Rocket Pharmaceuticals (NASDAQ:RCKT) Trading Down 5.3% – Here’s Why

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) shares were down 5.3% during trading on Tuesday . The stock traded as low as $13.60 and last traded at $13.65. Approximately 446,972 shares changed hands during trading, a decline of 44% from the average daily volume of 795,628 shares. The stock had previously closed at $14.41.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Scotiabank assumed coverage on shares of Rocket Pharmaceuticals in a research report on Wednesday, October 16th. They set a “sector outperform” rating and a $50.00 price target on the stock. JPMorgan Chase & Co. upped their target price on Rocket Pharmaceuticals from $50.00 to $54.00 and gave the stock an “overweight” rating in a report on Tuesday, August 6th. Leerink Partners decreased their price target on Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating for the company in a research note on Tuesday, November 19th. Cantor Fitzgerald reiterated an “overweight” rating and set a $65.00 price objective on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. Finally, Chardan Capital reissued a “buy” rating and issued a $62.00 target price on shares of Rocket Pharmaceuticals in a research note on Monday, November 18th. One analyst has rated the stock with a sell rating, one has given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.00.

Rocket Pharmaceuticals Price Performance

The firm has a market capitalization of $1.23 billion, a price-to-earnings ratio of -5.24 and a beta of 1.01. The company’s 50 day moving average is $16.39 and its 200 day moving average is $19.44. The company has a quick ratio of 6.05, a current ratio of 6.05 and a debt-to-equity ratio of 0.06.

Insider Transactions at Rocket Pharmaceuticals

In related news, CEO Gaurav Shah sold 11,091 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was 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 $9,230,630.40. The trade was a 1.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders have sold 13,490 shares of company stock valued at $176,045. 28.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several hedge funds have recently bought and sold shares of RCKT. Harbor Capital Advisors Inc. increased its stake in Rocket Pharmaceuticals by 19.3% in the second quarter. Harbor Capital Advisors Inc. now owns 97,134 shares of the biotechnology company’s stock valued at $2,091,000 after acquiring an additional 15,708 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Rocket Pharmaceuticals by 31.9% during the 2nd 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 in the last quarter. EFG Asset Management North America Corp. lifted its position in shares of Rocket Pharmaceuticals by 47.0% during the 2nd quarter. EFG Asset Management North America Corp. now owns 222,046 shares of the biotechnology company’s stock worth $4,780,000 after buying an additional 71,044 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Rocket Pharmaceuticals by 10.4% in the second quarter. Bank of New York Mellon Corp now owns 239,877 shares of the biotechnology company’s stock valued at $5,165,000 after buying an additional 22,521 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Rocket Pharmaceuticals by 30.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,092 shares of the biotechnology company’s stock worth $368,000 after acquiring an additional 3,995 shares in the last quarter. 98.39% of the stock is owned by institutional investors.

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.