Franklin Resources Inc. Sells 1,076,785 Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT)

Franklin Resources Inc. lessened its stake in Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) by 62.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 653,559 shares of the biotechnology company’s stock after selling 1,076,785 shares during the period. Franklin Resources Inc. owned about 0.72% of Rocket Pharmaceuticals worth $8,215,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Pier 88 Investment Partners LLC grew its position in shares of Rocket Pharmaceuticals by 15.4% in the 4th quarter. Pier 88 Investment Partners LLC now owns 37,500 shares of the biotechnology company’s stock valued at $471,000 after buying an additional 5,010 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Rocket Pharmaceuticals by 24.5% during the 4th quarter. Wellington Management Group LLP now owns 13,995,177 shares of the biotechnology company’s stock valued at $175,919,000 after purchasing an additional 2,753,033 shares in the last quarter. Schroder Investment Management Group boosted its holdings in Rocket Pharmaceuticals by 76.0% in the fourth quarter. Schroder Investment Management Group now owns 413,550 shares of the biotechnology company’s stock worth $4,975,000 after acquiring an additional 178,546 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Rocket Pharmaceuticals by 68.2% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 20,196 shares of the biotechnology company’s stock worth $254,000 after acquiring an additional 8,190 shares in the last quarter. Finally, EntryPoint Capital LLC bought a new position in Rocket Pharmaceuticals in the fourth quarter worth approximately $313,000. Institutional investors own 98.39% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on RCKT shares. Chardan Capital cut their price target on Rocket Pharmaceuticals from $62.00 to $54.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Scotiabank raised their target price on Rocket Pharmaceuticals from $51.00 to $52.00 and gave the company a “sector outperform” rating in a report on Monday, March 3rd. Jefferies Financial Group started coverage on Rocket Pharmaceuticals in a report on Wednesday, December 18th. They issued a “buy” rating and a $29.00 target price on the stock. Canaccord Genuity Group dropped their target price on Rocket Pharmaceuticals from $39.00 to $36.00 and set a “buy” rating on the stock in a report on Monday, March 3rd. Finally, Needham & Company LLC restated a “buy” rating and issued a $42.00 target price on shares of Rocket Pharmaceuticals in a report on Wednesday. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $43.00.

Rocket Pharmaceuticals Stock Performance

Shares of Rocket Pharmaceuticals stock opened at $5.40 on Thursday. The business’s fifty day simple moving average is $8.61 and its 200 day simple moving average is $12.27. The firm has a market capitalization of $575.80 million, a P/E ratio of -1.96 and a beta of 1.00. Rocket Pharmaceuticals, Inc. has a 12 month low of $4.55 and a 12 month high of $26.98. 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 (NASDAQ:RCKT) last issued its quarterly earnings results on Monday, March 3rd. The biotechnology company reported ($0.62) EPS for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.06. As a group, analysts anticipate that Rocket Pharmaceuticals, Inc. will post -2.83 EPS for the current year.

Insider Buying and Selling at Rocket Pharmaceuticals

In other Rocket Pharmaceuticals news, CFO Aaron Ondrey sold 7,489 shares of the business’s stock in a transaction on Friday, April 4th. The stock was sold at an average price of $5.29, for a total value of $39,616.81. Following the sale, the chief financial officer now directly owns 129,650 shares in the company, valued at $685,848.50. The trade was a 5.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 28.50% of the company’s stock.

Rocket Pharmaceuticals 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.