Rocket Pharmaceuticals (NASDAQ:RCKT) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Rocket Pharmaceuticals (NASDAQ:RCKT) from a buy rating to a hold rating in a report issued on Tuesday morning, Zacks.com reports.

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. “

RCKT has been the topic of a number of other research reports. BidaskClub upgraded Rocket Pharmaceuticals from a hold rating to a buy rating in a research report on Tuesday, June 23rd. Oppenheimer restated a buy rating and set a $43.00 price target on shares of Rocket Pharmaceuticals in a research report on Monday, July 13th. ValuEngine raised Rocket Pharmaceuticals from a hold rating to a buy rating in a research note on Friday, August 7th. Bank of America assumed coverage on Rocket Pharmaceuticals in a research note on Thursday, June 25th. They issued a buy rating and a $34.00 target price on the stock. Finally, Cowen reissued a buy rating on shares of Rocket Pharmaceuticals in a research note on Sunday, August 9th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Rocket Pharmaceuticals currently has a consensus rating of Buy and a consensus target price of $35.86.

NASDAQ:RCKT traded down $0.92 during trading hours on Tuesday, hitting $27.67. 12,924 shares of the company’s stock traded hands, compared to its average volume of 424,408. The firm has a market cap of $1.51 billion, a P/E ratio of -17.17 and a beta of 2.12. Rocket Pharmaceuticals has a 52 week low of $9.01 and a 52 week high of $29.14. The business’s fifty day simple moving average is $23.63 and its two-hundred day simple moving average is $19.65. The company has a quick ratio of 13.25, a current ratio of 13.25 and a debt-to-equity ratio of 0.23.

Rocket Pharmaceuticals (NASDAQ:RCKT) last posted its quarterly earnings data on Wednesday, August 5th. The biotechnology company reported ($0.45) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.50) by $0.05. On average, analysts expect that Rocket Pharmaceuticals will post -1.93 EPS for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Deutsche Bank AG boosted its holdings in Rocket Pharmaceuticals by 98.1% in the 1st quarter. Deutsche Bank AG now owns 524,184 shares of the biotechnology company’s stock worth $7,312,000 after buying an additional 259,637 shares during the period. Nuveen Asset Management LLC boosted its holdings in shares of Rocket Pharmaceuticals by 171.7% during the 1st quarter. Nuveen Asset Management LLC now owns 298,777 shares of the biotechnology company’s stock valued at $4,168,000 after purchasing an additional 188,830 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Rocket Pharmaceuticals by 66.0% during the 1st quarter. Wells Fargo & Company MN now owns 25,799 shares of the biotechnology company’s stock valued at $360,000 after purchasing an additional 10,258 shares during the last quarter. Vivo Capital LLC bought a new position in shares of Rocket Pharmaceuticals during the 1st quarter valued at about $12,006,000. Finally, Voloridge Investment Management LLC bought a new position in shares of Rocket Pharmaceuticals during the 1st quarter valued at about $193,000. Institutional investors and hedge funds own 96.70% 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 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.

Further Reading: Net Margin

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