuticals by 14.4% during the 4th quarter. Bank of America Corp DE now owns 40,360 shares of the biotechnology company’s stock worth $598,000 after purchasing an additional 5,089 shares in the last quarter. Institutional investors own 85.65% of the company’s stock.
Rocket Pharmaceuticals Company Profile
Rocket Pharmaceuticals, Inc, together with its subsidiaries, operates as a multi-platform biotechnology company that focuses on developing gene therapies for rare and devastating pediatric diseases. It has two lentiviral vector (LVV) programs under clinical testing to treat fanconi anemia, a genetic defect in the bone marrow that reduces production of blood cells; and three LVV programs for the treatment of other rare genetic diseases, as well as an adeno-associated viral vector program, which is under preclinical development.
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