Rocket Pharmaceuticals (NASDAQ:RCKT) Rating Increased to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Rocket Pharmaceuticals (NASDAQ:RCKT) from a hold rating to a buy rating in a research note released on Friday, Zacks.com reports. They currently have $14.00 target price 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. “

Other research analysts have also recently issued reports about the stock. Cowen reissued a buy rating and set a $149.00 target price on shares of Intercept Pharmaceuticals in a research report on Wednesday, May 8th. William Blair reissued a market perform rating on shares of Standex Int’l in a research report on Wednesday, May 1st. ValuEngine cut shares of Zumiez from a hold rating to a sell rating in a research report on Monday, May 13th. Finally, Robert W. Baird initiated coverage on shares of Rocket Pharmaceuticals in a research report on Monday, April 22nd. They set an outperform rating on the stock. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock has an average rating of Buy and an average target price of $28.50.

Shares of RCKT stock opened at $12.75 on Friday. The firm has a market capitalization of $630.13 million, a PE ratio of -6.75 and a beta of 2.71. The company has a current ratio of 9.70, a quick ratio of 9.70 and a debt-to-equity ratio of 0.25. Rocket Pharmaceuticals has a fifty-two week low of $10.75 and a fifty-two week high of $25.96. The firm’s 50 day simple moving average is $14.86.

Rocket Pharmaceuticals (NASDAQ:RCKT) last announced its quarterly earnings results on Wednesday, May 8th. The biotechnology company reported ($0.43) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.20. On average, research analysts anticipate that Rocket Pharmaceuticals will post -2.09 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Rhumbline Advisers increased its holdings in Rocket Pharmaceuticals by 47.3% during the 4th quarter. Rhumbline Advisers now owns 28,122 shares of the biotechnology company’s stock valued at $417,000 after purchasing an additional 9,036 shares during the period. BlackRock Inc. increased its holdings in Rocket Pharmaceuticals by 32.0% during the 4th quarter. BlackRock Inc. now owns 1,938,560 shares of the biotechnology company’s stock valued at $28,730,000 after purchasing an additional 470,451 shares during the period. Bank of New York Mellon Corp increased its holdings in Rocket Pharmaceuticals by 13.7% during the 4th quarter. Bank of New York Mellon Corp now owns 89,159 shares of the biotechnology company’s stock valued at $1,321,000 after purchasing an additional 10,764 shares during the period. Northern Trust Corp increased its holdings in Rocket Pharmaceuticals by 5.3% during the 4th quarter. Northern Trust Corp now owns 287,320 shares of the biotechnology company’s stock valued at $4,258,000 after purchasing an additional 14,470 shares during the period. Finally, Dimensional Fund Advisors LP purchased a new position in Rocket Pharmaceuticals during the 4th quarter valued at about $179,000. 85.14% of the stock is currently owned by institutional investors and hedge funds.

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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