Rocket Pharmaceuticals (NASDAQ:RCKT) Trading Down 15.6% – Here’s Why

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s stock price fell 15.6% during trading on Monday . The stock traded as low as $6.36 and last traded at $6.40. 507,961 shares changed hands during trading, a decline of 51% from the average session volume of 1,043,319 shares. The stock had previously closed at $7.59.

Wall Street Analyst Weigh In

RCKT has been the subject of several recent research reports. The Goldman Sachs Group decreased their price target on shares of Rocket Pharmaceuticals from $29.00 to $15.00 and set a “neutral” rating for the company in a research report on Monday, March 3rd. BMO Capital Markets began coverage on Rocket Pharmaceuticals in a research report on Wednesday, March 12th. They set an “outperform” rating and a $50.00 target price for the company. Scotiabank lifted their target price on Rocket Pharmaceuticals from $51.00 to $52.00 and gave the stock a “sector outperform” rating in a report on Monday, March 3rd. Needham & Company LLC decreased their price target on Rocket Pharmaceuticals from $52.00 to $42.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Finally, Canaccord Genuity Group reduced their target price on Rocket Pharmaceuticals from $39.00 to $36.00 and set a “buy” rating on the stock in a report on Monday, March 3rd. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $43.00.

Rocket Pharmaceuticals Stock Down 12.9 %

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’s 50 day simple moving average is $9.46 and its 200 day simple moving average is $13.01. The firm has a market cap of $619.52 million, a P/E ratio of -2.11 and a beta of 1.03.

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

Hedge Funds Weigh In On Rocket Pharmaceuticals

Hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP grew its position in Rocket Pharmaceuticals by 24.5% in the 4th quarter. Wellington Management Group LLP now owns 13,995,177 shares of the biotechnology company’s stock worth $175,919,000 after purchasing an additional 2,753,033 shares in the last quarter. Suvretta Capital Management LLC bought a new stake in Rocket Pharmaceuticals during the fourth quarter worth $32,267,000. Janus Henderson Group PLC boosted its position in Rocket Pharmaceuticals by 111.0% in the fourth 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. Point72 Asset Management L.P. grew its stake in Rocket Pharmaceuticals by 3,163.9% in the 4th quarter. Point72 Asset Management L.P. now owns 1,569,823 shares of the biotechnology company’s stock valued at $19,733,000 after purchasing an additional 1,521,727 shares during the period. Finally, Boxer Capital Management LLC purchased a new stake in shares of Rocket Pharmaceuticals during the 4th quarter valued at $18,428,000. 98.39% of the stock is owned by hedge funds and other 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.