Rocket Pharmaceuticals (NASDAQ:RCKT) Shares Up 8.9% – Here’s What Happened

Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) shot up 8.9% during mid-day trading on Monday . The stock traded as high as $6.66 and last traded at $6.90. 196,975 shares were traded during mid-day trading, a decline of 85% from the average session volume of 1,274,607 shares. The stock had previously closed at $6.33.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Canaccord Genuity Group cut their price target on shares of Rocket Pharmaceuticals from $39.00 to $36.00 and set a “buy” rating for the company in a report on Monday, March 3rd. Needham & Company LLC restated a “buy” rating and set a $42.00 target price on shares of Rocket Pharmaceuticals in a research report on Wednesday, April 9th. Wedbush initiated coverage on Rocket Pharmaceuticals in a research report on Monday, December 30th. They issued an “outperform” rating and a $32.00 price objective on the stock. BMO Capital Markets started coverage on shares of Rocket Pharmaceuticals in a research report on Wednesday, March 12th. They set an “outperform” rating and a $50.00 target price on the stock. Finally, The Goldman Sachs Group decreased their price target on Rocket Pharmaceuticals from $29.00 to $15.00 and set a “neutral” rating on the stock in a research note on Monday, March 3rd. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $43.00.

Rocket Pharmaceuticals Trading Up 13.1 %

The business has a 50-day simple moving average of $7.96 and a two-hundred day simple moving average of $11.66. The company has a debt-to-equity ratio of 0.06, a current ratio of 6.05 and a quick ratio of 6.05. The stock has a market cap of $763.47 million, a price-to-earnings ratio of -2.60 and a beta of 1.00.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its earnings results on Monday, March 3rd. The biotechnology company reported ($0.62) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.06. Equities analysts forecast that Rocket Pharmaceuticals, Inc. will post -2.83 EPS for the current fiscal year.

Insider Activity

In other Rocket Pharmaceuticals news, insider Kinnari Patel acquired 21,099 shares of the company’s stock in a transaction on Wednesday, April 9th. The shares were purchased at an average cost of $4.70 per share, with a total value of $99,165.30. Following the completion of the purchase, the insider now owns 26,774 shares of the company’s stock, valued at approximately $125,837.80. This represents a 371.79 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Gaurav Shah acquired 20,000 shares of the business’s stock in a transaction on Thursday, April 10th. The shares were purchased at an average cost of $5.08 per share, for a total transaction of $101,600.00. Following the completion of the acquisition, the chief executive officer now directly owns 792,680 shares in the company, valued at approximately $4,026,814.40. The trade was a 2.59 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 28.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its stake in shares of Rocket Pharmaceuticals by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,617,866 shares of the biotechnology company’s stock valued at $29,888,000 after purchasing an additional 14,256 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its holdings in Rocket Pharmaceuticals by 7.4% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 237,499 shares of the biotechnology company’s stock valued at $2,985,000 after acquiring an additional 16,453 shares in the last quarter. Mirador Capital Partners LP increased its position in 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 purchasing an additional 67,755 shares during the period. SG Americas Securities LLC increased its position 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 valued at $690,000 after buying an additional 48,793 shares during the period. Finally, KBC Group NV raised its position in shares of Rocket Pharmaceuticals by 159.6% in the 4th quarter. KBC Group NV now owns 5,475 shares of the biotechnology company’s stock worth $69,000 after acquiring an additional 3,366 shares in the last quarter. Hedge funds and other institutional investors own 98.39% of the company’s stock.

Rocket Pharmaceuticals Company 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.