Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Gap Up – Should You Buy?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) gapped up before the market opened on Wednesday . The stock had previously closed at $8.21, but opened at $8.74. Rocket Pharmaceuticals shares last traded at $8.32, with a volume of 206,657 shares traded.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $65.00 price target on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. The Goldman Sachs Group lowered their target price on shares of Rocket Pharmaceuticals from $29.00 to $15.00 and set a “neutral” rating for the company in a report on Monday, March 3rd. Chardan Capital cut their price target on shares of Rocket Pharmaceuticals from $62.00 to $54.00 and set a “buy” rating on the stock in a research note on Friday, February 28th. Leerink Partners reduced their price target on shares of Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating for the company in a research report on Tuesday, November 19th. Finally, Scotiabank raised their price objective on Rocket Pharmaceuticals from $51.00 to $52.00 and gave the stock a “sector outperform” rating in a report on Monday, March 3rd. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Rocket Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $43.00.

Rocket Pharmaceuticals Price Performance

The company has a 50-day moving average of $10.45 and a 200-day moving average of $14.16. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.05 and a current ratio of 6.05. The stock has a market cap of $904.44 million, a price-to-earnings ratio of -3.05 and a beta of 1.03.

Rocket Pharmaceuticals (NASDAQ:RCKT) last issued its earnings results on Monday, March 3rd. The biotechnology company reported ($0.62) earnings per share for the quarter, beating the consensus estimate of ($0.68) by $0.06. As a group, equities research analysts predict that Rocket Pharmaceuticals, Inc. will post -2.83 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Toronto Dominion Bank acquired a new stake in shares of Rocket Pharmaceuticals in the 4th quarter worth approximately $13,827,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Rocket Pharmaceuticals by 16.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 139,572 shares of the biotechnology company’s stock worth $1,754,000 after purchasing an additional 19,939 shares in the last quarter. Woodline Partners LP grew its holdings in Rocket Pharmaceuticals by 8.5% in the fourth quarter. Woodline Partners LP now owns 652,421 shares of the biotechnology company’s stock valued at $8,201,000 after purchasing an additional 51,358 shares during the last quarter. Soleus Capital Management L.P. purchased a new position in shares of Rocket Pharmaceuticals in the fourth quarter valued at $3,415,000. Finally, Two Sigma Investments LP increased its position in shares of Rocket Pharmaceuticals by 88.6% in the fourth quarter. Two Sigma Investments LP now owns 41,142 shares of the biotechnology company’s stock valued at $517,000 after buying an additional 19,326 shares in the last quarter. 98.39% of the stock is owned by hedge funds and other institutional investors.

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.