Synovus Financial Corp Acquires 114,557 Shares of Rocket Pharmaceuticals, Inc. $RCKT

Synovus Financial Corp grew its holdings in Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) by 69.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 278,450 shares of the biotechnology company’s stock after purchasing an additional 114,557 shares during the period. Synovus Financial Corp’s holdings in Rocket Pharmaceuticals were worth $1,857,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of Rocket Pharmaceuticals by 0.6% in the first quarter. Vanguard Group Inc. now owns 6,617,784 shares of the biotechnology company’s stock valued at $44,141,000 after purchasing an additional 40,189 shares during the period. Westfield Capital Management Co. LP raised its position in shares of Rocket Pharmaceuticals by 2.3% in the first quarter. Westfield Capital Management Co. LP now owns 4,820,701 shares of the biotechnology company’s stock valued at $32,154,000 after purchasing an additional 106,091 shares during the period. Janus Henderson Group PLC raised its position in shares of Rocket Pharmaceuticals by 111.0% in the fourth quarter. Janus Henderson Group PLC now owns 4,004,039 shares of the biotechnology company’s stock valued at $50,343,000 after purchasing an additional 2,106,699 shares during the period. Suvretta Capital Management LLC bought a new stake in shares of Rocket Pharmaceuticals in the fourth quarter valued at approximately $32,267,000. Finally, Point72 Asset Management L.P. increased its holdings in Rocket Pharmaceuticals by 3,163.9% during the 4th quarter. Point72 Asset Management L.P. now owns 1,569,823 shares of the biotechnology company’s stock worth $19,733,000 after acquiring an additional 1,521,727 shares during the period. Institutional investors own 98.39% of the company’s stock.

Insider Buying and Selling

In other Rocket Pharmaceuticals news, General Counsel Martin Wilson sold 12,109 shares of the business’s stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $3.02, for a total value of $36,569.18. Following the completion of the transaction, the general counsel owned 137,054 shares of the company’s stock, valued at $413,903.08. The trade was a 8.12% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jonathan David Schwartz sold 11,161 shares of the business’s stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $3.02, for a total transaction of $33,706.22. Following the completion of the transaction, the insider directly owned 224,094 shares of the company’s stock, valued at approximately $676,763.88. This represents a 4.74% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 36,927 shares of company stock valued at $111,413. Corporate insiders own 24.76% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on RCKT. UBS Group lowered their target price on shares of Rocket Pharmaceuticals from $12.00 to $5.00 and set a “buy” rating on the stock in a research note on Tuesday, June 17th. The Goldman Sachs Group cut shares of Rocket Pharmaceuticals from a “neutral” rating to a “sell” rating in a research note on Wednesday, May 28th. Scotiabank lowered their target price on shares of Rocket Pharmaceuticals from $51.00 to $19.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, May 28th. TD Cowen reiterated a “hold” rating on shares of Rocket Pharmaceuticals in a research note on Tuesday, May 27th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Rocket Pharmaceuticals in a research note on Thursday, July 24th. Eight investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $16.73.

Rocket Pharmaceuticals Price Performance

RCKT stock opened at $3.39 on Wednesday. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.39 and a quick ratio of 6.39. Rocket Pharmaceuticals, Inc. has a one year low of $2.19 and a one year high of $22.01. The stock has a market cap of $365.78 million, a PE ratio of -1.35 and a beta of 0.65. The firm has a 50 day simple moving average of $3.02 and a two-hundred day simple moving average of $5.52.

Rocket Pharmaceuticals (NASDAQ:RCKT) last released its quarterly earnings results on Thursday, August 7th. The biotechnology company reported ($0.59) EPS for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.02). During the same period last year, the firm earned ($0.74) EPS. On average, analysts predict that Rocket Pharmaceuticals, Inc. will post -2.83 EPS for the current fiscal year.

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.