Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Down 4% – Here’s Why

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s stock price was down 4% during trading on Thursday . The company traded as low as $10.44 and last traded at $10.45. Approximately 302,815 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 1,543,305 shares. The stock had previously closed at $10.88.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on RCKT shares. Jefferies Financial Group initiated coverage on Rocket Pharmaceuticals in a research report on Wednesday, December 18th. They set a “buy” rating and a $29.00 target price on the stock. Leerink Partners cut their price objective on shares of Rocket Pharmaceuticals from $46.00 to $44.00 and set an “outperform” rating on the stock in a report on Tuesday, November 19th. Canaccord Genuity Group restated a “buy” rating and issued a $39.00 target price on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. Scotiabank began coverage on shares of Rocket Pharmaceuticals in a report on Wednesday, October 16th. They issued a “sector outperform” rating and a $50.00 price target on the stock. Finally, Chardan Capital reissued a “buy” rating and set a $62.00 price objective 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 issued a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $47.27.

Rocket Pharmaceuticals Price Performance

The company has a market cap of $937.85 million, a price-to-earnings ratio of -3.75 and a beta of 1.01. The company’s 50-day simple moving average is $13.10 and its 200-day simple moving average is $17.26. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05.

Insider Activity at Rocket Pharmaceuticals

In related news, CEO Gaurav Shah sold 11,091 shares of the 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 approximately $9,230,630.40. This represents a 1.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In the last three months, insiders sold 13,490 shares of company stock valued at $176,045. Corporate insiders own 28.50% of the company’s stock.

Hedge Funds Weigh In On Rocket Pharmaceuticals

A number of institutional investors have recently made changes to their positions in RCKT. Wellington Management Group LLP raised its holdings in Rocket Pharmaceuticals by 22.8% in the third quarter. Wellington Management Group LLP now owns 11,242,144 shares of the biotechnology company’s stock valued at $207,642,000 after acquiring an additional 2,086,424 shares in the last quarter. Westfield Capital Management Co. LP raised its stake in shares of Rocket Pharmaceuticals by 3.8% in the 3rd quarter. Westfield Capital Management Co. LP now owns 4,493,833 shares of the biotechnology company’s stock valued at $83,001,000 after purchasing an additional 165,911 shares in the last quarter. Maverick Capital Ltd. lifted its position in shares of Rocket Pharmaceuticals by 4.8% during the third quarter. Maverick Capital Ltd. now owns 4,118,672 shares of the biotechnology company’s stock worth $76,072,000 after purchasing an additional 190,360 shares during the last quarter. State Street Corp lifted its position in shares of Rocket Pharmaceuticals by 11.6% during the third quarter. State Street Corp now owns 3,102,022 shares of the biotechnology company’s stock worth $57,294,000 after purchasing an additional 322,156 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in Rocket Pharmaceuticals by 0.9% in the third quarter. Geode Capital Management LLC now owns 1,617,866 shares of the biotechnology company’s stock worth $29,888,000 after purchasing an additional 14,256 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.