Rocket Pharmaceuticals (NASDAQ:RCKT) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Rocket Pharmaceuticals (NASDAQ:RCKT) from a buy rating to a hold rating in a research report sent to investors on Wednesday, 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 subject of several other research reports. Piper Jaffray Companies began coverage on Rocket Pharmaceuticals in a research note on Thursday, September 26th. They issued an overweight rating for the company. ValuEngine upgraded Rocket Pharmaceuticals from a hold rating to a buy rating in a research note on Thursday, August 1st. Oppenheimer dropped their price target on Rocket Pharmaceuticals from $39.00 to $37.00 and set an outperform rating for the company in a research report on Tuesday, August 13th. Finally, William Blair reiterated a buy rating on shares of Rocket Pharmaceuticals in a research report on Tuesday, September 10th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. The company presently has an average rating of Buy and an average price target of $27.60.

NASDAQ RCKT traded up $0.22 during trading hours on Wednesday, hitting $11.77. The company had a trading volume of 127,217 shares, compared to its average volume of 237,254. Rocket Pharmaceuticals has a 52 week low of $10.75 and a 52 week high of $21.50. The firm has a 50 day simple moving average of $12.13 and a 200 day simple moving average of $14.80. The company has a quick ratio of 17.48, a current ratio of 17.48 and a debt-to-equity ratio of 0.18.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its earnings results on Wednesday, August 7th. The biotechnology company reported ($0.38) EPS for the quarter, topping the consensus estimate of ($0.48) by $0.10. Research analysts anticipate that Rocket Pharmaceuticals will post -1.93 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently modified their holdings of the company. Bank of Montreal Can bought a new stake in shares of Rocket Pharmaceuticals during the 2nd quarter valued at about $38,000. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new stake in shares of Rocket Pharmaceuticals during the 2nd quarter valued at about $86,000. Atria Investments LLC bought a new stake in shares of Rocket Pharmaceuticals during the 2nd quarter valued at about $108,000. JPMorgan Chase & Co. boosted its position in shares of Rocket Pharmaceuticals by 41.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 8,168 shares of the biotechnology company’s stock valued at $128,000 after acquiring an additional 2,404 shares during the last quarter. Finally, Zeke Capital Advisors LLC bought a new stake in shares of Rocket Pharmaceuticals during the 2nd quarter valued at about $153,000. Hedge funds and other institutional investors own 97.15% 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.

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