Investment firm Chardan Capital has revised its price target for Rocket Pharmaceuticals (NASDAQ:RCKT) from $12.00 to $11.00 in a research note released on August 8, 2023. Despite this adjustment, Chardan maintains a “buy” rating on the biotechnology company’s stock. The new price target suggests a potential upside of approximately 278.01% based on the stock’s recent trading levels.
A number of other brokerages have also assessed Rocket Pharmaceuticals’ stock, contributing to a mixed outlook. Cantor Fitzgerald has lowered its price objective from $10.00 to $8.00, while reiterating an “overweight” rating. Meanwhile, TD Cowen has opted to keep its “hold” rating intact, reflecting cautious sentiment. In contrast, BMO Capital Markets has significantly reduced its price target from $30.00 to $8.00, designating the stock as “outperform” in its latest report.
Other analysts have provided varying perspectives as well. Wedbush maintains an “outperform” rating with a price target of $32.00, while Bank of America has issued a neutral rating with a lowered target of $4.00, down from $9.00. According to data from MarketBeat.com, the consensus rating for Rocket Pharmaceuticals is currently “hold,” with an average price target set at $16.33.
Current Stock Performance and Financial Metrics
On August 8, 2023, Rocket Pharmaceuticals’ shares opened at $2.91. The stock has seen a 50-day moving average price of $2.95 and a 200-day moving average of $6.03. Financial metrics indicate a current ratio of 6.39, a quick ratio of 9.19, and a debt-to-equity ratio of 0.05. The company’s market capitalization stands at approximately $314.00 million, with a price-to-earnings ratio of -1.16 and a beta of 0.65. Over the past year, shares have fluctuated between a low of $2.19 and a high of $22.01.
The latest quarterly earnings report, announced on August 7, 2023, revealed that Rocket Pharmaceuticals recorded an earnings per share (EPS) of ($0.59), falling short of the consensus estimate of ($0.57) by $0.02. In the same quarter last year, the company reported an EPS of ($0.74). Analysts project that Rocket Pharmaceuticals will post an EPS of ($2.83) for the current year.
Institutional Investor Activity
Recent trading activity among institutional investors reflects significant changes in their positions in Rocket Pharmaceuticals. XTX Topco Ltd made a notable increase, boosting its holdings by 290.7% in the second quarter, now owning 134,445 shares valued at approximately $329,000. Prudential Financial Inc. also entered the market, acquiring a new stake worth roughly $25,000.
Further increases were observed with Rhumbline Advisers, which raised its stake by 11.7%, now holding 120,282 shares valued at about $295,000. JPMorgan Chase & Co. significantly expanded its investment, increasing its stake by 98.0% to own 1,207,802 shares worth approximately $2.96 million. Additionally, Amitell Capital Pte Ltd acquired a new position valued at around $556,000. Currently, hedge funds and institutional investors hold approximately 98.39% of Rocket Pharmaceuticals’ stock.
Founded in 2015, Rocket Pharmaceuticals operates as a late-stage biotechnology company focused on developing gene therapies for rare diseases. The firm has three clinical-stage ex vivo lentiviral vector programs targeting conditions such as Fanconi anemia, leukocyte adhesion deficiency-I, and pyruvate kinase deficiency.
The adjustments in price targets and the mixed ratings from investment firms highlight the ongoing volatility and uncertainty surrounding Rocket Pharmaceuticals as it navigates the complex biotechnology landscape.