Rocket Pharmaceuticals (NASDAQ:RCKT) Releases Earnings Results, Beats Expectations By $0.22 EPS

Rocket Pharmaceuticals (NASDAQ:RCKT) announced its earnings results on Monday. The biotechnology company reported $1.08 EPS for the quarter, beating the consensus estimate of $0.86 by $0.22, FiscalAI reports. During the same period in the previous year, the company earned ($0.62) EPS.

Rocket Pharmaceuticals Stock Performance

RCKT stock opened at $3.50 on Wednesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 6.12 and a current ratio of 6.12. The stock’s fifty day moving average is $3.35 and its two-hundred day moving average is $3.61. The stock has a market capitalization of $382.17 million, a price-to-earnings ratio of -20.59 and a beta of 0.47. Rocket Pharmaceuticals has a 1 year low of $2.53 and a 1 year high of $5.45.

Analyst Upgrades and Downgrades

RCKT has been the subject of a number of analyst reports. Weiss Ratings upgraded Rocket Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, July 15th. Chardan Capital reaffirmed a “buy” rating and set a $11.00 price target on shares of Rocket Pharmaceuticals in a research note on Monday, May 11th. Wall Street Zen lowered shares of Rocket Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Sunday. Finally, Wedbush decreased their price objective on shares of Rocket Pharmaceuticals from $16.00 to $15.00 and set an “outperform” rating for the company in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, Rocket Pharmaceuticals has a consensus rating of “Hold” and an average target price of $8.57.

Insider Buying and Selling

In other Rocket Pharmaceuticals news, CEO Gaurav Shah sold 55,684 shares of the firm’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $3.09, for a total transaction of $172,063.56. Following the transaction, the chief executive officer owned 1,061,724 shares of the company’s stock, valued at approximately $3,280,727.16. This trade represents a 4.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders sold 59,139 shares of company stock valued at $182,463. 21.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rocket Pharmaceuticals

Large investors have recently modified their holdings of the stock. Abel Hall LLC acquired a new stake in Rocket Pharmaceuticals during the fourth quarter valued at approximately $50,000. CIBC Bancorp USA Inc. acquired a new position in shares of Rocket Pharmaceuticals during the third quarter worth approximately $47,000. Mercer Global Advisors Inc. ADV bought a new position in Rocket Pharmaceuticals in the 3rd quarter valued at $50,000. Marex Group plc bought a new position in Rocket Pharmaceuticals in the 2nd quarter valued at $55,000. Finally, Tower Research Capital LLC TRC increased its stake in shares of Rocket Pharmaceuticals by 645.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 23,258 shares of the biotechnology company’s stock valued at $57,000 after buying an additional 20,138 shares during the period. 98.39% of the stock is owned by institutional investors.

About Rocket Pharmaceuticals

Rocket Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing gene therapies for rare, inherited pediatric diseases. The company employs a proprietary adeno-associated virus (AAV) and lentiviral vector platform to deliver functional copies of genes in patients with genetic deficiencies. Its programs target a spectrum of disorders, including Fanconi anemia, leukocyte adhesion deficiency type I and Danon disease, with the goal of delivering one-time treatments that address the underlying causes of disease rather than merely managing symptoms.

The company’s pipeline comprises multiple product candidates in various stages of development.