Rocket Pharmaceuticals (NASDAQ:RCKT) Trading Down 6.1% – What’s Next?

Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)’s share price dropped 6.1% during mid-day trading on Tuesday . The stock traded as low as $8.23 and last traded at $8.19. Approximately 608,508 shares changed hands during mid-day trading, a decline of 39% from the average daily volume of 1,003,401 shares. The stock had previously closed at $8.73.

Wall Street Analyst Weigh In

Several brokerages recently commented on RCKT. BMO Capital Markets started coverage on Rocket Pharmaceuticals in a report on Wednesday, March 12th. They set an “outperform” rating and a $50.00 target price on the stock. Canaccord Genuity Group dropped their price objective on Rocket Pharmaceuticals from $39.00 to $36.00 and set a “buy” rating on the stock in a research note on Monday, March 3rd. Wedbush initiated coverage on Rocket Pharmaceuticals in a research note on Monday, December 30th. They set an “outperform” rating and a $32.00 target price for the company. Jefferies Financial Group assumed coverage on shares of Rocket Pharmaceuticals in a research report on Wednesday, December 18th. They issued a “buy” rating and a $29.00 price target on the stock. Finally, Scotiabank raised their price objective on shares of Rocket Pharmaceuticals from $51.00 to $52.00 and gave the company a “sector outperform” rating in a research report on Monday, March 3rd. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Rocket Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus price target of $43.00.

Rocket Pharmaceuticals Stock Up 2.5 %

The business has a fifty day moving average price of $9.73 and a two-hundred day moving average price of $13.40. The firm has a market cap of $840.24 million, a PE ratio of -2.87 and a beta of 1.03. 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 quarterly earnings results on Monday, March 3rd. The biotechnology company reported ($0.62) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.06. On average, analysts anticipate that Rocket Pharmaceuticals, Inc. will post -2.83 EPS for the current fiscal year.

Hedge Funds Weigh In On Rocket Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of RCKT. SG Americas Securities LLC raised its holdings in shares of Rocket Pharmaceuticals by 796.2% during the fourth quarter. SG Americas Securities LLC now owns 54,921 shares of the biotechnology company’s stock worth $690,000 after acquiring an additional 48,793 shares in the last quarter. Jennison Associates LLC raised its stake in shares of Rocket Pharmaceuticals by 72.6% during the 4th quarter. Jennison Associates LLC now owns 70,304 shares of the biotechnology company’s stock worth $884,000 after purchasing an additional 29,564 shares in the last quarter. Mirador Capital Partners LP lifted its holdings in shares of Rocket Pharmaceuticals by 403.9% during the 4th quarter. Mirador Capital Partners LP now owns 84,529 shares of the biotechnology company’s stock valued at $1,063,000 after buying an additional 67,755 shares during the last quarter. Sovran Advisors LLC bought a new stake in shares of Rocket Pharmaceuticals in the 4th quarter valued at approximately $1,895,000. Finally, Strategic Financial Concepts LLC acquired a new position in Rocket Pharmaceuticals in the fourth quarter worth approximately $141,000. 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.