Rocket Pharmaceuticals (NASDAQ:RCKT) Stock Price Up 6.9% – Here’s Why

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) shares rose 6.9% during trading on Tuesday . The stock traded as high as $13.20 and last traded at $13.20. Approximately 427,142 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 1,058,396 shares. The stock had previously closed at $12.35.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on RCKT shares. Wedbush began coverage on Rocket Pharmaceuticals in a research note on Monday, December 30th. They issued an “outperform” rating and a $32.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and set a $52.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Canaccord Genuity Group restated a “buy” rating and issued a $39.00 target price on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. Scotiabank began coverage on shares of Rocket Pharmaceuticals in a report on Wednesday, October 16th. They set a “sector outperform” rating and a $50.00 price target on the stock. Finally, Leerink Partners decreased their price objective on shares of Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating for the company in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Rocket Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $47.27.

Rocket Pharmaceuticals Trading Up 3.5 %

The company has a current ratio of 6.05, a quick ratio of 6.05 and a debt-to-equity ratio of 0.06. The stock has a 50-day simple moving average of $13.91 and a 200 day simple moving average of $17.78. The company has a market cap of $1.16 billion, a price-to-earnings ratio of -4.65 and a beta of 1.01.

Insider Transactions at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, CEO Gaurav Shah sold 11,091 shares of Rocket Pharmaceuticals stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $13.05, for a total value of $144,737.55. Following the completion of the transaction, the chief executive officer now owns 707,328 shares of the company’s stock, valued at approximately $9,230,630.40. The trade was a 1.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 13,490 shares of company stock worth $176,045 over the last 90 days. 28.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rocket Pharmaceuticals

A number of institutional investors have recently modified their holdings of the business. Wellington Management Group LLP increased its stake 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 worth $207,642,000 after purchasing an additional 2,086,424 shares in the last quarter. State Street Corp lifted its position in shares of Rocket Pharmaceuticals by 11.6% in the third quarter. State Street Corp now owns 3,102,022 shares of the biotechnology company’s stock valued at $57,294,000 after acquiring an additional 322,156 shares in the last quarter. First Turn Management LLC boosted its stake in shares of Rocket Pharmaceuticals by 123.6% in the second quarter. First Turn Management LLC now owns 560,989 shares of the biotechnology company’s stock worth $12,078,000 after acquiring an additional 310,119 shares during the last quarter. Maverick Capital Ltd. increased its position in shares of Rocket Pharmaceuticals by 4.8% during the third quarter. Maverick Capital Ltd. now owns 4,118,672 shares of the biotechnology company’s stock worth $76,072,000 after purchasing an additional 190,360 shares in the last quarter. Finally, Westfield Capital Management Co. LP raised its stake in Rocket Pharmaceuticals by 3.8% in the 3rd quarter. Westfield Capital Management Co. LP now owns 4,493,833 shares of the biotechnology company’s stock valued at $83,001,000 after purchasing an additional 165,911 shares during the last quarter. 98.39% of the stock is currently owned by institutional investors and hedge funds.

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.