Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Down 4.9%

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) shares were down 4.9% during trading on Wednesday . The stock traded as low as $17.94 and last traded at $18.20. Approximately 149,590 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 750,542 shares. The stock had previously closed at $19.13.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Canaccord Genuity Group cut their target price on Rocket Pharmaceuticals from $49.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, July 3rd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $65.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday, August 6th. Chardan Capital reissued a “buy” rating and set a $62.00 price target on shares of Rocket Pharmaceuticals in a research report on Tuesday, August 6th. Needham & Company LLC reissued a “buy” rating and issued a $52.00 price objective on shares of Rocket Pharmaceuticals in a research report on Tuesday, August 6th. Finally, JPMorgan Chase & Co. boosted their price target on Rocket Pharmaceuticals from $50.00 to $54.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 6th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $51.75.

Rocket Pharmaceuticals Price Performance

The company has a quick ratio of 10.47, a current ratio of 10.47 and a debt-to-equity ratio of 0.04. The company has a 50 day moving average of $22.00 and a two-hundred day moving average of $24.43. The firm has a market cap of $1.66 billion, a P/E ratio of -6.67 and a beta of 1.13.

Rocket Pharmaceuticals (NASDAQ:RCKT) last announced its quarterly earnings data on Monday, August 5th. The biotechnology company reported ($0.74) EPS for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.02). During the same quarter in the prior year, the business posted ($0.82) earnings per share. Sell-side analysts expect that Rocket Pharmaceuticals, Inc. will post -2.96 EPS for the current year.

Insider Activity at Rocket Pharmaceuticals

In related news, insider Mark Andrew White sold 3,026 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $20.39, for a total transaction of $61,700.14. Following the completion of the sale, the insider now directly owns 72,220 shares in the company, valued at $1,472,565.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, insider Mark Andrew White sold 3,026 shares of the firm’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $20.39, for a total value of $61,700.14. Following the transaction, the insider now directly owns 72,220 shares in the company, valued at approximately $1,472,565.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gaurav Shah sold 9,790 shares of the firm’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $23.35, for a total transaction of $228,596.50. Following the transaction, the chief executive officer now directly owns 728,069 shares of the company’s stock, valued at $17,000,411.15. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 15,755 shares of company stock valued at $358,654. Company insiders own 31.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Amalgamated Bank grew its holdings in Rocket Pharmaceuticals by 5.4% during the fourth quarter. Amalgamated Bank now owns 8,653 shares of the biotechnology company’s stock valued at $259,000 after purchasing an additional 440 shares during the period. Principal Financial Group Inc. increased its position in shares of Rocket Pharmaceuticals by 3.8% during the 4th quarter. Principal Financial Group Inc. now owns 17,963 shares of the biotechnology company’s stock worth $538,000 after purchasing an additional 661 shares during the last quarter. Torray Investment Partners LLC grew its stake in shares of Rocket Pharmaceuticals by 1.1% in the fourth quarter. Torray Investment Partners LLC now owns 60,856 shares of the biotechnology company’s stock valued at $1,824,000 after buying an additional 679 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in Rocket Pharmaceuticals by 31.9% during the second quarter. Nisa Investment Advisors LLC now owns 3,160 shares of the biotechnology company’s stock worth $68,000 after buying an additional 764 shares during the last quarter. Finally, Jennison Associates LLC raised its position in Rocket Pharmaceuticals by 3.5% during the first quarter. Jennison Associates LLC now owns 26,783 shares of the biotechnology company’s stock worth $722,000 after acquiring an additional 903 shares in the last quarter. 98.39% of the stock is owned by institutional investors and hedge funds.

About Rocket Pharmaceuticals

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.