Rocket Pharmaceuticals (NASDAQ:RCKT) Hits New 12-Month Low – Time to Sell?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) shares reached a new 52-week low during trading on Friday . The stock traded as low as $10.12 and last traded at $10.21, with a volume of 1907894 shares traded. The stock had previously closed at $10.88.

Wall Street Analyst Weigh In

RCKT has been the topic of a number of recent research reports. Needham & Company LLC reiterated a “buy” rating and issued a $52.00 target price on shares of Rocket Pharmaceuticals in a research note on Tuesday, November 19th. Jefferies Financial Group initiated coverage on shares of Rocket Pharmaceuticals in a research report on Wednesday, December 18th. They issued a “buy” rating and a $29.00 price objective on the stock. Chardan Capital reissued a “buy” rating and set a $62.00 target price on shares of Rocket Pharmaceuticals in a research report on Monday, November 18th. Wedbush assumed coverage on shares of Rocket Pharmaceuticals in a report on Monday, December 30th. They issued an “outperform” rating and a $32.00 price target on the stock. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $65.00 price objective on shares of Rocket Pharmaceuticals in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Rocket Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.27.

Rocket Pharmaceuticals Price Performance

The company has a quick ratio of 6.05, a current ratio of 6.05 and a debt-to-equity ratio of 0.06. The stock’s 50 day moving average price is $12.96 and its two-hundred day moving average price is $17.22. The stock has a market cap of $930.71 million, a price-to-earnings ratio of -3.71 and a beta of 1.01.

Insiders Place Their Bets

In other news, CEO Gaurav Shah sold 11,091 shares of the company’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 sale, the chief executive officer now owns 707,328 shares in the company, valued at $9,230,630.40. This represents a 1.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders have sold 13,490 shares of company stock valued at $176,045. Company insiders own 28.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. boosted its position in Rocket Pharmaceuticals by 21.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,292 shares of the biotechnology company’s stock worth $61,000 after purchasing an additional 582 shares in the last quarter. Dana Investment Advisors Inc. boosted its holdings in Rocket Pharmaceuticals by 4.4% during the second quarter. Dana Investment Advisors Inc. now owns 13,847 shares of the biotechnology company’s stock worth $298,000 after buying an additional 586 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Rocket Pharmaceuticals by 1.3% during the third 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 during the period. Pier 88 Investment Partners LLC increased its holdings in Rocket Pharmaceuticals by 5.1% in the third quarter. Pier 88 Investment Partners LLC now owns 32,490 shares of the biotechnology company’s stock valued at $600,000 after buying an additional 1,590 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Rocket Pharmaceuticals by 9.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,767 shares of the biotechnology company’s stock worth $347,000 after acquiring an additional 1,675 shares during the period. 98.39% of the stock is currently 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.