Bank of America Begins Coverage on Rocket Pharmaceuticals (RCKT)

Equities research analysts at Bank of America began coverage on shares of Rocket Pharmaceuticals (NASDAQ:RCKT) in a report released on Friday, The Fly reports. The brokerage set a “buy” rating on the biotechnology company’s stock.

RCKT has been the subject of a number of other reports. Zacks Investment Research downgraded shares of Rocket Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Thursday, February 21st. Oppenheimer set a $39.00 price target on shares of Rocket Pharmaceuticals and gave the company a “buy” rating in a research report on Tuesday, March 5th. William Blair reiterated a “buy” rating on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 27th. CIBC assumed coverage on shares of Rocket Pharmaceuticals in a research report on Tuesday, February 5th. They set an “outperform” rating and a $39.00 price target for the company. Finally, Cowen assumed coverage on shares of Rocket Pharmaceuticals in a research report on Tuesday, February 26th. They set an “outperform” rating for the company. One research analyst has rated the stock with a sell rating and eight have issued a buy rating to the stock. Rocket Pharmaceuticals has a consensus rating of “Buy” and an average price target of $29.20.

Shares of RCKT opened at $15.10 on Friday. Rocket Pharmaceuticals has a twelve month low of $10.75 and a twelve month high of $25.96. The company has a market capitalization of $654.69 million, a price-to-earnings ratio of -7.99 and a beta of 3.13. The company has a debt-to-equity ratio of 0.21, a quick ratio of 12.52 and a current ratio of 13.60.

Rocket Pharmaceuticals (NASDAQ:RCKT) last announced its quarterly earnings data on Thursday, March 7th. The biotechnology company reported ($0.66) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.45) by ($0.21). Analysts expect that Rocket Pharmaceuticals will post -2.86 EPS for the current year.

In other news, insider Gaurav Shah sold 74,900 shares of Rocket Pharmaceuticals stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $17.17, for a total transaction of $1,286,033.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 47.67% of the stock is currently owned by company insiders.

Several institutional investors have recently modified their holdings of the stock. RTW Investments LP raised its position in shares of Rocket Pharmaceuticals by 7.1% during the 4th quarter. RTW Investments LP now owns 16,037,486 shares of the biotechnology company’s stock worth $235,848,000 after purchasing an additional 1,067,742 shares during the last quarter. BlackRock Inc. raised its position in shares of Rocket Pharmaceuticals by 32.0% during the 4th quarter. BlackRock Inc. now owns 1,938,560 shares of the biotechnology company’s stock worth $28,730,000 after purchasing an additional 470,451 shares during the last quarter. FMR LLC raised its position in shares of Rocket Pharmaceuticals by 36.6% during the 4th quarter. FMR LLC now owns 1,465,099 shares of the biotechnology company’s stock worth $21,713,000 after purchasing an additional 392,900 shares during the last quarter. Vanguard Group Inc raised its position in shares of Rocket Pharmaceuticals by 13.2% during the 3rd quarter. Vanguard Group Inc now owns 961,464 shares of the biotechnology company’s stock worth $23,671,000 after purchasing an additional 112,180 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Rocket Pharmaceuticals by 13.2% during the 3rd quarter. Vanguard Group Inc. now owns 961,464 shares of the biotechnology company’s stock worth $23,671,000 after purchasing an additional 112,180 shares during the last quarter. Hedge funds and other institutional investors own 97.07% 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.

Further Reading: Understanding Relative Strength Index

The Fly

Analyst Recommendations for Rocket Pharmaceuticals (NASDAQ:RCKT)

Receive News & Ratings for Rocket Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rocket Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.