Rocket Pharmaceuticals (NASDAQ:RCKT) Sets New 12-Month Low – What’s Next?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) shares reached a new 52-week low during trading on Thursday . The company traded as low as $11.40 and last traded at $11.53, with a volume of 135964 shares traded. The stock had previously closed at $11.74.

Analyst Ratings Changes

A number of equities research analysts have commented on RCKT shares. Needham & Company LLC restated a “buy” rating and set a $52.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Cantor Fitzgerald reissued an “overweight” rating and issued a $65.00 target price on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. Jefferies Financial Group assumed coverage on Rocket Pharmaceuticals in a report on Wednesday. They issued a “buy” rating and a $29.00 target price on the stock. Leerink Partners reduced their price target on shares of Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 19th. Finally, Chardan Capital reaffirmed a “buy” rating and set a $62.00 price objective on shares of Rocket Pharmaceuticals in a research report on Monday, November 18th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $48.80.

Rocket Pharmaceuticals Trading Down 2.7 %

The company has a quick ratio of 6.05, a current ratio of 6.05 and a debt-to-equity ratio of 0.06. The firm’s 50-day simple moving average is $15.42 and its 200-day simple moving average is $18.77. The firm has a market capitalization of $1.04 billion, a P/E ratio of -4.15 and a beta of 1.01.

Insider Buying and Selling

In other news, CEO Gaurav Shah sold 11,091 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $13.05, for a total transaction of $144,737.55. Following the transaction, the chief executive officer now directly owns 707,328 shares of the company’s stock, valued at $9,230,630.40. This represents a 1.54 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold 13,490 shares of company stock valued at $176,045 over the last quarter. 28.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several large investors have recently added to or reduced their stakes in RCKT. Wellington Management Group LLP grew its position in shares of Rocket Pharmaceuticals by 22.8% during the third quarter. Wellington Management Group LLP now owns 11,242,144 shares of the biotechnology company’s stock valued at $207,642,000 after purchasing an additional 2,086,424 shares in the last quarter. Westfield Capital Management Co. LP lifted its stake in Rocket Pharmaceuticals by 3.8% in the third quarter. Westfield Capital Management Co. LP now owns 4,493,833 shares of the biotechnology company’s stock worth $83,001,000 after acquiring an additional 165,911 shares during the period. Maverick Capital Ltd. grew its holdings in Rocket Pharmaceuticals by 4.8% during the 3rd quarter. Maverick Capital Ltd. now owns 4,118,672 shares of the biotechnology company’s stock worth $76,072,000 after acquiring an additional 190,360 shares in the last quarter. State Street Corp increased its position in Rocket Pharmaceuticals by 11.6% during the 3rd quarter. State Street Corp now owns 3,102,022 shares of the biotechnology company’s stock valued at $57,294,000 after purchasing an additional 322,156 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of Rocket Pharmaceuticals by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,617,866 shares of the biotechnology company’s stock valued at $29,888,000 after purchasing an additional 14,256 shares in the last quarter. Hedge funds and other institutional investors own 98.39% of the company’s stock.

Rocket Pharmaceuticals Company Profile

Rocket Pharmaceuticals, Inc, together with its subsidiaries, operates as a late-stage biotechnology company that focuses on developing gene therapies for rare and devastating diseases. It has three clinical-stage ex vivo lentiviral vector programs for fanconi anemia, a genetic defect in the bone marrow that reduces production of blood cells or promotes the production of faulty blood cells; leukocyte adhesion deficiency-I, a genetic disorder that causes the immune system to malfunction; and pyruvate kinase deficiency, a rare red blood cell autosomal recessive disorder that results in chronic non-spherocytic hemolytic anemia.