Rocket Pharmaceuticals (RCKT) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of Rocket Pharmaceuticals (NASDAQ:RCKT) from a hold rating to a buy rating in a report published on Thursday, Zacks.com reports. The firm currently has $19.00 price target on the biotechnology company’s stock.

According to Zacks, “Rocket Pharmaceuticals, Inc. is an emerging, clinical-stage biotechnology company. It focused on developing first-in-class gene therapy treatment options for rare, undertreated diseases. Rocket Pharmaceuticals Inc., formerly known as Inotek Pharmaceuticals Corporation, is based in LEXINGTON, United States. “

A number of other research analysts have also recently commented on RCKT. ValuEngine cut Rocket Pharmaceuticals from a buy rating to a hold rating in a research note on Monday, May 13th. Cowen restated a buy rating on shares of Rocket Pharmaceuticals in a research note on Wednesday, May 8th. William Blair restated a buy rating on shares of Rocket Pharmaceuticals in a research note on Tuesday, April 9th. Robert W. Baird started coverage on Rocket Pharmaceuticals in a research report on Monday, April 22nd. They set an outperform rating on the stock. Finally, Oppenheimer set a $39.00 price objective on Rocket Pharmaceuticals and gave the stock a buy rating in a research report on Tuesday, March 19th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Rocket Pharmaceuticals has a consensus rating of Buy and an average price target of $29.33.

NASDAQ:RCKT opened at $17.48 on Thursday. The company has a debt-to-equity ratio of 0.25, a current ratio of 9.70 and a quick ratio of 9.70. Rocket Pharmaceuticals has a 52 week low of $10.75 and a 52 week high of $25.96.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its quarterly earnings results on Wednesday, May 8th. The biotechnology company reported ($0.43) EPS for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.20. Equities analysts forecast that Rocket Pharmaceuticals will post -2.19 earnings per share for the current year.

In related news, Director Rtw Investments, Lp acquired 550,005 shares of the business’s stock in a transaction dated Tuesday, April 16th. The shares were acquired at an average price of $17.50 per share, with a total value of $9,625,087.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Gaurav Shah sold 74,900 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $17.17, for a total value of $1,286,033.00. The disclosure for this sale can be found here. 47.67% of the stock is currently owned by corporate insiders.

A number of large investors have recently bought and sold shares of the stock. Strs Ohio increased its holdings in Rocket Pharmaceuticals by 12.5% in the first quarter. Strs Ohio now owns 6,300 shares of the biotechnology company’s stock valued at $110,000 after buying an additional 700 shares during the last quarter. 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 buying an additional 739 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its holdings in Rocket Pharmaceuticals by 8.0% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 11,013 shares of the biotechnology company’s stock valued at $193,000 after buying an additional 814 shares during the last quarter. Group One Trading L.P. increased its holdings in Rocket Pharmaceuticals by 103.6% in the first quarter. Group One Trading L.P. now owns 1,999 shares of the biotechnology company’s stock valued at $35,000 after buying an additional 1,017 shares during the last quarter. Finally, American International Group Inc. increased its holdings in Rocket Pharmaceuticals by 10.1% in the first quarter. American International Group Inc. now owns 15,131 shares of the biotechnology company’s stock valued at $265,000 after buying an additional 1,391 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

About Rocket Pharmaceuticals

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 clinical-stage lentiviral vector (LVV) programs under clinical testing to treat fanconi anemia, a genetic defect in the bone marrow that reduces production of blood cells or promotes the production of faulty blood cells; and leukocyte adhesion deficiency-I, a genetic disorder that causes the immune system to malfunction It also has additional pre-clinical stage LVV programs include pyruvate kinase deficiency, a rare red blood cell autosomal recessive disorder that results in chronic non-spherocytic hemolytic anemia; and infantile malignant osteopetrosis, a genetic disorder characterized by increased bone density and bone mass secondary to impaired bone resorption.

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