Rocket Pharmaceuticals (NASDAQ:RCKT) Reaches New 52-Week Low – Here’s Why

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s share price hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $7.90 and last traded at $7.97, with a volume of 338060 shares changing hands. The stock had previously closed at $8.17.

Analyst Ratings Changes

RCKT has been the topic of several recent research reports. Canaccord Genuity Group reduced their target price on shares of Rocket Pharmaceuticals from $39.00 to $36.00 and set a “buy” rating on the stock in a report on Monday, March 3rd. Needham & Company LLC reduced their price objective on Rocket Pharmaceuticals from $52.00 to $42.00 and set a “buy” rating on the stock in a research note on Friday, February 28th. Scotiabank boosted their target price on Rocket Pharmaceuticals from $51.00 to $52.00 and gave the company a “sector outperform” rating in a research note on Monday, March 3rd. BMO Capital Markets initiated coverage on Rocket Pharmaceuticals in a report on Wednesday, March 12th. They set an “outperform” rating and a $50.00 target price for the company. Finally, Jefferies Financial Group assumed coverage on Rocket Pharmaceuticals in a research note on Wednesday, December 18th. They issued a “buy” rating and a $29.00 price target on the stock. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, Rocket Pharmaceuticals has an average rating of “Moderate Buy” and a consensus price target of $43.00.

Rocket Pharmaceuticals Price Performance

The company has a market cap of $840.24 million, a PE ratio of -2.87 and a beta of 1.03. The business has a 50 day moving average of $9.68 and a 200 day moving average of $13.36. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05.

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

Institutional Trading of Rocket Pharmaceuticals

Large investors have recently bought and sold shares of the company. Rhumbline Advisers lifted its stake in shares of Rocket Pharmaceuticals by 1.3% in the 4th quarter. Rhumbline Advisers now owns 99,339 shares of the biotechnology company’s stock valued at $1,249,000 after purchasing an additional 1,242 shares during the period. Envestnet Asset Management Inc. raised its holdings in Rocket Pharmaceuticals by 4.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 32,422 shares of the biotechnology company’s stock worth $408,000 after purchasing an additional 1,280 shares in the last quarter. Arizona State Retirement System lifted its position in Rocket Pharmaceuticals by 8.4% during the fourth quarter. Arizona State Retirement System now owns 19,826 shares of the biotechnology company’s stock valued at $249,000 after buying an additional 1,528 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Rocket Pharmaceuticals by 1.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 119,633 shares of the biotechnology company’s stock valued at $2,210,000 after buying an additional 1,561 shares in the last quarter. Finally, Virtus ETF Advisers LLC boosted its holdings in shares of Rocket Pharmaceuticals by 40.4% during the 4th quarter. Virtus ETF Advisers LLC now owns 5,656 shares of the biotechnology company’s stock valued at $71,000 after buying an additional 1,628 shares in the last quarter. 98.39% of the stock is owned by institutional investors.

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.