Rocket Pharmaceuticals (NASDAQ:RCKT) Upgraded at Zacks Investment Research
Rocket Pharmaceuticals (NASDAQ:RCKT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday, Zacks.com reports. The firm currently has a $13.00 price objective on the biotechnology company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 14.64% from the stock’s previous close.
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 analysts also recently issued research reports about the stock. Cowen reiterated a “buy” rating on shares of Rocket Pharmaceuticals in a report on Wednesday, May 8th. William Blair reiterated a “buy” rating on shares of Rocket Pharmaceuticals in a report on Wednesday, May 1st. ValuEngine upgraded shares of Rocket Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Finally, Robert W. Baird initiated coverage on shares of Rocket Pharmaceuticals in a report on Monday, April 22nd. They issued an “outperform” rating for the company. Ten analysts have rated the stock with a buy rating, The company has a consensus rating of “Buy” and a consensus price target of $28.00.
Rocket Pharmaceuticals (NASDAQ:RCKT) last released its quarterly earnings results on Wednesday, August 7th. The biotechnology company reported ($0.38) earnings per share for the quarter, topping the consensus estimate of ($0.48) by $0.10. As a group, sell-side analysts expect that Rocket Pharmaceuticals will post -1.9 earnings per share for the current year.
A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. raised its holdings in Rocket Pharmaceuticals by 21.1% in the 2nd quarter. BlackRock Inc. now owns 2,563,600 shares of the biotechnology company’s stock valued at $38,455,000 after acquiring an additional 447,257 shares during the last quarter. Cormorant Asset Management LP raised its holdings in Rocket Pharmaceuticals by 22.0% in the 2nd quarter. Cormorant Asset Management LP now owns 2,074,595 shares of the biotechnology company’s stock valued at $31,119,000 after acquiring an additional 374,595 shares during the last quarter. Vanguard Group Inc. raised its holdings in Rocket Pharmaceuticals by 18.6% in the 2nd quarter. Vanguard Group Inc. now owns 1,502,349 shares of the biotechnology company’s stock valued at $22,536,000 after acquiring an additional 235,411 shares during the last quarter. Vivo Capital LLC acquired a new stake in Rocket Pharmaceuticals in the 2nd quarter valued at about $11,801,000. Finally, Westfield Capital Management Co. LP acquired a new stake in Rocket Pharmaceuticals in the 2nd quarter valued at about $8,462,000. Institutional investors own 85.22% of the company’s stock.
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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