Rocket Pharmaceuticals (NASDAQ:RCKT) Trading Down 7.5% – Here’s Why

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) shares were down 7.5% during mid-day trading on Wednesday . The stock traded as low as $5.92 and last traded at $6.04. Approximately 387,590 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 2,083,956 shares. The stock had previously closed at $6.53.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Chardan Capital decreased their price objective on shares of Rocket Pharmaceuticals from $62.00 to $54.00 and set a “buy” rating for the company in a report on Friday, February 28th. BMO Capital Markets initiated coverage on Rocket Pharmaceuticals in a report on Wednesday, March 12th. They issued an “outperform” rating and a $50.00 price objective for the company. Needham & Company LLC restated a “buy” rating and set a $42.00 price objective on shares of Rocket Pharmaceuticals in a research note on Wednesday, April 9th. Canaccord Genuity Group decreased their target price on Rocket Pharmaceuticals from $39.00 to $36.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. Finally, Wedbush initiated coverage on Rocket Pharmaceuticals in a research note on Monday, December 30th. They set an “outperform” rating and a $32.00 price objective on the stock. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $43.00.

Rocket Pharmaceuticals Price Performance

The firm has a market capitalization of $639.78 million, a P/E ratio of -2.18 and a beta of 1.00. 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 business’s fifty day moving average is $8.19 and its 200 day moving average is $11.92.

Rocket Pharmaceuticals (NASDAQ:RCKT) last announced its earnings results on Monday, March 3rd. The biotechnology company reported ($0.62) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.06. As a group, analysts forecast that Rocket Pharmaceuticals, Inc. will post -2.83 EPS for the current year.

Insider Activity at Rocket Pharmaceuticals

In other news, CEO Gaurav Shah bought 20,000 shares of the stock in a transaction that occurred on Thursday, April 10th. The shares were acquired at an average cost of $5.08 per share, for a total transaction of $101,600.00. Following the purchase, the chief executive officer now owns 792,680 shares of the company’s stock, valued at $4,026,814.40. This represents a 2.59 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kinnari Patel purchased 21,099 shares of the firm’s stock in a transaction on Wednesday, April 9th. The shares were purchased at an average price of $4.70 per share, with a total value of $99,165.30. Following the completion of the acquisition, the insider now directly owns 26,774 shares of the company’s stock, valued at approximately $125,837.80. This trade represents a 371.79 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 28.50% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several large investors have recently made changes to their positions in RCKT. Wellington Management Group LLP lifted its holdings in shares of Rocket Pharmaceuticals by 24.5% during the fourth quarter. Wellington Management Group LLP now owns 13,995,177 shares of the biotechnology company’s stock worth $175,919,000 after buying an additional 2,753,033 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Rocket Pharmaceuticals by 18.8% in the 4th quarter. Vanguard Group Inc. now owns 6,577,595 shares of the biotechnology company’s stock valued at $82,680,000 after purchasing an additional 1,040,655 shares during the period. Janus Henderson Group PLC grew its position in Rocket Pharmaceuticals by 111.0% in the 4th quarter. Janus Henderson Group PLC now owns 4,004,039 shares of the biotechnology company’s stock worth $50,343,000 after purchasing an additional 2,106,699 shares during the last quarter. State Street Corp increased its holdings in shares of Rocket Pharmaceuticals by 11.6% during the 3rd quarter. State Street Corp now owns 3,102,022 shares of the biotechnology company’s stock worth $57,294,000 after purchasing an additional 322,156 shares during the period. Finally, Suvretta Capital Management LLC acquired a new position in shares of Rocket Pharmaceuticals during the fourth quarter valued at about $32,267,000. Institutional investors and hedge funds 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.