Erste Asset Management GmbH Purchases New Stake in Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)

Erste Asset Management GmbH purchased a new stake in shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 44,700 shares of the biotechnology company’s stock, valued at approximately $825,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Rocket Pharmaceuticals by 21.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,292 shares of the biotechnology company’s stock worth $61,000 after buying an additional 582 shares during the last quarter. Nisa Investment Advisors LLC lifted its position 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 acquiring an additional 764 shares during the last quarter. Values First Advisors Inc. bought a new stake in shares of Rocket Pharmaceuticals during the third quarter worth approximately $108,000. SG Americas Securities LLC acquired a new position in shares of Rocket Pharmaceuticals in the third quarter valued at approximately $113,000. Finally, Verition Fund Management LLC bought a new position in shares of Rocket Pharmaceuticals during the third quarter worth approximately $290,000. 98.39% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on RCKT. Canaccord Genuity Group restated a “buy” rating and issued a $39.00 price target on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. Cantor Fitzgerald reissued an “overweight” rating and issued a $65.00 target price on shares of Rocket Pharmaceuticals in a research report on Tuesday, November 19th. Chardan Capital reaffirmed a “buy” rating and set a $62.00 price target on shares of Rocket Pharmaceuticals in a research report on Monday, November 18th. Scotiabank started coverage on shares of Rocket Pharmaceuticals in a report on Wednesday, October 16th. They issued a “sector outperform” rating and a $50.00 price objective for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $52.00 target price on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.00.

Insider Buying and Selling

In other news, CEO Gaurav Shah sold 11,091 shares of the company’s stock in a transaction that occurred on 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. This represents a 1.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders sold a total of 13,490 shares of company stock worth $176,045 in the last three months. 28.50% of the stock is owned by corporate insiders.

Rocket Pharmaceuticals Stock Performance

Shares of Rocket Pharmaceuticals stock opened at $13.50 on Wednesday. The company has a 50 day moving average of $16.30 and a 200-day moving average of $19.38. The company has a market cap of $1.23 billion, a PE ratio of -4.91 and a beta of 1.01. The company has a current ratio of 6.05, a quick ratio of 6.05 and a debt-to-equity ratio of 0.06. Rocket Pharmaceuticals, Inc. has a 1-year low of $12.62 and a 1-year high of $32.53.

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.