Rocket Pharmaceuticals Offers Huge Potential as Price Targets Exceed 300% Growth
Rocket Pharmaceuticals is among three names that offer potential entry points for investors.
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Market action is mixed on Tuesday morning, with breadth running about 4,000 gainers to 5,000 losers. All the indices have minor losses, and the number of 12-month highs has contracted to under 400 names. Pockets of momentum have dried up, and there are no major speculative themes at the moment.
While the action isn’t very interesting, it is healthy. Many stocks need a rest after a fast and furious November, and there is some economic news coming up that is a good excuse for some profit-taking.
My main focus right now is looking for charts that are developing so I can start making some smaller buys and be ready for more aggressive action when market conditions improve.
Core Scientific (CORZ)
CORZ is a Bitcoin miner and a high-powered computing (HPC) play. Bitcoin has the upside potential, but it also has the downside protection of a data center. The stock broke out with Bitcoin but has pulled back and is consolidating.
I’m optimistic about the potential of the long-term and view CORZ as a good way to play it. It is not fully correlated with actual Bitcoin, but the data center connection will make it easier to navigate the inevitable volatility.
Xeris (XERS)
XERS is a long-term favorite that is progressing extremely well with a string of quarters of 20% growth. It has some very large potential with new drug development and potential licensing agreements. The stock appears to be undervalued and has pent-up demand if it can continue to exhibit relative strength.
Rocket Pharmaceuticals (RCKT)
RCKT is a bottom-fish play and is also a favorite of biotechnology expert Danial Rosenblum of Sharkbiotech.com. Rocket is a gene therapy play with huge potential. Twelve analysts have buy ratings on the stock with an average target price of around $47 versus the current price of just $14.
The stock is struggling near the lows but appears to have found support around $12.60. It may take some time to generate some positive momentum, but it is a low-risk entry here with a stop at the lows. My plan is to build the position once it starts making some higher highs.
There are a number of charts developing right now, but some patience is required as market conditions develop.
At the time of publication, DePorre was long CORZ, XERS and RCKT.
