Franklin Resources Inc. Reduces Position in Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)

Franklin Resources Inc. decreased its holdings in Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) by 7.7% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,730,344 shares of the biotechnology company’s stock after selling 143,345 shares during the quarter. Franklin Resources Inc.’s holdings in Rocket Pharmaceuticals were worth $29,243,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of RCKT. Wellington Management Group LLP raised its holdings 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 during the last quarter. State Street Corp raised its stake 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 buying an additional 322,156 shares during the last quarter. First Turn Management LLC lifted its holdings in shares of Rocket Pharmaceuticals by 123.6% during the 2nd quarter. First Turn Management LLC now owns 560,989 shares of the biotechnology company’s stock valued at $12,078,000 after buying an additional 310,119 shares during the period. Maverick Capital Ltd. boosted its stake in shares of Rocket Pharmaceuticals by 4.8% in the 3rd quarter. Maverick Capital Ltd. now owns 4,118,672 shares of the biotechnology company’s stock worth $76,072,000 after buying an additional 190,360 shares during the last quarter. Finally, Westfield Capital Management Co. LP grew its holdings in shares of 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. Institutional investors own 98.39% of the company’s stock.

Insider Activity

In related news, CEO Gaurav Shah sold 11,091 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $13.05, for a total transaction of $144,737.55. Following the completion of the transaction, the chief executive officer now directly owns 707,328 shares of the company’s stock, valued at approximately $9,230,630.40. This trade represents a 1.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold a total of 13,490 shares of company stock worth $176,045 over the last quarter. Insiders own 28.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on RCKT. 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. Canaccord Genuity Group reaffirmed a “buy” rating and set a $39.00 target price on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. Leerink Partners cut 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 report on Tuesday, November 19th. Cantor Fitzgerald reiterated an “overweight” rating and set a $65.00 target price on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Finally, Scotiabank assumed coverage on Rocket Pharmaceuticals in a research report on Wednesday, October 16th. They issued a “sector outperform” rating and a $50.00 price target for the company. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and eleven have given 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 target price of $48.80.

Rocket Pharmaceuticals Stock Down 1.5 %

NASDAQ RCKT opened at $11.74 on Thursday. Rocket Pharmaceuticals, Inc. has a 12 month low of $11.58 and a 12 month high of $32.53. 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 market cap of $1.07 billion, a PE ratio of -4.27 and a beta of 1.01. The stock’s 50 day moving average is $15.42 and its 200 day moving average is $18.77.

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.